Queensland couple devastated after losing out on dream house and deposit after settlement deadline missed
A Queensland couple was left reeling after missing out on their dream home and deposit after their bank missed the property's settlement deadline.
Newly-engaged Mark Trau and Maddie Goyder had fallen in love with what they hoped would be their new home, handing over the $75,000 deposit for the $900,065 house in Jindalee, Brisbane.
But when it came to paying the settlement required to secure the house, their bank, Westpac, missed the settlement deadline.
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Queensland couple, Mark Trau and Maddie Goyder, was left reeling after missing out on their dream home and deposit after their bank missed the property's settlement deadline. 9News
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As a result, the couple lost the house and their deposit.
"It was everything to us. It was our future home, a place to have a family one day," Maddie Goyder said.
Mr Trau said the pair is devastated.
"We threw everything at this. The bank was the one thing that stopped it from happening on the day," Mr Trau said.
The next day, the bank came through with the settlement but the contract had already been terminated.
The house owners kept the young couple's deposit - as was their right - re-selling the house for more than $1 million to another buyer.
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Newly-engaged Mark Trau and Maddie Goyder had fallen in love with what they hoped would be their new home. 9News
Due to Queensland property laws the home owners are within their legal rights to keep Mr Trau and Ms Goyder's $75,000.
In Australia's southern states there is a two-week grace period if a settlement falls through. But in Queensland this is not the case.
Aaron Roberts, a lawyer with MAP lawyers, said new laws should be established to protect home-buyers from this happening and to hold banks to account.
"It definitely needs looking at how we can protect all parties involved and place accountability where it should be," Mr Roberts said.
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The couple handed over the $75,000 deposit for the $900,065 house in Jindalee, Brisbane. 9News
He added that while banks are under the pump, the fallout should not fall on the property buyer.
"We understand there is a lot of financing happening at the moment, so the banks are being put under pressure and writing loans like crazy," Mr Roberts said.
Mr Trau and Ms Goyders sought the help of a lawyer, appealing to Westpac for reimbursement without success.
Within 24 hours of 9News contacting the bank Westpac delivered on the payout, rounding the lost deposit payment up to $100,000.
But the payout only softens the blow of losing the home.
"We both feel like we've been robbed," Ms Goyder said.
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