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A section 27 statement by you must be support by the section 27 information statement from your mortgagee. Your buyers will not sign for the release of the section 27 information statement without being provided with supporting information. If they have signed, then their conveyancer may still recommend and actually object to the release prior to it being affected.
If you need to access the deposit almost as soon as it is paid, you should ask your conveyancing lawyer to prepare the statement 27 for you early and you should contact your bank to ask for a copy of the statement 27 information as soon as possible. It can take 5 – 14 days for this document to be produced depending on the complexity of your loan arrangements.
The section 27 information statement will disclose the status of your loan including:
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