Discharge Forms

We have put together a list of over 150 Discharge Authority Forms for all of the major banks, smaller lenders and non-banks. If you are selling your home, looking at refinancing or doing a partial discharge you are going to need to complete your current bank’s form. Search for your bank’s discharge form below, or find them further down the page.

Most Commonly Searched Discharge Forms

How do you know your new home loan is the best in the market?

check lmi when discharging

There’s nothing worse than buying something full price in-store and then a day later finding out it’s gone on sale. Don’t let the same happen with your home loan. Do your research and figure out if your home loan is the best in the market by following these steps:

Steps to request a bank discharge

steps to discharge home loan

If you are ready to sell, you’ll need to make sure that you’ve got your lenders discharge form ready to go. They can sometimes take a few weeks to process things. The process is to give the form to your solicitor or conveyancer around four weeks before settlement occurs and they’ll take care of it for you. If you’re refinancing then you can hand it over, signed, to your mortgage broker and we’ll do it all for you. Otherwise, if you really like doing things independently, we’ve compiled the step by step process of doing it alone.

What are the timeframes for the release of the mortgage?

discharge form

Understand that when you’re saying goodbye to your lender it’s kind of like breaking up with an ex and asking them to personally deliver a box of stuff you left lying around their house… They have no incentive. So when you’re leaving a lender it’s often low on their list of priorities to complete your discharge request quickly. In fact, the longer it takes, the more money they make on the interest, so why rush? To help speed up the process and leave on good terms, you can do the following:

PEXA – a game-changer

Property Exchange Australia (PEXA) is changing the way we do things around discharging your mortgage and refinancing. PEXA essentially is just an e-transfer system that allows lenders to lodge refinance electrically with a specific state land registry. PEXA significantly reduces settlement time from about 40 days to 20 days! Until PEXA has been completely adopted by the banks, we can expect the current 10 to 15 business day turn around to apply. …So make sure you get your discharge request in as soon as possible!

What does a partial discharge mean?

Partial discharge is essentially just when you have multiple properties secured by a loan and wish to release one of those properties as security. In other words, you aren’t completely paying out the loan – only partly. This is a very complex loan so it’s best to speak to your lender about their specific process and make sure you allow up to six weeks for this type of discharge to go through. Lenders will often ask you to maintain LVR on your loan at the time it was approved too. For example: Gina had two houses worth $500,000 each The mortgage was $800,000 and the original loan to value ratio was 80% at the time of purchase. If Gina sells one of these houses, the lender will usually ask her to reduce the remaining loan to maintain her lending at 80% LVR. On settlement, they will need $400,000 from sales proceeds to keep the remaining loan at $400,000 which is at 80% LVR. As Gina has held the property for many years, the value has gone up and the value has risen to $600,000 for each. Therefore the bank has decided to revalue the remaining property and asked Gina to reduce the loan to $480,000 which is the same as it was when her loan was approved. So Gina will need to repay $320,000 at settlement to maintain her originally approved LVR of 80%. Ask your conveyancer to assist you with partial discharge. They need to liaise with your original mortgage broker that set up the loan to make sure everything goes smoothly. Your conveyancer will give your bank clear instructions about what you are doing and the best way to structure the loan. You don’t want to get to the settlement and the bank asks for all of the sale proceeds! We’ve seen it happen.

Need any help?

Why do it yourself when Hunter Galloway can assist you with the discharge process? As you’ve probably seen from the process we showed you earlier, getting this right and chasing up the banks to make sure everything is resolved in time can be a real challenge. We’ve had a lot of experience with this process and we have good relationships with the banks and lenders. We are typically able to get discharges sorted out quicker than if you went directly to a lender.

Mortgage Broker Brisbane

The Hunter Galloway Mortgage Broker Brisbane team is here to help. We have a team of home loan experts.

You can speak to our team of experts for a full breakdown on how to request a bank discharge on 1300 088 065 or contact our team here.

The complete list of lenders discharge forms

If you can’t click one of the links below, use the box above to download your authority form.

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