A mortgage discharge removes your lender’s mortgage from the title when you sell, refinance or pay off the loan.
Lodge the discharge request with your current lender as early as it allows, often two to three weeks before settlement, and sign it exactly as your loan is held. The lender then books settlement with the buyer’s or new lender’s representatives.
Late or incomplete requests are the usual cause of a delayed settlement.
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Charles and the team recently assisted me with the refinance of my investment property.
Highly recommend Charles! Professional, knowledgeable and very easy to work with. He helped us navigate the home loan process and found a great solution that suited our needs. Excellent service from start to finish.
I have had a number of dealings with Charles from Links Property Finance. He is very knowledgeable, thorough, and detailed with his advice. Importantly, he is very approachable and easy to deal with. His advice has been beneficial to myself and my acquaintances. I highly recommend him.
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Expect a discharge or termination fee from your lender, which covers its administration and is usually a few hundred dollars at most, plus a government fee to register the discharge with NSW Land Registry Services.
If the loan is fixed, a break cost may also apply. Exit fees were banned on home loans taken out from 1 July 2011, so a large charge for leaving should not appear on a newer loan.
Paying the last dollar does not remove the mortgage automatically. You still need to ask the lender to discharge it, so the title is clear for any future sale or loan.
In NSW the title is electronic, and the lender’s interest is removed once the discharge is registered.
It means formally releasing the lender’s mortgage from your property’s title once the loan is repaid, whether through a sale, a refinance or paying it off. Until the discharge is registered, the lender still has an interest recorded against the property.
It varies by lender, and two to three weeks from the signed request is a common allowance. Lodging the request as soon as you have exchanged contracts or had a refinance approved gives you the most room.
Usually a lender discharge fee plus a government registration fee, together typically a few hundred dollars. A fixed rate break cost, if one applies, can be much larger.
You sign the discharge authority for your current lender, and the new lender, with Charles coordinating, books settlement so the old mortgage is released and the new one registered at the same time.
Yes. The mortgage stays on the title until the lender discharges it, so ask your lender for the discharge once the balance is cleared, even if you have no plans to sell.
Refinancing for a cashback? Read refinance cashback offers first to see whether the cash outweighs the costs of switching.
Charles can tell you when to lodge the discharge request so it does not hold up settlement, and what the new loan should look like.
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General information only, not legal, credit or financial advice. Discharge processes, timeframes and fees vary by lender and change over time. Your conveyancer or solicitor advises on the legal side of a sale.
