If you have a mortgage, your lender holds the Certificate of Title until your loan is repaid in full. If you’re selling your property, paying off your home loan in full, or refinancing your home loan, a mortgage release or discharge needs to be recorded to legally release your current lender from mortgage obligations. Your lender, or discharge authority, should have their own mortgage discharge forms which they can supply you with. Some make them available online; others require you to call them to get the form. Your lender will also have to complete a full credit assessment on your financial situation. How much can I save by refinancing?Use UNO's calculator to estimate your savings. Calculate Savings
To complete your discharge form you’ll need:
Generally it takes between 14-21 business days to complete the discharge process. At one stage it took less time, around 10-14 business days, but these days more people are refinancing their home loan so there are more discharges taking place.
The cost of a mortgage discharge is usually around $160 although the charge can be as high as $600. If your loan is fixed and you refinance (and break the loan), you may get fixed break costs on top of that.
A partial discharge is when you have more than one property secured by a loan and you want to release one of those properties as security – without repaying the full loan. For more information about mortgage discharges and partial discharges, book a call with our customer care team today. Need a home loan?UNO. The new way to get a better deal. It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you_, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions._ Book a call in with UNO
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