We have put together a list of over 50 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.
Most Commonly Searched Discharge Forms
- ANZ Discharge Form
- Westpac Discharge Authority
- NAB Discharge Authority
- CBA Discharge Authority Form
- Bank of Melbourne Discharge Form
- Bank of Queensland Discharge Form
- Bankwest Discharge Authority
- AMP Bank Full Discharge Form
- AMP Bank Partial Discharge Form
- Citibank Discharge Form
- CUA Discharge Authority
- ING Discharge Form
- La Trobe Financial
- Liberty Financial (authority withdrawn at lender’s request) Call 131133 for their current discharge authority
- Macquarie Bank Discharge Authority
- ME Bank – Please contact 1300 364 398 to request a Discharge form.
- RAMS – Call 137267 for their current discharge authority
- St George Discharge Authority
- Suncorp Discharge Authority
Steps to request a bank discharge
If you are ready to sell or refinance, 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)
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…
✅ 1. Set up discharge when you apply for your new mortgage or refinance – in order to avoid delays on the settlement.
✅ 2. Print and sign the discharge form (downloaded from above or ask us for a copy)
✅ 3. If the details aren’t on the discharge request, call your lender and find out where to fax, email or mail the form.
✅ 4. If you have to fax the form – write down the date and time that it was sent at the top of the form, along with the number it was faxed to.
✅ 5. Mail a second copy of the form (not the original) directly to the lender’s discharge department so you’ve covered all bases.
✅ 6. Call the lender in 48 hours to confirm that it has been received the Discharge Form. Check if they need any extra information. Check if they will be ready by the time frame of discharge of your mortgage.
✅ 7. If it still cannot be found, send it again confirming all details you received initially were correct, and then repeat the previous step (phone call to confirm in 48 hours)
✅ 8. Now that the form has been received, you know your old lender is on the clock to process – this can be between 10 to 25 business days depending on the bank or lender!
✅ 9. Keep a copy of the discharge form for your records
✅ 10. Your new lender (or their solicitor) will call your current lender to arrange settlement and finalise all details.
✅ 11. If you wish, we can take the hassle away from you!
What are the timeframes for the release of the mortgage?
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, and 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:
- ✅ Generally, banks will quote 10 to 15 business days to turn around a discharge – So you can expect between three to four weeks for the request to be processed.
- ✅ Complete the discharge authority request when you apply for your new home loan – we usually then send it to your old bank, once the new bank has approved your loan. As mentioned above, either your conveyancer (if selling) or mortgage broker (if refinancing) will organise this for your early in the process.
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 broker / 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.
Jason had two houses worth $500,000 each
The mortgage was $800,000 and original loan to value ratio was at 80% at time of purchase.
If Jason 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 Jason 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 Jason to reduce the loan to $480,000 which is the same as it was when her loan was approved.
So Jason 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 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?
You can call or email us anytime and we’ll talk you through it!
If you require a Discharge of Mortgage document, feel free to contact us. The information provided in this article is intended to provide illustrative examples based on stated assumptions and your inputs. Information included is meant as estimates only and it is advised that you consult with a mortgage broker about your specific circumstances. Information is accurate as of Oct 2019 and lenders may update their forms time to time.