In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Discharge
Discharge is described as the removal of a mortgage on the title of a property.
Discharge fees are not the same as exit fees, which were banned in June 2011. While exit fees could be for any amount a lender chose to charge, effectively penalising borrowers for switching home loans, the law now states that discharge fees cannot exceed a lender’s losses from a borrower ending their loan early. A discharge fee is intended to cover the lender’s legal and administration costs when they wrap up your home loan with them. Some lenders use the terms termination fee or settlement fee interchangeably with discharge fee.
To discharge a mortgage, you must notify your lender to discuss your plans to discharge. Then, complete and return the Discharge Authority form. Next, complete the form and return it to your lender. The next step is to register your discharge and Certificate of Title.
A discharge of mortgage is when you remove a home loan from the title of your property. When you have a home loan, the bank holds the Certificate of Title on your property until the home loan is repaid. When you’ve paid the full amount of your home loan, you need to go through a process to discharge the mortgage and remove the lender from your title.
You also discharge a mortgage when you sell your house or refinance your home loan. As a refinancer, you are getting a new home loan and discharging the old one.
Learn MoreTypically for a discharge of a mortgage it takes between 14-21 business days, it is recommended to put in your discharge request at the same time as you put in the application for your new home loan.
Learn MoreIf you don't discharge your mortgage you will end up paying more interest over the life of the loan. If any unforeseen event arises you may not be able to repay the home loan.
Learn More
