Aussie discharge form: how to discharge your Aussie mortgage

It depends on your loan brand. Aussie Select, Aussie Elevate, Aussie Activate, and Aussie IQ or Aussie Optimizer each have a different number, listed above. Check your loan documents for the brand.

Aussie lists the lender for each own-brand loan. Aussie Select is funded by Residential Mortgage Group, Aussie Elevate by Bendigo & Adelaide Bank, Aussie Activate by Pepper Finance Corporation, and Aussie IQ and Aussie Optimizer by Macquarie Securities Australia Limited. If an Aussie broker arranged a loan with another bank, your loan documents name that lender.

Aussie Elevate’s FAQ says your Aussie broker can guide you through discharging your existing loan. You’ll still need to complete and sign the discharge form.

Aussie doesn’t publish a time. Aussie Elevate’s FAQ says a discharge can take some time, and a partial discharge can take longer. Contact your lender early and tell it your settlement date.

You still need to authorise the outgoing lender to release its mortgage. Check where to send the authority before you lodge it. On an eligible fast refinance, the incoming lender may ask for it in the new loan documents and handle the discharge afterwards. Follow that lender’s instructions and skip the second request.

Usually. Most lenders charge a discharge or settlement administration fee, and there’s a separate state government fee to register the discharge on the title. Fixed-rate loans can also attract break costs, which are calculated by the lender and can be substantial. Ask your lender for the exact figures in writing before you commit to a settlement date, because break costs in particular can change day to day.

The Aussie pages we read don’t list a discharge fee. Ask the lender that funds your loan for the figures.

Have your loan documents, the property address and the names of everyone on the loan ready. Check the brand name and lender first, then ask that lender for its discharge form. Arrange every required signature early.

If the property has a mortgage registered over it, you normally need the lender to release it as part of the sale. Ask your conveyancer when to lodge the authority and arrange the required signatures early. If there’s no registered mortgage, there may be nothing to discharge.

A discharge authority is your instruction to the lender. The land registry discharge of mortgage is the document used to remove the mortgage from the title. Lenders use different names for their authority forms, and the form you need may depend on whether you’re selling, refinancing or changing security.

You can usually complete and return the lender’s authority yourself. For a sale or refinance, your settlement representatives coordinate the payout and title changes. If you’ve simply paid the loan off, ask your lender what it will lodge and whether you need help with any remaining title paperwork.

Send the completed request promptly and tell the lender your settlement date. Ask whether it can meet that date, and have your conveyancer or incoming lender follow up. Faster processing isn’t guaranteed. If a sale may be delayed, ask your legal adviser about an extension before the deadline.

A full discharge normally needs the debt and discharge costs paid, or another arrangement agreed with the lender. If the sale proceeds won’t cover that amount, speak with the lender and your legal adviser before committing to settlement. A partial discharge is different: the lender assesses what must be repaid and what security remains.