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Discharge Forms

Discharge authority forms from all of the main lenders

Check to see if you are eligible for a home loan

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    We have put together a list of over 150 Discharge Authority Forms for all of the major banks, smaller lenders and non-banks.

    If you are selling your home, looking at refinancing with the help of a mortgage broker in Brisbane or doing a partial discharge, you are going to need to complete your current bank’s discharge form.

    Search for your bank’s discharge form below, or find them further down the page.

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    Try these: ANZBankwestCBAINGSt GeorgeWestpac

    Most Commonly Searched Discharge Forms

    How Do You Know Your New Home Loan Is The Best In The Market?

    There’s nothing worse than buying something full price in-store and then finding out it’s gone on sale a day later.

    Don’t let the same happen with your home loan.

    Do your research and figure out if your home loan is the best in the market by following these steps:

    • Shop around for Lenders and consider the differences between LMI – Lenders Mortgage Insurance varies between lenders, so make sure that you find out what their premium is or if you qualify for waived LMI before you go ahead.
    •  Negotiate interest rates – Speak to Hunter Galloway about negotiating the best interest rate for you.
    •  Valuation for FREE! Some lenders provide free valuation before submitting the loan application, which means that we can get a set of valuations and choose the highest valuation for you.
    •  Refinancing perks – Sometimes things get tough, and lenders will actually PAY YOU to refinance. Wild, I know. But it’s true. Speak to Hunter Galloway about current refinance rebates that are available to you.
    check lmi when discharging

    Steps To Request A Bank Discharge

    If you are ready to sell, you’ll need to make sure that you’ve got your lender’s discharge form ready to go.

    They can sometimes take a few weeks to process things.

    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, 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 for doing it alone.

    • 1. Set up discharge when you apply for your new mortgage – in order to avoid delays on the settlement.
    • 2. Print and sign the discharge form (downloaded from above)
    • 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. Check if they need any extra information.
    • 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 it – 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 will call your current lender to arrange settlement and finalise all details.
    • 11. Drink a cup of coffee and reflect on the fact that you should have just saved yourself the effort and asked Hunter Galloway to do it initially.
    steps to discharge home loan

    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. 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 and four weeks for the request to be processed. Sometimes, if you are purchasing a new home and need to refinance, you can ask to escalate matters to make things happen faster.
    • 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 you early in the process.
    lenders can be slow to discharge mortgages

    PEXA – A Game-Changer

    Property Exchange Australia (PEXA) is changing how we do things around discharging your mortgage and refinancing.

    PEXA essentially is just an e-transfer system that allows lenders to lodge refinance electronically with a specific state land registry. PEXA significantly reduces settlement time from about 40 days to 20 days!

    Until the banks have completely adopted PEXA, we can expect the current 10 to 15 business day turnaround 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 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.

    Case Study - Gina's partial discharge

    Gina had two houses worth $500,000 each.

    The mortgage was $800,000, and the original loan-to-value ratio was 80% at the time of purchase.

    If Gina 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 80% LVR.

    As Gina has held the property for many years, the value has risen to $600,000 for each.

    Therefore, the bank has decided to revalue the remaining property and asked Gina to reduce the loan to $480,000, which is the same as it was when her loan was approved.

    So, Gina 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 original mortgage broker who set up the loan to ensure 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 the sale proceeds! We’ve seen it happen.

    Need Any Help With The Discharge Process?

    Why do it yourself when Hunter Galloway can assist you with the discharge process? As you’ve probably seen from the process we showed you earlier, getting this right and chasing up the banks to make sure everything is resolved in time can be a real challenge.

    We’ve had a lot of experience with this process, and we have good relationships with the banks and lenders. We are typically able to get discharges sorted out quicker than if you went directly to a lender.

    Home Loan Process Mortgage Broker Brisbane
    The Hunter Galloway Mortgage Broker Brisbane team is here to help. We have a team of home loan expert

    You can speak to our team of experts for a full breakdown on how to request a bank discharge on 1300 088 065.

    The Complete List Of Lenders Discharge Forms

    More Resources For Homebuyers

    If you can’t click one of the links below, use the box above to download your authority form.

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    • Qantas Credit Union
    • Queensland Country Credit Union – Please contact your nearest branch to obtain a Discharge Authority Form
    • Queenslanders Credit Union

     

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    • UBank (Please contact UBank for their Discharge Authority)

     

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    Note: The information provided in this article is intended to provide illustrative examples based on stated assumptions and your input. The information included is meant as estimates only, and you are advised to consult with a mortgage broker about your specific circumstances.

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