UBank discharge form: how to discharge your UBank mortgage

A discharge authority tells UBank to release its mortgage over your property. You may need one when selling, refinancing or paying the loan off yourself. Paying the balance down to zero doesn’t automatically remove the mortgage from the property title.

Your settlement can be delayed if UBank hasn’t received the completed authority. An agreed date or approved new loan doesn’t replace that step.

1. Call UBank on 13 30 80 during its opening hours.
2. Ask for the Discharge Authority form. UBank says it can provide the form once you’ve called.
3. Complete the form. When UBank is ready to discharge your loan, it emails you what to do next to finish the release.

Already paid your loan off? Call UBank anyway, so it can send you the form. UBank says the form removes UBank from your property title, and it recommends you pay down your loan before you lodge the form.

UBank’s help pages don’t give a processing time for a discharge. Call early and tell UBank your settlement date.

Tell your conveyancer or incoming lender about the settlement deadline and ask UBank to confirm it has everything it needs.

UBank lists a discharge fee of $300 per property for its Neat Variable, Flex variable and Flex fixed home loans. It charges this when you ask it to discharge your home loan. A state government fee to register the discharge applies as well.

If you hold a Neat variable or Flex variable loan, UBank says it won’t charge you for paying the loan off early. On a Flex fixed loan, you may pay break costs if you pay the loan off during the fixed term. UBank says you can make extra payments of up to $20,000 during the fixed term at no charge. Call UBank to find out the break costs for your loan.

Ask for every figure in writing before you lock in a settlement date.

UBank: 13 30 80 within Australia, or +61 2 9070 0202 from overseas. UBank lists its hours as 8am to 7:30pm Monday to Friday, and 8am to 5:30pm Saturday and Sunday (Sydney time).

A discharge usually runs alongside a sale or a new loan, and the timing needs to match. If the new loan is ready but the outgoing lender isn’t ready to release its mortgage, settlement can be held up. If the new loan isn’t ready, sending the discharge request doesn’t solve that gap.

This is where we can help with a refinance or your next purchase: work through the new loan and its timing, while your lender and settlement representatives confirm the discharge arrangements. Keep making required repayments until the old lender confirms the loan is closed. How refinancing works, step by step shows where the discharge fits.

You authorise the discharge and follow your lender’s return instructions. We don’t offer a standalone discharge lodgement service.

If you’re refinancing or buying again, we can help with the new loan and its timing. There’s generally no fee for our service on a standard residential home loan. We’re usually paid by the lender if the loan settles, and we disclose that in writing.

Tell us your current lender, why you’re moving and any settlement date. Call 1300 088 065 or book a free assessment so we can help line up the new loan.

General information only. It doesn’t consider your circumstances and isn’t credit, legal or tax advice. Lender processes, fees and timeframes change without notice, so confirm the current requirements directly with UBank before you act. Hunter Galloway, Credit Representative 476903 of Australian Credit Licence 389328.