There are three main reasons to discharge an entire loan, including if your client is selling their property, paying off their home loan in full, or refinancing to another lender.
Reasons to discharge
How to request a discharge
The Discharge Authority form needs to be completed and signed by all borrowers with wet ink, and sent to the email address provided on the form.
Please note, electronic signatures won’t be accepted.
Our solicitor will hold the discharge instructions for 90 days. After this point the instructions will expire and new instructions will be required.
Who to contact for discharge status updates
After your client has notified us of their discharge, you can get updates on the progress of their discharge via the contacts outlined below.
- Refinancing to another lender: you’ll need to contact the bank they’re refinancing to, to check the status of their settlement. The other lender will schedule the discharge in with LegalStream when they are ready.
- Sale: you’ll need to contact their solicitor or authorised representative to check the status of the settlement. They’ll engage and schedule the settlement in with all parties involved.
- Repaying your loan: please contact our solicitor, LegalStream on 02 9223 7919
Further information about our discharge process
Our Personal Help Centre has additional information to support your client through the discharge process, including:
- what happens after authorising the discharge
- tips to avoid delays
- how their home loan payout figure is calculated
- what happens to their offset accounts during the discharge process
- what happens to their credit card after discharge.
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