Substituting the security of your home loan

What’s a substitution of security request?

A substitution of security request is when you request to change the security property that secures your home loan. This usually happens when you buy and sell a property at the same time.

Once your request is approved, we’ll release your current security property, and replace it with the new one.

Before substituting your home loan security, please consider the following:

Substitution of security request is subject to a credit assessment and approval.
Settlement of both properties must occur on the same day.
Your home loan account numbers will stay the same after settlement occurs
Depending on your situation, the balances and/or limits on your home loan accounts may change.
Your home loan facility limit can’t be increased as part of your substitution of security request. If you require an increase, see Borrow more money on your home loan.
You’ll need to allow up to 28 days for the substitution to be fully completed. Please contact us as soon as possible so we can commence our assessment.

How do I submit a substituion of security request?

You’ll need to send an email to mortgagevariations@macquarie.com with the following information:

Instructions for your substitution request including details of the existing and new properties.
A copy of the full contract of sale for any property being purchased, or a copy of the title deed if the property is already owned by you.
A copy of the front page of the contract of sale for the property being sold which shows the sale price).

Please note, we may need to contact you to confirm the details of your request or obtain further documentation.

What happens after I submit a substituion of security request?

Once we've received your substitution of security request and all necessary documents, we'll conduct a credit assessment.

If approved, you'll receive two sets of documents which must be authorised by you before settlement can be booked:

Variation acceptance form
- For home loans with a BSB starting 182: Sign electronically via DocuSign.
- For home loans with a BSB starting 183: This will need to be printed, wet signed (pen to paper), and mailed to our solicitor.
Original mortgage documents. These must be printed, wet signed, and mailed or delivered to our solicitor’s office.

Your authorised representative will need to contact our solicitor to book the settlement. The contact details for our solicitor are included in the formal approval email you’ll receive.

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