Everything You Need to Know about Discharging Your Mortgage

We delve into what discharging your home loan means and how to do it.

What does it mean to discharge your mortgage?

A mortgage discharge is when a mortgage securing your home loan is removed from the title of your property once you’ve repaid your home loan in full.

What is a Discharge Authority form?

A discharge authority form is used to release the security (e.g. a property) provided by borrowers for home loans.

There are various reasons for requesting a mortgage discharge process. This includes when:

  • You sell a property
  • You refinance your home loan with another bank or financial institution
  • You’ve repaid your home loan
  • You’re substituting an existing security for a new one (e.g. selling an existing property and purchasing a new one, while keeping your existing loan)
  • You want to release a guarantor from your home loan account

Your current loan needs to be discharged at your state's Land Titles Office before we can settle your new home loan. To initiate the process, contact your current mortgage broker or lender and request a Discharge Authority form to complete. Please ensure that all borrowers on your current sign this mortgage discharge form.

Each lender may have their own Discharge Authority form, but here are two typical questions you may be asked:

1.  Who is your chosen settlement agent, conveyancer, or solicitor?

2.  What is the expected settlement date?

FMS is our settlement agent, and their details are:

Company: FMS/First Legal

Phone: 1300 360 757

Email: [email protected]

If you're refinancing, providing an expected settlement date may not be mandatory, hence, you could opt to leave that field empty. If you need to provide a date, you could consider specifying a date that is approximately two weeks from the day of filling in the mortgage document discharge form.

What happens after I complete the Discharge Authority form?

Please follow the instructions provided in your settlement document pack. You will need to send us:

  • The completed Discharge Authority form
  • New mortgage documents
  • Certificate of Currency (if relevant, please see ‘What is a Certificate of Currency’ to learn more)

You can either choose to:

  • Upload these documents by visiting app.unloan.com.au or
  • Send them back via the provided AusPost satchel

We recommend sending a duplicate of the Discharge Authority form to your current lender.

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