If you are selling your property or refinancing your mortgage, you need to request a "discharge of mortgage" from your bank. This is a formal legal process that allows Beyond Bank to release its interest in your property so that the title can be transferred or a new mortgage registered by another lender.
In practice, this process is not handled via internet banking due to the legal documentation required. You will typically need to complete a specific discharge authority form, which triggers the administrative work required for the bank to prepare the necessary legal discharges.
Discharge Process Overview
| Category | Details |
|---|---|
| Available Methods | Downloadable form or branch-based request |
| Processing Time | Typically 10–15 business days for administrative completion |
| Eligibility | Requires an active mortgage account being paid out or refinanced |
| Key Requirements | Signed discharge authority, identification, and solicitor/new lender details |
Step-by-Step Discharge Guide
To avoid delays during your settlement period, it is important to follow the correct procedure. Here is the typical flow:
- Contact Beyond Bank or your solicitor to request the official "Discharge Authority" form.
- Complete the form with your current loan details, the property address, and the settlement date.
- If you are refinancing, ensure your new lender provides a "Refinance Discharge" request, which often bypasses the need for you to complete individual forms.
- Submit the signed document to Beyond Bank via a local branch or the specific email address provided on the form.
- Wait for the bank to provide a payout figure to your solicitor or new lender, which confirms the final amount required to close the loan.
Troubleshooting
1. MFA or Login Verification Issues
- Cause: While the discharge request is paper-based, you may need to access your account to verify loan details. Verification failures usually occur due to outdated contact numbers.
- Simple Fix: Ensure your phone has stable signal coverage and verify your contact details with the bank before initiating the discharge.
- Fallback Action: Call the bank directly to verify your account information over the phone.
2. Document or Submission Errors
- Cause: Submitting an incomplete form or missing signatures is the most common reason for process delays.
- Simple Fix: Double-check that all registered owners have signed the form exactly as their names appear on the property title.
- Fallback Action: Request a review of your completed form by your solicitor before sending it to the bank.
3. Settlement Delays and Access
- Cause: If your settlement date is too close, the bank may not have enough time to prepare the legal title documents.
- Simple Fix: Lodge your discharge authority at least 15 business days before your expected settlement date.
- Fallback Action: Contact your new lender or solicitor to request a formal extension on the settlement date if the discharge is delayed.
Pro-Tip: Always coordinate the discharge request through your new lender or solicitor. In most refinance scenarios, your new bank will handle the entire discharge request on your behalf, which significantly reduces the risk of errors and paperwork delays.
Frequently Asked Questions
Why does the discharge process take so many business days?
The process involves legal and administrative steps, including verifying loan balances, preparing property title releases, and coordinating with the Land Titles Office in your state. The bank must ensure all final payments are cleared before the title is released. The limitation is that external government registries often dictate the final processing speed. Your actionable next step is to confirm the bank has received your request at least three weeks before you plan to settle.
Do I have to pay a fee to discharge my mortgage?
Yes, most banks charge a discharge fee to cover the administrative and legal costs associated with preparing the documentation and removing the mortgage from the property title. The system applies this fee upon the final payout of the loan. Your practical next step is to check your original home loan contract or the bank's current fee schedule to understand the specific cost applicable to your loan type.
What happens if I sell my property before the discharge is ready?
If the discharge is not ready by the settlement date, the property sale may be delayed, which can result in financial penalties from the buyer. This scenario usually occurs if the bank's processing backlog or an incomplete application slows down the document preparation. Your actionable next step is to notify your solicitor as soon as possible, so they can communicate with the bank and, if necessary, request an extension for the settlement.
