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Closing your home loan

Whether you're looking to sell your property, pay off your home loan, or refinance, we're here to help.

How to close your home loan

Fill out the Mortgage Discharge form to close your home loan. All borrowers, including any guarantors, will need to authorise and sign for the discharge. We will need to collect personal information to process your request and there may be some fees & charges that apply.

If you need help we are here to guide you through the process over the phone or in person at your local branch.

Why request a discharge?

I’m refinancing to another lender

Looking to lower your interest rate, access equity in your home, or review your loan? Even if you’ve had an offer from another bank, make sure you’ve spoken to us too – we’ll do our best to get you a better deal.

I’m selling my property

If it's time to sell and move on to your next home, our home loan specialists are here to help whether you're upsizing or downsizing.

I'm finalising my loan

If you’re paying out your loan, then congratulations are in order - this is a major milestone! Whether you've made your final repayment or are getting ready to, discharging your home loan is the final step.

I’m restructuring my loan

Our home loan specialists can remove a guarantor and make other changes to your home loan. If you're selling one home and buying another, we can support you through the transition to save you time and keep things simple. And if you're dealing with a life changing event like the loss of a loved one, we're here to help.

Refinancing to another bank?

We'll be sad to see you go! If you’re considering moving your home loan to another bank, please speak to us first to make sure you’re getting the most from your current home loan. We’ll do our best to get you a better deal.

If you’re still keen to leave, just give our team a call on 1300 236 344 or fill in our Mortgage Discharge form. We’ll be able to assist you with the process, provide you with an indicative payout figure and answer any other questions you may have.

Costs of leaving to refinance

The costs can quickly add up when you refinance a mortgage. There are costs to discharge your current loan including:

  • Break cost fees if you are on a fixed rate
  • Discharge fees to prepare paperwork

The cost to refinance can also include upfront costs for a new loan such as:

  • Establishment fee from the new lender
  • Valuation fees
  • Land registration fees when registering with a new lender
  • Lenders Mortgage Insurance (LMI) if you have less than 20% equity in the property

The discharge process

Starting the discharge process
  • If you're thinking about refinancing, talk to us first to explore your options.
  • Contact us on 1300 236 344 or fill in our Mortgage Discharge form.
  • If you prefer to talk in person, visit us at your local branch.
  • Once signed forms are provided by all borrowers and guarantors we can start processing your discharge request.
Preparing the discharge
  • Ahead of the day your home loan is officially discharged (also called settlement day) we will prepare any legal documents required to release your mortgage. We're here to answer any questions and outline any fees involved in discharging your loan.
  • We can work with any authorised representative, such as a broker, solicitor or conveyancer representing you.
  • Our team will verify your discharge request and confirm your final payout figure, including any fees or charges.
  • We're here to answer any questions and outline any fees involved in discharging your loan.
Home loan discharge day
  • We will finalise your loan and release the mortgage from the property on the agreed date (also called settlement day)
  • We will arrange for the discharge to be lodged with the land titles office.
  • You will receive confirmation in writing that your loan is now closed with us and the mortgage has been released.
  • If there is anything else we require to keep things moving, we will give you a call.
Closing your accounts
  • Prior to closing any accounts we will contact you so that you can manage your available funds in your loan or offset accounts.
  • You may be able to retain your offset account as a transaction account after you discharge your home loan.
  • If you decided to not retain your offset account you will need to manage any direct debits associated with the closure of the account.
  • If you have any questions about closing or retaining accounts, or anything throughout the process, you can call us on 1300 236 344.

Request to discharge your home loan

Step 1: Reason for the request.

Why would you like to discharge your home loan?

Request to discharge your home loan

Step 2: Next we’ll gather some information about you.

By submitting this form, you confirm you have read the Electronic Communication Consent and Authority and consent to receiving future communications from Bendigo Bank electronically. You can unsubscribe at any time.

Bendigo Bank is part of the Bendigo and Adelaide Bank Group. We collect your personal information in order to respond to your enquiry and contact you; your personal information may be shared within the Group. This includes subsidiaries, related companies, agencies and franchises. To request access to your personal information, please contact your nearest branch or 1300 236 344. For more information, please read our Privacy Policy.

 

Congratulations, this is a major milestone!

Selling your property or paying off your loan? We're here to help you discharge.

  1. Start the discharge process by calling us on 1300 236 344 or you can locate your local branch.
  2. We will prepare you for the discharge process by answering any questions, outlining any fees involved in discharging your mortgage, and help you complete the Discharge Authority form.
  3. If you have a broker, solicitor, or conveyancer representing you, we can include their details when completing the form. Additionally, we will require consent from all borrowers and guarantors.
  4. Return your signed form, including consent from all borrowers, and we'll process your request. You can do this digitally or by visiting your nearest branch.
  5. Keep in mind, once we've received your signed request there's a number of steps that need to take place to finalise and process your request. You can trust that we will do our best to help you through to settlement.

 

Download the Mortgage Discharge Form

 

Restructuring your loan?

Switching loans or restructuring your loan can be an effective way to free up funds for renovations and help you manage your finances.
Start the process by calling us on 1300 236 344 or you can locate your local branch.
We will have a brief chat about your needs & what you're looking to do, and work with you to find the best solution.
Once all borrowers agree on a way forward, we will be here to assist with any loan restructuring, new lending or discharge processing that may be required.

We're here to help.

If you are not sure what to select, or want more information on what to expect, call us on 1300 236 344 or visit a branch.

Frequently asked questions

You may be able to retain your offset account as a transaction account after you discharge your home loan. When discharging we may need to place any funds in redraw on hold. We will contact you to discuss any restrictions to redraw or offset facilities.

An indicative payout figure will be provided once you have completed and returned a signed discharge authority form. This payout figure will include itemised fees, including any state based Titles Office fees & other charges that might apply to your discharge.

We will process your discharge request as quickly as possible, usually between 2 to 7 business days, and work with any authorised representatives where required. The Bank requires up to 15 business days notice for all discharge settlements.

If you need to postpone or cancel your discharge request please contact us on 1300 236 344.

To check the status of your home loan discharge please call us on 1300 236 344.

Bendigo Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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