Discharge application for Refinance

Hi Everyone
Is there any time limit (legally) for the banks to release the loan for refinancing? I have been told by my bank that it will take two to three working weeks for them to release the property. Does this mean 14 to 21 working days or 14 to 21 Calendar days? Trying to get this done before Christmas. Thanks in advance.

 

Call them and ask?

 

If they meant business days, they'd probably state the words 'business days'.

Unfortunately 2-3 weeks for this process isn't unusual. Some lenders are improving this, but not all. Outgoing lenders do this as it gives them the opportunity to try to keep you from moving.

 

10 days used to be the go.
Legally not much you can do unless you pay out the loan and to do that you need to get the incoming lender to book settlement.

 

A few weeks isn't uncommon. We always aim to submit them early on in the process.

Unfortunately - discharging mortgages isn't a huge priority of banks.

Cheers

Jamie

 

Its punishing those who leave

Loan Tip: Outgoing Lenders Deliberately Delaying Refinances Loan Tip: Outgoing Lenders Deliberately Delaying Refinances

 

Depends on which lender, but I've found some are more receptive than others to taking on an escalation by the client with the right story around why they need it to go through faster than normal timelines.

 

Thanks Richard. Lender is NAB. I heard from this forum previously that they are very slow. I have directly forwarded the Discharge form to my personal banker and requested him to speed it up with the right reasons. Not sure if he can influence the credit team based in Brisbane.