Discharge application for Refinance

Discussion in 'Loans & Mortgage Brokers' started by Leslie, 2nd Dec, 2019.

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  1. Leslie

    Leslie Well-Known Member

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    Perth
    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.
     
  2. Trainee

    Trainee Well-Known Member

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    Call them and ask?
     
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    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.
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney

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    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.
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    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
     
  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney

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  7. Morgs

    Morgs Well-Known Member Business Member

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    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.
     
  8. Leslie

    Leslie Well-Known Member

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    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.
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    yup

    Need another bank :)

    if your are going to treat my client like that on the way out, you arent going to get many of mine on the way in

    ta

    rolf
     
    Terry_w likes this.

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