We are about to put one of our investment properties on the market. We have asked our bank to confirm any discharge fees and any other conditions if we were to pay out the loan (as some of our properties are cross collateralised). We emailed the bank and they have instructed us to contact the call centre – we want it in writing as we all know an answer over the phone won’t cut it if turns out to be something different at settlement time. I know the discharge fees are outlined in our loan document but as the loan was taken out some 10 years ago and the bank can change conditions over time, I think it’s best to reconfirm. Is the bank legally obliged to put this figure in writing if asked by a customer?
They can't give this as the figure fluctuates from day to day - it incorporates accrued interest and so on. What they can do is give you a rough idea based on the valuations of the properties and the actual discharge fee, but the interest payment will vary. The actual final payout figure is only issued right before settlement.
I'm just asking the bank to confirm their discharge fee, not the actual loan payout which I appreciate will change daily.
I have recently moved some loans from Westpac and despite having splits on some properties they have charged a one off settlement fee of 350 for numerous loans and also separately charged mortgage registration discharge fees per property which varies depending on the state in which the properties are . On properties with split loan only one mortgage discharge registration fee was payable.