Discharge times

All,

I am refinancing a few loans for equity and purchasing in one hit.
The two loans being refinanced are from two different banks (big 4) and looks like they will go to pepper. The new loan is also going to be with pepper as well.
Do banks give a lot of trouble with these discharges? What is the approx. turn around time from when discharge docs are submitted to settlement being able to be booked?
There is 3 weeks until settlement and I want to be sure that everything is in order as the new purchase is in qld and I dont want to get nailed for my deposit!
Thanks again
MBT

 

Retention teams sometimes (often) try to slow the process...

Discharge should take no more than 21 days. You will need to escalate to meet settlement

 

They deliberately slow the process to keep the business a bit longer. They'll reply to the email where you sent them the form then later on deny knowledge of the form.

 

21 days is usually fine - depends on the bank, some quicker than others. Just chase up regularly and it should be OK.

 

Stay on top of them!

They'll take their sweet ass time - but hassling helps a lot.

Cheers

Jamie

 

Thanks everyone. Sounds like I will be making calls to them on a regular basis for the next few weeks!

 

Hi MBT.

CBA official turn around time is 10 business days before they are in a position to take a booking, but they are notorious for "not receiving it", or just deleting the discharge form if you haven't signed correctly. Apparently getting better at notifying parties when things go wrong.

ANZ officially is 15 business days before making a booking. (so factor about 17+ business days) from receipt to settlement)

NAB - I *think* it is 21 business days days - unless your current loan is through as business lender - then all bets are off and can take forever.... NAB used be able to make bookings even if the loan wasn't ready.

Westpac, can't remember, again, no longer than 3 weeks.

Just let your outgoing lender know its for a purchase, and escalate with them, 21 days is tight but should be doable if managed correctly

 

Thanks Lifeinonemotion, this is very useful info. Sounds like it will be tight as I have one with NAB (other is anz).

I will have to call them on a daily basis.

Why does it actually take so long to do a discharge?

 

Because the outgoing lender has nothing to gain from it.

 

Typical! I will still have loans with both of them after this refinance. I will try and threaten to pull the plug on the other loans too if they dont hurry up