How long does it take to discharge a mortgage?

Discussion in 'Loans & Mortgage Brokers' started by 10in10years, 25th Nov, 2015.

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  1. 10in10years

    10in10years Member

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    Bendigo bank said it takes 21 days. Is there any way around this?

    Thanks
    Steve
     
    10in10years, 25th Nov, 2015
    #1
  2. tobe

    tobe Well-Known Member

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    If you are lucky that's how long it takes. this time of year could very well take longer. Most brokers get a discharge form up front these days, as discharging lenders are starting to drag the chain again. The only other alternative is if your new lender has 'fast' refi, where they insure the title and pay out the loan without the physical title. However not many lenders do it, and the exceptions list is quite large.
     
    tobe, 25th Nov, 2015
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    In what sense are you asking?

    Usually at settlement a discharge of mortgage form is handed over and title can 'change' hands but not registered until the discharge is processed.
     
    Terry_w, 25th Nov, 2015
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If it is a loan refinance then the usual turn around time is 10 days.
     
    Terry_w, 25th Nov, 2015
    #4
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Whinge, complain, threaten - that tends to speed things up with banks.
     
    Jamie Moore, 25th Nov, 2015
    #5
    Redom likes this.
  6. Redom

    Redom Mortgage Broker Business Plus Member

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    This. If you call them and stress the urgency of it, you may get it done faster.
     
    Redom, 25th Nov, 2015
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Did a partial with nab the other day

    10 weeks

    Ta

    Rolf
     
    Rolf Latham, 25th Nov, 2015
    #7
    Terry_w and tobe like this.
  8. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I did a partial with NAB which took about 3 months.
     
    Terry_w, 25th Nov, 2015
    #8
  9. 10in10years

    10in10years Member

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    Thanks everyone. Appreciate the feedback :)
     
    10in10years, 25th Nov, 2015
    #9