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How long does it take to discharge a mortgage?

Discussion in 'Property Finance' started by 10in10years, 25th Nov, 2015.

  1. 10in10years

    10in10years Member

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

    Thanks
    Steve
     
  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.
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA 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.
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    If it is a loan refinance then the usual turn around time is 10 days.
     
  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.
     
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  6. Redom

    Redom Mortgage Broker Business Member

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    This. If you call them and stress the urgency of it, you may get it done faster.
     
  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
     
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  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I did a partial with NAB which took about 3 months.
     
  9. 10in10years

    10in10years Member

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    Thanks everyone. Appreciate the feedback :)