Mortgage discharge

Hi ,

My IP loan split in to two one being the initial loan and the second one is the equity access on same IP. So basically both loans related to one IP .

if i refinance the loans, do i need to pay mortgage dicharge and mortgage registration twice ?

Thank you

 

No. Mortgage is a legal 'stamp' that is registered against your title when a lender takes it as security for a loan. Regardless of the number of loans or the amount, there is only one stamp.

 

thanks tobe, I only need pay once for both mortgage discharge and registration?

 

Discharge is a fee lenders charge to have their solicitor find your title out of the banks storage and attend settlement. Registration is a state based tax that applies whenever you touch the title, when you change mortgagors (change banks) mortgagees (title holders/borrowers) sell or buy.

 

The mortgage is registered on title with the title held at the land titles office. When you move banks the mortgage has to be lifted or discharged. There is a land titles fee for that in addition to the lenders discharge fee - they put a bit on top for their efforts too. When you register a new mortgage for a new loan there is an additional fee. In NSW the fee for each is about $126 from memory

 

thanks guys