What's the next step?

We sold our house recently with only few hundred dollars left owing on mortgage to anz.
Now the solicitor sent me a discharge form from anz to sign. So it will be 75 days settlement and my understanding is sold price minus whatever owed to anz, we will receive after 75 days. So that's all fine.
Then we found a dream home we want to buy, going to auction next weekend with 30 days settlement. We approached commonwealth bank for a bridging loan because we wont have the money to pay for our dream home before the 75 days settlement.
So this is where we are confused. I think commonwealth bank wants us to move the existing loan owed to anz to commonwealth bank before they will allow the bridging loan. Is that right? I havent returned the discharge form from anz to solicitor.
Im confused. Can someone advise?

 

For bridging loans the lend will generally want security over both properties.
Why not just pay out the ANZ loan and discharge the mortgage now? Could you service the CBA loan?

 

so terry_w, does it mean, i will go into anz branch and pay down the mortgage to zero? what happens next? does anz give me the title to the property or do i still have to go through the solicitor? I want to know what is the fastest way to enable me to get a bridging loan with cba.

 

You should confirm how long it will take. Mortgage can usually be discharged within 10 days of submission of discharge form. But to discharge the loan will need to be paid out. CBA can then mortgage the property.

Seek the advise and your broker.