Firstly, what does it mean to discharge your home loan? It’s when a mortgage securing your home loan is removed from the title of your property once you’ve repaid your home loan in full. There is a process that you’ll need to go through when discharging your mortgage. To learn about this process, check out our blog.

Once you’ve informed your lender and sent back a completed Discharge Authority Form, it typically takes a lender 10-15 business days to complete. However, this does vary according to the lender. A partial discharge could take longer, as the lender may wish to carry out property valuations.

A partial discharge is when you release one property from the security of a home loan that covers multiple properties, without paying off the entire loan balance. This process may take longer than traditional discharges because the lender may need a valuation performed on the remaining secured properties.

A discharge fee is charged by lenders, like an exit fee. This fee covers any legal and admin fees incurred by the lender when closing off your loan. This is amongst other fees payable to the Government. It is best to check with your lender how much the discharge fee is, as this figure will vary across different lenders.

At Unloan, we don’t charge any discharge fees. We don’t charge annual, application, banking, account, transaction, or late fees either. (Other third-party fees may apply. Government charges may apply. Learn more about our benefits.

The article does not have regard for the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.