Commonwealth Bank Mortgage Discharge: Commonwealth bank (CB) offers equity loans at very attractive residential equity rate. In the event of selling your home, the death of the last surviving borrower, refinancing the home loan or similar other cases, you need to notify the lender to discharge your loan.
If you are all set to go through the Commonwealth bank mortgage discharge process, follow the details below to execute everything without any problems.
When do you need to go through the mortgage discharge?
The borrowers need to fill out the discharge form and complete the formalities in the following events:
- Selling the house to release the property
- Upon repaying the entire loan amount to release the mortgage
- Refinancing the existing home loan from another lender
- Replacing any existing security with another security
- Releasing your home loan guarantor
Step-by-Step Instructions to Discharge Your Reverse Mortgage Loan
Step 1: Fill out the Online Discharge Form
The first step to discharge your Commonwealth bank mortgage is to fill out the online form at https://www.commbank.com.au/digital/home-loan-forms/mortgage-discharge/start.
You must provide the following details on the Commonwealth bank mortgage discharge form:
- Loan account number
- Name, address, contact number and email address of the borrower(s)
- Type of rate on your mortgage loan-fixed rate, variable rate etc
- Property details
- Nature of loan discharge, refinance etcName and contact details of the financial organization/solicitor to whom the discharge documents are to be forwarded
- Details of funds distribution
Step 2: Download and Print the Filled in Discharge Form
Once you have completely filled in the details correctly, you may download the discharge form and take the print copy.
Step 3: Mortgage Discharge Acknowledgement and Authorization
All borrowers and guarantors must read the furnished details carefully and sign the form to acknowledge and authorize the discharge process.
Step 4: Send the Discharge Form to the Commonwealth Bank Authorities
You may send the discharge form online by email or directly submit your form at the nearest CB branch.
For online form submission, scan the duly filled and signed discharge form and sent it by email at [email protected].
CB Business Banking Customer Care Support
CB has the 24x7x365 customer support to resolve the queries from the customers and borrowers. If you have any question related to the discharge fee or seek advice from bank relationship manager, call the customer support for instant assistance.
For refinancing/discharging your reverse mortgage, contact the CB Business Banking at tel:131998.
The requests involving non-individual trustees, contact tel:132224 or fill out the paper form at the nearest CB branch.
Depending on the nature of loan discharge to release the mortgage, the borrowers may require to pay the discharge fee. CB generally charges $350 discharge fee for base home loans. Additional charges may also accrue in the loan account as a matter of compounding interest.
To enquire about the exact payout figure, you may contact the customer support helpline 13 2224 between 8.m.-8p.m. AEST (open on all 7 days a week).
The borrowers looking to repay the loan amount for early termination of their reverse mortgage, there are additional costs to bear in the form of break cost or early termination fee. The ban on exit fee on variable rate home loans post July 2011 has come as a relief for the borrowers but may have to compromise with the discharge fee ranging anywhere between $150-$400.
Some Parting Words,
Once you submit the mortgage discharge form, CB authorities may take up to 14 business days to complete necessary procedures.
Note: For discharge requests subject to credit approval, the bank may additionally seek the order valuations and current financial details from the borrowers.
For more FAQs on Reverse Mortgages or loan discharge, visit the CB support online at https://www.commbank.com.au/support.html. Read more articles on activateenter.