Unless you have made specific arrangements with your lender, Mortgages are generally not transferable. This means that when your property is sold, the Mortgage or Mortgages together with any other charges, liens, caveats or the like are discharged or paid off.
The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid as you direct.
Some lending institutions will require your signatures on a “Discharge Authority”. This document will be forwarded to you from Victorian Property Settlements if required. You must sign this document and complete any other sections where indicated and return the document to Victorian Property Settlements without delay. MOST BANKS WILL NOT SETTLE WITHOUT THIS AUTHORITY.
Prior to settlement, Victorian Property Settlements will advise you of the amount owing under the mortgage and any query regarding this amount should be taken up immediately with your lender.