When selling a home that has been the subject of a mortgage in Australia you will need to complete a “Discharge Authority” or “Discharge of Mortgage Request”.
Many Banks will require that you complete a digital form through their website or customer logins however you should contact your lender directly to establish their current processes and time frames.
As a general rule most larger lenders will need a minimum of 10 business days and small lenders will require 15-20 business days, however they are guided by work loads and your individual lending situation. For this reason we always advise contacting your lender as a first priority and allowing at least 4 weeks.
Please also note: In order to apply for a Section 27 Deposit Release you will need to instruct your bank when completing your Discharge of Mortgage Request