Everything you need to know about discharging your mortgage

Find out how to discharge your home loan with step-by-step help. Learn who to contact, what it costs, and how long it takes.

What does it mean to discharge your mortgage?

A mortgage discharge is when a mortgage securing your home loan is removed from the title of your property once you’ve repaid your home loan in full.

What is a Discharge Authority form?

A discharge authority form is used to release the security (e.g. a property) provided by borrowers for home loans.

There are various reasons for requesting a mortgage discharge process. This includes when:

  • You sell a property
  • You refinance your home loan with another bank or financial institution
  • You’ve repaid your home loan
  • You’re substituting an existing security for a new one (e.g. selling an existing property and purchasing a new one, while keeping your existing loan)
  • You want to release a guarantor from your home loan account

Your current loan needs to be discharged at your state's Land Titles Office before we can settle your new home loan. To initiate the process, contact your current mortgage broker or lender and request a Discharge Authority form to complete. Please ensure that all borrowers on your current sign this mortgage discharge form.

Each lender may have their own Discharge Authority form, but here are two typical questions you may be asked:

  1. Who is your chosen settlement agent, conveyancer, or solicitor?
  2. What is the expected settlement date?

FMS is our settlement agent, and their details are:

  • Name: Unloan/FMS
  • Contact Number: 1300 360 757
  • Email: fmsteam@au.firstms.com
  • Postal: GPO Box 2699, Adelaide SA 5001

If you're refinancing, providing an expected settlement date may not be mandatory, hence, you could opt to leave that field empty. If you need to provide a date, you could consider specifying a date that is approximately two weeks from the day of filling in the mortgage document discharge form.

What happens after I complete the Discharge Authority form?

Please follow the instructions provided in your settlement document pack. You will need to send us:

  • The completed Discharge Authority form
  • New mortgage documents
  • Certificate of Currency (if relevant, please see ‘What is a Certificate of Currency’ to learn more)

You can either choose to:

  • Upload these documents by visiting app.unloan.com.au or
  • Send them back via the provided AusPost satchel

We recommend sending a duplicate of the Discharge Authority form to your current lender.

Related articles

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How much equity do I need to refinance my home loan with Unloan?
6 things to consider before refinancing and is it worth it?

Calculations are not a loan approval. Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions will be set out in our loan offer, if an offer is made.

^Rates shown are inclusive of a 0.01% p.a. discount off our reference rate. On each anniversary of your loan’s settlement date, you will receive an additional discount of 0.01% per annum, up to a maximum discount of 0.30% per annum. For purchase loans with a Loan to Value Ratio (LVR) between 80.01% - 90% LVR, a lenders mortgage insurance (LMI) premium and higher interest rate apply. In some cases depending on the property’s location or type, LMI may also be required for LVR between 70.01% and 80%.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.