04 Aug 2022

What are the fees to discharge a mortgage?

Mortgage Discharge Fees

If you are finally on the last steps of completing your mortgage, you will be happy to know all that is left is one discharge fee! Mortgages are easy once you are down to your last repayment. Lenders only ask for one fee at the end of the loan which pays for paperwork fees, administration charges, and small housekeeping tasks associated with discharging the mortgage.

The lender needs to give the borrower the title. The biggest question on most people’s minds is how much is the discharge fee? Every lender publishes a unique fee based on the state’s laws and regulations. However, in Australia, a discharge fee ranges from $50 to $600. This is enough money to fully transfer the ownership of the property to the borrower, in this case, you.

Mortgages are not inexpensive, and from the beginning, there are many fees. When you first apply to borrow a mortgage, you need to pay the upfront application fee. Like a discharge fee, the application fee cannot be added to the loan’s principal amount. 

Mortgage House experts can walk you through the process by breaking down the fees and charges every step of the way. Hidden fees are frustrating, which is why we value honesty and transparency.

Mortgage Discharge Fees Conclusion

In conclusion, there is only one discharge fee you have to pay at the end of your loan. Once you submit your last repayment and the terms are complete, you will need to fill out a Mortgage Discharge form and pay the fee.

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