What happens when you pay off your mortgage in Australia?
It is time to celebrate! There is nothing more exciting than finishing your mortgage loan. When you no longer have repayments to make on a mortgage loan, you are free, almost. There are a few steps you need to complete to hold the title of your property in your hands.
First, there is a form you need to complete provided by the lender. Usually, the form is online and takes less than twenty minutes to fill out. It is the mortgage discharge form. After the form is complete, you will need to pay a discharge mortgage fee. If you do not pay the fee or complete the form, you will not have the title.
Why do you need to pay the fee? It can be frustrating to know that you still owe something to your lender. This is just a one time charge, though, and it takes care of all the paperwork and administration fees associated with giving you the title of certificates for your new property. You cannot add this fee to the mortgage and instead should save for it.
Mortgage House lenders can walk you through each step of the mortgage process. There are a lot of steps, but it does not need to be tricky or confusing! The mortgage discharge is the last step until your property is yours.
Paying Off Mortgage Conclusion
Overall, once you make your last repayment on a home loan, all that is left is to submit a mortgage discharge form with the one time fee. In a few weeks to one month, you will hold the title of the property in your hands with your name!