What Is the Process for a Partial Discharge When the Original LVR is Maintained?
Property owners who hold more than one property on one title and one loan can request a partial discharge. The owner retains the right to pay off one of the properties without impacting the rest of the loan, properties, and title.
Investors and property owners request the partial discharge to use it as collateral against a new loan for a new property.
The process for a partial discharge with the LVR is straightforward. Since no prior changes were made to the loan, there is no additional paperwork to consider. This process is still involved because the lender must release the correct property. The loan specialists must also correctly alter the title.
To start the process, speak with your lender. Request the forms and fill them out completely. Next, wait for the lender to process the information. It takes a couple of weeks to complete. This process is unique to the property owner, so ensure that you provide the correct information such as loan and property details.
The lender works out the new loan amount and hands over the new repayment information.
Mortgage House provides online tools and other mortgage choice options.
Process for a Partial Discharge with Same LVR Conclusion
The process for a partial discharge when the LVR remains the same is straightforward. Since the loan incurred no changes, there is no need to fill out additional paperwork. Instead, our Mortgage House loan specialists request that the property owner fill out the partial discharge forms. To start the process, contact our team.