I’ve paid off my home loan – what now?

Here’s how to discharge your mortgage, reduce your limit or use your equity.

Congratulations

What a milestone!
 

Your loan account won't close automatically, so you'll still be charged any applicable account fees until it's closed. Here are a few options to help you decide what's next:

 

  • Close and discharge your mortgage

  • Keep the loan and reduce the limit

  • Buy your next home.

Option 1: discharge your mortgage

This is the step where we'll settle your payout figure, close the account and remove the mortgage from your title - so you can enjoy the freedom that comes with paying off a loan.
 

Steps: 

  1. Fill out our online Property and Security Request form. Allow 20 minutes as you can't save or come back later. All parties and guarantors must sign. 
  2. Return form to us via one of the following methods: 
  3. We'll review your form and get back to you if we need any additional information.

  • Document processing fee of $150 per request.  
  • State government title administration fees* are generally between $150-300 per mortgage.  
  • If you’re paying off your fixed interest loan before the fixed term ends, you may also incur a break cost.   
  • Depending on your situation, there may be other home loan fees 
  • Valuation fee may be required where multiple securities are related to the request.

* Exact costs depend on the property location and local government requirements.
 

We’ll calculate your payout figure as part of this process. This is the final amount needed to repay your home loan and close your account. It includes whatever’s left of the principal amount of your loan, any outstanding interest, and any relevant fees.  

To estimate your payout figure sooner, you can call us on 1800 807 693 to see if there's any shortfall or surplus.   

If there are any transactions, including payments, or interest charged on the same day you request your payout figure, we won’t be able to provide the final payout amount until the next business day.

This discharge process will automatically close your home loan account for you. 

  • Your personal and banking details
  • The details of your property

 

Complete Property Security Request form

Option 2: keep the loan and reduce the limit

If you have an ongoing loan but want to reduce your limit, you can ask for a lower borrowing amount that matches your current situation and your future plans. To do so, please call 1800 807 693. 

Once your limit is reduced, you will no longer have access to any redraw funds that exceed the new limit. A new credit application will be required if you need to increase your loan limit in the future. 

Option 3: See how we can help with your next move

Thinking of selling and upgrading to a new home, or want to add to your property portfolio? Let’s explore your options, from transferring an existing loan to finding a competitive loan that will suit your needs.

 

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1800 807 693

Call 8am-8pm, Mon-Fri and 9am-6pm, Sat (Sydney time).

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Discharge my loan

You can't save the form and come back later, so make sure you have all your info handy.

Start the form

Things you should know

Credit criteria, fees and charges apply.

This information is general in nature and has been prepared without taking your personal objectives, circumstances and needs into account. You should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

Key Fact Sheet for Home Loans