If you’re thinking of refinancing your home loan or selling your property, mortgage discharge might be on your radar. It’s the legal process where you close a home loan and a mortgage discharge needs to be registered to legally release your current lender from mortgage obligations. It might seem daunting, but don’t worry, we make it easy. Here’s some things to consider first before making your decision.
Can I refinance my home loan with another lender?
Sometimes circumstances change and you decide it’s time to look for a new loan that best suits your needs.
At Virgin Money, providing our customers the best service is our number one priority. If you’re a customer thinking about changing your loan, we’d love to chat with you first about your needs and discuss what potential solutions may be available to you that could save you time and money if you stay with us.
Have you considered the costs of refinancing?
The costs can quickly add up when you refinance a mortgage. Not only is there a release fee, the cost to refinance can include:
- Establishment fee from the new lender
- Valuation fees
- Land registration fees to register a new home loan with the new lender
- Lenders Mortgage Insurance (LMI) if you have less than 20% equity in the property
- Break cost fees if you are on a fixed rate loan
Still set on going?
If you’re leaving Virgin Money, we’re sad to see you go. You’ll need to complete our discharge form. To obtain this form, just give our team a call on 13 81 51 or email at retentionteam@virginmoney.com.au and they'll be able to assist you with the process, provide you with an indicative payout figure and answer any other questions you may have.
Just remember that we’re unable to accept any requests to release a security that are not requested using our current and correct form (only available by getting in touch with us) and it can take up to 20 days to process once received.
We’re always looking at ways to improve, so please provide us with your feedback on your experience with us. And who knows, maybe we’ll see you again in the future.
Selling a property with a mortgage
Brokers can visit the Virgin Money Broker Portal to download a Sale/Release, Partial, Substitution and Debt Repaid Discharge Authority form or contact the Broker Support Team on 1300 888 888.
Refinancing to another lender
Please instruct customers to call the VMA Home Loan Retention Team on 13 81 51 or click here to request a Refinance Discharge Authority form
I’m thinking of selling a house with a mortgage.
Selling a house while still paying mortgage? When one door closes, another door may open. If you’re looking to upgrade your home, downsize, relocate or buy an investment property, we’d love to chat with you on your needs and discuss what potential options we can provide you.
If you’re still doing your research about all things property, here’s some helpful tips:
Once you’re ready to sell your property and close off your home loan, you’ll need to complete our mortgage discharge form.
To obtain this form, just give our team a call on 13 81 51 or email at retentionteam@virginmoney.com.au and they'll be able to assist you with the process and answer any other questions you may have.