Mortgage Discharge

Viewing 5 posts - 1 through 5 (of 5 total)

Simon59
Member
@simon59
Join Date: 2007
Post Count: 1
November 6, 2007 - 9:49 am
Hi All,
Any traps, complications, added expenses by banks, etc, in discharging a mortgage in Vic and the process to follow.
With Thanks
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 6, 2007 - 3:26 pm
Discharging a loan is done every day of the week in every state the only varying expense will be the mortage discharge / transfer fee for Victoria. This is a cost incurred by your lender from the State Govt and passed onto you the borrower.
Each individual lender will have its own early repayment penalty or early discharge fee.
Richard Taylor | Australia's leading private lender
tess85
Member
@tess85
Join Date: 2007
Post Count: 48
November 12, 2007 - 9:40 pm
So, can you incur fees just by paying back your mortage early? eg. I want to take out a 15 year mortgage but I'm going to aim to pay it off in 10 years by making $xxx payments per month.
tess85
Member
@tess85
Join Date: 2007
Post Count: 48
November 12, 2007 - 9:49 pm
(didn't know how to edit my above post )
One would wonder why I don't just take out a 10 year mortgage, but I'm not sure if I can repay the loan in that time.
Are there discharge fees for offset accounts?
PS. sorry for hijacking the above topic, I did think this was a relevant digression…
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
December 2, 2007 - 5:11 am
Tess
The answer to this will depend on the conditions your lender has in its Mortgage Deed and the Letter of Offer.
Richard Taylor | Australia's leading private lender