CBA discharge authority formand how to use it

CommBank says it takes up to 14 business days from when they get your signed form. Allow all of it, and in practice most people allow three weeks, because the form is only the first step — your new lender and both conveyancers still have to book the settlement.

Usually yes, but CommBank doesn't publish a standard amount. It's set in your loan contract, so check your letter of offer or the fees and charges booklet you were given at settlement. Expect it to be deducted from the payout figure rather than billed separately. If you took the loan out with a fixed rate that hasn't ended, break costs are separate and can be much larger.

It's the form that tells CommBank to release its mortgage over your property. You need one whether you're selling, refinancing to another lender, or paying the loan off entirely. CommBank calls theirs the Discharge/Refinance Authority.

Yes, and it doesn't happen on its own. Paying the balance to zero closes the loan account; it does not remove CommBank's mortgage from your title. Until you lodge the Discharge/Refinance Authority and the discharge is registered with the land titles office, the property still shows CommBank as mortgagee, which you will discover the day you try to sell, refinance or borrow against it. Do it while the paperwork is fresh.

Nothing, until you need the title clean. The mortgage stays registered against the property with a zero balance behind it. A sale or a new loan then has to wait for CommBank to process the discharge, which takes at least 14 business days, and settlement can't be booked until it's done. Some lenders also keep charging a package or account fee on a loan that is paid out but not closed.

CommBank is the only one of the big four with an online path, but it only covers selling. Refinancing still means the printed form, and CommBank says a refinance discharge takes up to 14 business days once they have the signed form — it can be subject to credit approval and a valuation. Once it's filled in and signed, send it to an online form if you're selling; otherwise a PDF you print, sign and email to cbadischarges@cba.com.au or hand in at a branch.

There is no set figure. CommBank calls it "Early Repayment Adjustment", and it is worked out on the day from the difference between your fixed rate and the wholesale rate for the rest of your term, so it can be zero or thousands. phone a Home Lending Specialist on 13 2224. The quote is good for that day only; there is no NetBank path. A $50 administration fee is charged alongside it. In CommBank's words: "To understand whether an ERA could apply and how much it could be, speak to a Home Lending Specialist on 13 2224."

Log on to NetBank and it shows an estimated payout figure for the settlement date you pick, fees and interest included. The final figure comes through the Discharge/Refinance Authority process. It is only accurate for the date on it, because interest accrues daily, so ask for it once the settlement date is booked. In CommBank's words: "Log on to NetBank to view the estimated payout figure. This is the estimated amount you'll need to pay on your settlement chosen date, including all fees and interest charges."

In the CommBank app or NetBank, under home loan maintenance, you can change the account repayments come from, and the amount, frequency and date, without a form. If the repayment comes from another bank, cancel it there the day after settlement so the final repayment doesn't bounce. In CommBank's words: "Modify your repayment amount, frequency, date, or the account your repayments are taken from through the CommBank app or by logging onto NetBank."