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CBA Discharge Refinance Authority 1

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Discharge/Refinance Authority
Instructions
• Use this Authority to arrange for the release of property when sold or refinanced.
• Return the completed and signed form by emailing to cbadischarges@cba.com.au or take it to any Commonwealth Bank branch.
• If loans are being repaid in full (full release), Commonwealth Bank requires minimum 10 business days processing time.
• If loans are not being paid in full (partial release), Commonwealth Bank requires minimum 14 business days processing
time.
• All Borrowers/Guarantors must sign the Acknowledgement in Section 6.
• Complete an additional Discharge/Refinance Authority if you have more than 4 Borrowers/Guarantors, Securities or Loan
Accounts.
Note:
• For a Substitution of Security, you must notify one of our Home Lending Specialists as a Home Loan/Investment Home Loan
Portability form (002-252) and application must be completed and submitted with this Discharge/Refinance Authority.
• If you have a Fixed Rate or 1 Year Guaranteed Rate Loan, an Early Repayment Adjustment may need to be paid. Please ask
us for a quote before deciding to release your security by calling 13 2221 or visiting a branch.
* Partial Discharge (partial release of security)
• A Partial Discharge is where you have multiple loans and/or multiple properties and when releasing property you are not
repaying all loans.
• The Bank may be required to complete valuations on your remaining security properties. This can only be determined once
your application has been assessed. We will contact you to obtain property access details.
• Attach a signed copy of the Contract of Sale showing sale price including deposit and any relevant conditions.
Section 1 – Your current details
Borrower name(s) (as per loan account)
Borrower name / Guarantor name (as per loan contract)
Company/Trust
First Name
Middle Name Last Name
Borrower 1
First Name
Middle Name Last Name
Borrower 2
First Name
Middle Name Last Name
Borrower 3 Name / Guarantor 1
First Name Middle Name Last Name
Borrower 4 Name / Guarantor 2
Loan account number/s
Name of Borrower (Primary Contact)
Daytime phone number
Email address
First Name Last Name
Page 1 of 5000-610 300916
Section 3 – Instructions on the discharge of mortgage
Fax number
Contact phone numberAppointed contact name
Email address
Please hand all deeds and documents connected with this property to:
Solicitor Firm/Financial Institution (Conveyancer/Agent/Acting for self)
or their nominee.
Note: If the Solicitors Firm/Financial Institution has an Agent acting on their behalf at settlement, includes details as
well.
Section 2 – Discharge requirement and property details
Please list all Properties linked to loan/s –
Security Address 1
State Postcode
Release Remain (partial) Title reference number (if known)
Security Address 2
State Postcode
Release Remain (partial) Title reference number (if known)
Security Address 3
State Postcode
Release Remain (partial) Title reference number (if known)
Security Address 4
State Postcode
Release Remain (partial) Title reference number (if known)
Please select one of the following reasons:
Sale Price
$
Settlement LocationAnticipated Settlement Date
Not all loans repaid (partial release of security)Property Sold All loans repaid (full discharge)a.
Other Financial Institution details
Property Refinance
b. All loans repaid (full discharge) Not all loans repaid (partial release of security)
Security to be released, no settlement required (must complete Section 7)c.
Release of Guarantor Security (must complete Section 7)d.
Page 2 of 5000-610 300916
DD/MM/YYYY
( )
Section 6 – Borrowers Acknowledgement and Authority
• Declare the information given in this form is true and correct;
• Authorise Commonwealth Bank of Australia
ABN 48 123 123 124 (‘CBA’) to discharge the
mortgage over my/our property detailed in this authority;
• Authorise CBA to hand all deeds and documents
connected with this authority to the Legal Representative
or Financial Institution (or their representative) and provide
any information or documentation they require about this
account and security(ies) in order to effect settlement;
• Acknowledge that if an Early Repayment Adjustment is
applicable, it will be calculated and charged on the day the
discharge request is processed.
• Authorise CBA to act on instructions from my/our nominee;
• Authorise CBA to vary my/our Credit Contract in accordance
with this Discharge/Refinance Authority;
• Acknowledge that, if CBA agrees to vary the Credit Contract
as set out in this authority, my/our Credit Contract will be
varied on the date of release or substitution of the Security;
• In exchange for the release of security referred to in Section
2, the Bank is to receive sufficient monies to clear/reduce
all debts.
Account name Account number
Where there is money in excess of that required to repay/reduce my/our loans, including balance of any MISA, please deposit to
the following CBA or Other Financial Institution account:
Note:
• If your Line of Credit is to be closed, please ensure all Direct Debits/Salary Credits are changed.
• If no instructions are provided, the Everyday Offset feature will no longer apply when the linked home loan is
repaid. A fee may apply to link your Complete Access account with the Everyday Offset feature to another eligible
home loan at a later date.
Other instructions/additional information
Conditions and acknowledge that my/our account is to remain open and be converted to a Smart Access Account; and
I/We have received the Transaction, Savings, and Investment Account Terms and Conditions and that my/our first
deposit to my account indicates my/our acceptance of those Terms and Conditions.
I/We require a copy of the Transaction, Saving, and Investment Account Terms and Conditions and that my/our first
deposit to my account indicates my/our acceptance of those Terms and Conditions
Section 5 – Instructions for Everyday Offset, Line of Credit and Excess Funds
Are any of the home loans being repaid in full linked to one or more Complete Access accounts with the Everyday Offset
feature?
No Yes If you selected “Yes” and would like to link another eligible home loan to your Complete Access account(s)
with the Everyday Offset feature, please provide the account number of your eligible home loan.
Loan account number
Complete if the loan being discharged is a Line of Credit and is in the name of one or more individuals (not a company,
trust, business or another non-personal entity.
Please tick (✔) appropriate box(es)
Account is to be closed; or
Section 4 – Instructions for distribution of funds
Loan account number To be paid in full Amount to be credited New limit amount
(where limit is
being reduced) Yes No if ‘no’
$ $
Where amount to be collected is being distributed to more than one account, provide details of distribution:
Loan account number To be paid in full Amount to be credited New limit amount
(where limit is
being reduced) Yes No if ‘no’
$ $
Loan account number To be paid in full Amount to be credited New limit amount
(where limit is
being reduced)
Yes No if ‘no’
$ $
Loan account number To be paid in full Amount to be credited New limit amount
(where limit is
being reduced)
Yes No if ‘no’
$ $
Note: List all Home Loans and Line of Credits to be repaid in full/reduced or balance remain as per Section 1.
Page 3 of 5000-610 300916
Section 7 – Complete when a paper title is (if applicable) to be released to the customer
The Land Titles Office in the State/Territory in which the security property is located will charge a registration fee to discharge the
mortgage. For details of the fees please refer to the respective Land Titles Offices.
I/We agree to authorise and request Commonwealth Bank of Australia (APCA ID 404723) to process a one off debit for registration
fees from:
Direct Debit Request
BSB Account number
This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial
institution you have nominated and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.
Account Holder’s name(s)Name of Bank
Address for returned paper title
State Postcode
Person to sign for title
Section 6 – Borrowers Acknowledgement and Authority (continued)
Note:
• Once you have moved (or changed your postal address), you can update your details on NetBank, by calling
132221 or visiting a branch.
• If you have insurance with CommInsure, and would like to make changes to the arrangements, contact
CommInsure on 132423.
• For further information relating to discharges, please visit commbank.com.au and search ‘Paying out your loan’.
• For certain property transactions with market value of $2 million or above, the purchaser may be required to withhold
10% of the purchase price and pay that to the Australian Taxation Office (ATO). Details of withholding rules are
available from the ATO. You should consider (including obtaining legal advice) whether these rules apply to your
discharge, what steps you can take to mitigate its application and ensure that, if it applies, you will still have sufficient
funds to repay your debt to us. Settlement may be delayed where there are insufficient funds.
Full name
✗
Signature of Borrower/Guarantor/Director/Secretary Date
Full name
✗
Signature of Borrower/Guarantor/Director/Secretary Date
Full name
✗
Signature of Borrower/Guarantor/Director/Secretary Date
Full name
✗
Signature of Borrower/Guarantor/Director/Secretary Date
Staff/Broker/Agent ID Contact numberPrepared by (full name)
Staff/Broker details (email completed request to Group Lending Services at cbadischarges@cba.com.au)
Page 4 of 5000-610 300916
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
123 123
Section 7 – Complete when a paper title is (if applicable) to be released to the customer (continued)
Please retain this DDR Service Request for your records
• By signing this request, you have authorised us to arrange for funds to be debited from your account. You should refer to this
request and this agreement for the terms of the arrangement between us and you.
• We will only arrange for funds to be debited from your account as authorised in this Request.
• You should check:
– with your financial institution whether direct debiting is available from your account as direct debiting is not available through
BECS on all accounts offered by financial institutions.
– your account details which you have provided to us are correct by checking them against a recent account statement; and
– with your financial institution before completing the Direct Debit Request if you have any queries about how to complete the
Direct Debit Request.
• It is your responsibility to ensure that there are sufficient clear funds available in your account to allow a debit payment to be
made in accordance with the Direct Debit request.
– If there are insufficient clear funds in your account to meet a debit payment:
a. you may be charged a fee and/or interest by your financial institution;
b. you may also incur fees or charges imposed or incurred by us; and
c. you must arrange for the debit payment to be made by another method or arrange for sufficient clear funds to be in your
account by an agreed time so that we can process the debit payment.
• You should check your account statement to verify that the amounts debited from your account are correct.
• If you believe there has been an error in debiting your account, you should notify us directly at the Branch and confirm that
notice in writing with us as soon as possible so that we can resolve your query more quickly. Alternatively you can take it up
directly with your financial institution.
• If we conclude as a result of our investigations that your account has been incorrectly debited we will respond to your query by
arranging for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify
you in writing of the amount by which your account has been adjusted.
• If we conclude as a result of our investigations that your account has not been incorrectly debited we will respond to your query
by providing you with reasons and any evidence for this finding in writing.
• We will keep any information (including your account details) in your Direct Debit Request confidential.
• We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our
employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction
or disclosure of that information.
Page 5 of 5000-610 300916
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Completed 19 July 2020

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