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Your mortgage security is the asset (usually one or multiple properties) used to secure your loan with Bank of Melbourne. There are many reasons you might be looking to change the way your existing mortgage security is set up. These could include selling your property, discharging all or part of your loan or substituting your security for another property.
Discharging your mortgage means you are removing Bank of Melbourne’s mortgage from your property title, often due to a property sale or refinance.
Whether you’re planning to upgrade, downsize, relocate or rent, we are ready to help with expert advice and support to make the process as simple as possible. We can also provide you with free Property Reports to give you all the information to make your next step a success.
If you’re considering refinancing your loan, we’d love the opportunity to understand your needs and see how we can help. Our team can discuss ways to save you time and money by reviewing your current loan and banking situation, as well as providing you with valuable information to find the best outcome for you. Talk to us today on 13 22 66.
There are many reasons you might want to make changes to your existing mortgage security, such as a partial discharge or substitution of security.
A partial discharge is when you have more than one property that is secured by a loan, and you would like to release one of those properties as security, without repaying the full loan.
If you would like to replace your existing security with another property, you can apply for a substitution of security. This commonly occurs when you are selling your home and would like to retain your existing loan for your next property.
The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 22 66.