I’ve paid off my home loan – what now?
Here’s how to discharge your mortgage, reduce your limit or use your equity.
Congratulations
What a milestone!
Your loan account won't close automatically, so you'll still be charged any applicable account fees until it's closed. Here are a few options to help you decide what's next:
- Close and discharge your mortgage
- Keep the loan and reduce the limit
- Buy your next home
Option 1: discharge your mortgage
This is the step where we'll settle your payout figure, close the account and remove the mortgage from your title – so you can enjoy the freedom that comes with paying off a loan.
Steps:
1. Fill out our online Property and Security Request form. Allow 20 minutes as you can't save or come back later
2. Return form to us by:
- Scanning and emailing it to mortgagesecurityvariations@bankofmelbourne.com.au
- Taking it to a Bank of Melbourne branch, or
- Printing it out and mailing it to
Bank of Melbourne Home Ownership Services
Locked Bag 1
Kogarah NSW 2217
3. Expect to hear back from us with a confirmation letter in about 10 days after receiving your form.
Discharge fee of $350 per loan account.
- State government title administration fees are generally between $150-300.
- If you’re paying off your fixed interest loan before the fixed term ends, you may also incur a break cost (PDF 35KB)
- Depending on your situation, there may be other home loan fees (PDF 360KB)
Option 2: keep the loan and reduce the limit
If you have an ongoing loan but want to reduce your limit, you can ask for a lower borrowing amount that matches your current situation and your future plans.
Steps:
1. Digitally fill in and sign our capitalisation form (or print, sign and scan)
2. Email to loansadministration@bankofmelbourne.com.au
3. We'll process it within 5 business days.
Option 3:
See how we can help with your next move
Whether you’re thinking about your next home, an investment property, or unlocking equity, let’s discuss how we can support your next step.
Book a callback and our friendly team will be in touch at a time and place that suits you.