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CommBank has updated its mortgage discharge process to be fully digital, currently available to customers who are selling their properties^. This update allows customers to submit discharges online without the need for printed forms or wet (physical) signatures.
They’ve made this update in response to feedback from their customers, who said they found the manual completion of forms frustrating; requiring customers to print, sign, scan and send their discharge forms back – which often resulted in incomplete forms and delays. In response, they’re offering a smoother and quicker digital experience for customers, to help ensure the discharge is processed seamlessly.
CommBank know that this change could have flow on impacts for solicitors and lawyers though. Many legal representatives continue to advocate the use of paper forms, even when they aren’t required. The bank understands there may still be concerns around document security, existing internal process within firms or regulatory requirements. However, their digital process meets all relevant legal standards, and often provides greater accuracy and security than traditional paper forms.
Additionally, processing these forms digitally saves customers time and effort – which can vastly improve their experience in processing a release of security, which is often related to other moments of stress like selling a property or changing a loan structure.
In a time when customers expect efficiency and ease, it’s essential we work together to deliver the best experience. By adopting the digital discharge process, legal professionals can improve accuracy, reduce delays, and offer customer a more seamless sales process. If a customer’s CommBank home loan customer is eligible, they can follow the steps below to get started:
CommBank invites you to join them in embracing a more efficient and customer-centric approach. The future of mortgage discharge is digital - let’s make it easier for everyone selling a property.
Things you should know:
As this information has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances.
^ Not yet available for customers refinancing their mortgage.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.