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The Future of Mortgage Discharges: Why Digital is the Way Forward
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:
- Make sure they’re registered for NetBank and that all excess funds (including redraw and MISA) have been transferred prior to submitting discharge.
- They have details of: The Sale Price and anticipated settlement date, their solicitor/conveyancer or OFI details for funds.
- Advise your customer to navigate in NetBank to: My home > Select the home loan (that they want to discharge) >Select the ‘Manage Loan’ tab > Select the discharge link ; And follow the process by selecting the discharge application type as “I’m selling a property”
- Once completed, your customer will receive a discharge application number sent to their NetBank inbox notifications and will also display on screen. They will also need to provide consent via this inbox. Note: they will require this number should they like to query status of discharge.
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.
