Broker guide
La Trobe Financial Discharge Authority
Need a La Trobe Financial mortgage release? Get the current authority, reconcile the facility and signatures, then track the payout quote and completion.
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A La Trobe discharge authority starts with its Borrower Discharge Request, signed by every borrower. Send the completed form to La Trobe Financial, then track the payout and security release.
For a sale or refinance, start with the loan records and your client’s authority to act. A settlement target needs room for the lender’s notice period and the legal representative’s booking requirements.
Match the Loan and Credit Provider
- Match the facility against the current statement and loan contract before preparing the authority. Record the account name and number, borrowing entity and each property being released.
- Identify the credit provider named in the contract. La Trobe’s General Terms & Conditions form part of the loan agreement alongside the Letter of Offer, which prevails if they conflict.
Keep a release instruction for each intended property beside its loan record. For a partial discharge, distinguish the property leaving the security arrangement from the property staying. If the documents disagree, resolve the discrepancy with La Trobe before collecting signatures.
Obtain the Current Authority
- Open La Trobe Financial’s Lending Forms Library and select Discharge Request Form. The library lists Security Substitution Request Form separately, so choose the route that matches the transaction.
On the Borrower Discharge Request, select full or partial discharge and identify the property. Mark sale, refinance or cash repayment. Attach sale contracts for a sale and enter the representative’s contact details.
All borrowers must sign. La Trobe requires at least 30 days’ notice, starting when it receives a complete, validly executed form. The signed authority lasts 120 days from receipt.
Lodge and Reconcile the Payout
- Email the signed form to discharges@latrobefinancial.com.au. Obtain confirmation of acceptance and any outstanding requirements before treating settlement as ready.
La Trobe’s solicitor needs at least ten days’ notice to book settlement once instructed. Follow the notification’s instructions with the acting representative.
Monthly repayments remain due until completion. Redraw stops when La Trobe instructs its solicitors.
- Request a payout quote for the agreed settlement day. Reconcile the amount with the contract, including interest and any applicable early repayment or break fees. The general terms explain that early repayment can attract fees, with break fees relevant to fixed rate loans.
Use the quote’s breakdown for this facility, without treating it as a universal discharge fee. If settlement moves, obtain a revised quote or written instructions covering the new day. A statement balance alone does not establish the amount required to settle.
Close the Release Record
- Obtain settlement confirmation and evidence that the intended mortgage release has been completed. Record any remaining debt and retained security for a partial release.
The authority provides for an account audit after settlement. Personal mortgage covenants remain until that audit finishes, with adjustments or refunds and any further amount owing reconciled afterwards.
If the account shows zero but release evidence is missing, ask the acting representative to trace the discharge against the property record. Keep that follow-up open until the release and account outcome match the client’s instructions.
