Rate Money Mortgage Discharge Form: Authority and Steps

Request the Rate Money discharge form through customer service, complete the authority for your client’s loan and return it through the nominated discharge channel. Obtain a payout figure for the settlement date, then retain confirmation of both loan closure and mortgage release.

Start with the client’s credit contract. A loan managed under the Rate Money brand can involve a separate funding or mortgage-holding entity, which affects whose authority and release instructions apply.

Confirm the Loan is Funded by Rate Money

Identify the credit provider and mortgage holder in the client’s contract before completing the discharge authority. Rate Money’s credit guide dated 19 February 2026 names Rate Money Pty Ltd, Australian Credit Licence 519912, as a mortgage manager. It describes arranging loans through a lender panel and exercising credit-provider rights under most contracts it assists with.

The Rate Money credit guide therefore establishes the manager’s identity, while the client’s documents identify the parties to this loan. Compare the contract with the latest loan statement and the mortgage details supplied by the conveyancer. Record any trustee, trust or funder named in those documents.

Copy each party’s legal name exactly into the authority and file notes. Keep Rate Money as the brand spelling in correspondence, matching its website. If the contract names a different credit provider, have customer service direct the request to the discharge team responsible for that account.

For example, a statement headed Rate Money and a contract naming a trustee can describe the same loan. Record the manager and trustee separately so the settlement contact can identify the mortgage being released.

Request the Discharge Form From Rate Money

Use Rate Money’s general customer service channel to request the current discharge authority and the return instructions for your client’s account. As at October 2026, its Rate Money customer service lists 1300 936 668 and customerservice@ratemoney.com.au.

Prepare the loan number, borrower names and security address before contacting customer service. These details help identify the account. Ask which borrower identification and broker authority the team requires before it sends the form or discusses the loan.

1. Obtain your client’s authority to make the discharge enquiry. Have the borrower contact customer service directly if the team requires borrower verification first.
2. Request the current form for the identified loan. State whether the transaction is a refinance, sale or payout using the client’s funds.
3. Include the proposed settlement date. Request the applicable notice period and the contact responsible for the discharge.
4. Obtain the return address or secure submission method. Send identification documents only through the method the team specifies.
5. Record when you requested the form and when it arrived. Save the return instructions with the form so another person handling the file can follow them.

Before collecting signatures, check that the form’s account details and mortgage holder match the client’s documents. Keep the separate refinance document requirements moving at the same time so the incoming loan is ready to fund.

Fields on the Form and Who Signs It

Complete the authority using the form supplied for this loan, with names and property details matched against the contract. Prepare the information below before filling it in. Treat this as a preparation checklist and follow the supplied form’s actual fields.

Information to prepare	Record to compare	Why it matters
Loan number and accounts being repaid	Latest statements	Identifies each facility included in the payout
Borrower names and borrowing entity	Credit contract	Matches the people or entity giving the authority
Security address and title details requested	Mortgage documents or conveyancer’s records	Identifies the property to release
Discharge reason and proposed date	Refinance or sale instructions	Describes the transaction the discharge team must prepare for
Incoming lender	New loan approval	Identifies who will fund the refinance
Settlement contact and contact details	Conveyancer or incoming lender’s instructions	Gives the discharge team a contact for payout and release arrangements
Destination for surplus funds, if requested	Borrower’s confirmed instructions	Directs any balance remaining after payout

Have every borrower sign where the authority requires their signature. Include each guarantor whose consent the form requires. For a company borrower, have the directors or other authorised signatories execute the authority in the capacity the form specifies.

Check signature dates and any witness or verification requirements before returning the form. If a required signatory is unavailable, obtain the discharge team’s instructions for an accepted alternative before submitting it.

After lodgement, retain confirmation that the signed authority is received and complete. If the team reports a missing signature or incorrect account number, correct that item and obtain a new completeness confirmation. Keep the accepted version in the file.

Lead Time, Fees and the Payout Figure

Schedule the discharge from the notice period confirmed for the client’s loan, counting backwards from the proposed settlement date. Obtain that period with the form request, along with any separate deadline for payout instructions. Allow time before the lodgement deadline for signatures and corrections.

A hypothetical schedule shows the method. If the discharge team gives a deadline of ten business days before settlement, lodge the complete authority by that deadline. Allow additional time before it for collecting signatures, and account for public holidays when counting business days.

Ten business days is an example, not a Rate Money notice period.

Record the requested settlement date, the complete-authority deadline and the date the discharge team accepts the authority. If settlement moves, notify the team and obtain a payout figure valid for the revised date.

Rate Money’s mortgage terms guide, dated 14 January 2026, distinguishes discharge fees from fixed-rate break costs. The amounts payable on your client’s loan come from its contract, applicable fee schedule and payout quote.

Possible payout item	Where to establish it	What to check
Outstanding principal and accrued interest	Dated payout quote	The quote covers the intended settlement date
Discharge or administration fee	Contract and applicable fee schedule	The charge applies to this loan and is included once
Fixed-rate break cost	Loan terms and current break-cost quote	The amount reflects the proposed early repayment date
Other contractual early repayment charge	Contract and loan offer	The triggering condition applies to this transaction
Settlement, legal or registration charges	Payout breakdown and conveyancer’s statement	Each charge has an identified purpose and payer

Compare the total payout with the funds available from the incoming lender and your client’s contribution. A statement balance alone doesn’t include every amount required to close the loan. Refer to the discharge of mortgage guide for the broader payout and registration process.

If a charge is unexplained, ask the discharge team to identify its contractual basis and correct any error before settlement. Keep the final payout quote and its validity date with the accepted authority.

Confirm Closure and the Title Release

Obtain written evidence of loan closure and mortgage release after the payout occurs. Ask the loan servicer for confirmation that the discharged account is closed. Obtain the conveyancer’s or incoming lender’s confirmation that the outgoing mortgage has been removed from the title.

Compare the account number on the closure notice with the authority. Match the title-release evidence to the property and outgoing mortgage holder recorded at the start. For a refinance, the title can also show the incoming lender’s mortgage.

If settlement has completed but the release is awaiting registration, keep that item open until the conveyancer supplies registration confirmation or an updated title search. A payment receipt establishes payment, while the title evidence establishes removal of the outgoing mortgage.

Retain the accepted authority, final payout quote and settlement confirmation, together with the account-closure and title-release evidence. For another outgoing loan, use the lender discharge form directory. If your client is moving to a mainstream lender with updated financials, assess that separate task using the self-employed home loan guide.

Close the discharge task only when the loan and title evidence match the account and property your client authorised for release.