Hi Guys,
Need some advice on closing the home loan account by paying the full outstanding balance to the bank.
The process I know of is to ask the bank to take the outstanding balance of the home loan from my transaction account and transfer the title into my name. I have an offset account with the bank and this house was a "First Home Buyer" house.
Can you guys help me to answer the following questions?
1) What should I watch for when applying for closing the home loan account with the bank? Is there any catch?
2) Is there any extra charge when closing the home loan other than the outstanding balance of the home loan?
3) How does the bank send the title certificate (digital or paper)? any recommendation on safely storing the title certificate?
4) Can someone please provide me with a checklist for "Release a security property in Western Australia"?
5) Please let me know if I am missing something.
Any advice will be highly appreciated.
Thanks in advance.
I assume not on a fixed rate?
IANAL, but will answer on a the basis that somebody will speak up if I'm wrong :)
Land titles are all digital now. You can request a paper copy if you like.
The title is in your name, not the banks. They just need to remove the mortgage, and there will be a fee.
Why not just contact the bank? Its not something you can negotiate a better deal for.
One note - if you have a savings account, they might start charging a monthly fee without a mortgage.