What is a partial discharge?

A partial discharge occurs when you have more than one property securing your home loan facility and you want to release or sell one, leaving the facility open.

Your properties are secured against the entire home loan facility, not the individual home loan accounts.

You can check your account structure via Macquarie Online Banking or the Macquarie Mobile Banking app to confirm what your new individual account limits and balances will be after settlement.

A partial discharge is subject to a credit assessment. We’ll advise the amount required to partially payout the loan. In some circumstances you may be required to use full net sale proceeds to partially payout or reduce your loan balance.

If you’re also subdividing the property, this must occur first before the partial discharge can proceed. See Home loan substitution of security request.

How long does a partial discharge typically take?

A partial discharge may take up to 28 days to complete.

How do I request a partial discharge?

You’ll need to complete the Discharge Authority form and send to mortgagevariations@macquarie.com with the following information:

  • Sale price if you are selling a property
  • Estimated value of remaining property/ies
  • Loan purpose (e.g. investment, owner occupied) changes to the remaining property/ies 
  • Any changes to your financial circumstances since your last application
  • New balance and limit of your accounts
  • Any changes to your offset account linkage.

You can also contact your broker who initially set up your Macquarie home loan to arrange your partial discharge.

What happens after I request a partial discharge?

We may request additional information or documents to complete the assessment and provide a formal approval.

After formal approval you’ll receive a Variation Acceptance that will need to be signed and returned to our solicitors. The contact details for our solicitor can be found in the formal approval email.

Your representative will need to contact our solicitor to book the settlement.

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