What’s a substitution request?

A substitution of security request is when you change the security property that secures your home loan, it usually happens when you buy and sell a property at the same time. Once your request is approved, we’ll release your current property security, and replace it with a new one.

Things to keep in mind before substituting your home loan security:

  • Substitution of security request is subject to a credit assessment.
  • Settlement of both properties must occur on the same day.
  • Your home loan account numbers will stay the same after settlement occurs
  • Depending on your situation, the balances and/or limits on your home loan accounts may change.
  • Your home loan facility limit can’t be increased as part of your substitution of security request. If you are wanting an increase, for more information see Borrow more money on your home loan
  • You’ll need to allow up to 28 days for the substitution to be fully completed. Please contact us as soon as possible so we can commence our assessment.

Supporting documents you’ll need to provide

You’ll need to send an email to mortgagevariations@macquarie.com with the following information:

  • Instructions for your substitution request including details of the existing and new properties
  • A copy of the full contract of sale for any property being purchased, or a copy of the title deed if the property is already owned by you
  • A copy of the front page of the contract of sale for the property being sold which shows the sale price)

Please note, we may need to contact you to confirm the details of your request or obtain further documentation.

Next steps after submitting your request

  • After we’ve received your request and received all instructions and relevant documents, a credit assessment will be completed.
  • When your application has been formally approved, you’ll receive two sets of documents to be completed as part of the substitution of security request:
    • Variation acceptance form
      • If your BSB starts with 182 the form can be electronically signed using DocuSign
      • If your BSB starts with 183 the form will need to be wet signed (print and sign with a pen) and sent via post to our panel solicitor to enable the settlement to be booked.
    • Original mortgage documents to be wet signed (print and sign with a pen) and sent via post to our solicitor to enable the settlement to be booked.
  • After formal approval, instructions will be sent to our solicitor and the settlement will be arranged with them, including signing of documents. The contact details for our solicitor is included in the formal approval email you’ll receive.
  • Your authorised representative will need to contact our solicitor to book the settlement.

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