What is a partial discharge of mortgage?

A partial discharge is when you have more than one property that is secured by a loan, and you would like to release one of those properties as security, without repaying the full loan.Click to see full answer. In this way, what does it mean to discharge a mortgage?By: Scott Krohn. The discharge of a mortgage means that the borrower no longer is obligated to make further payments on the loan. A discharge can be the result of the mortgage being paid in full or refinanced by the borrower. A mortgage also can be discharged if the borrower files for bankruptcy.Also, do I need a lawyer to discharge a mortgage? You generally don’t need a solicitor to lodge a discharge form – especially if it’s a refinance. If you’re selling a property – then you’d arrange for your conveyancer/solicitor to complete the form for you – you then sign. Just so, how long does a bank take to discharge a mortgage? When you’re leaving a lender, they have very little incentive to process your discharge request quickly. In fact, the longer the discharge takes the more money they charge in interest! Some lenders take 4 weeks to process a discharge but, luckily, most will only take 2 weeks.What is a discharge authority?A discharge/refinance authority is used to release the security (e.g. property or cash security) you’ve provided for a home loan. You’ll use this authority if, for example, you’ve sold your property and wish to pay off your CommBank home loan in full. Loan repaid – you’ve repaid your home loan.