How to fill out the Westpac discharge authority form
Need to fill out a Westpac Security Variation Request Form? Here are the steps to follow.
If you sell your property or refinance your home loan, you’ll need to fill out what’s known as a discharge authority form. If you’re a Westpac customer, this form is known as the Request to Vary Security form. The form can be filled out online, printed, signed and then returned to Westpac. Filling it out is as straightforward as following the steps below.
1. Access the form online
Westpac’s Request to Vary Security form can be accessed online at the link above. Go to the link, then click “Start form”.
2. Choose the scenario that fits your situation
You’ll need to inform Westpac of why you’re looking to discharge your home loan. Reasons for this could be selling your home, repaying your home loan in full, refinancing your home loan or some other more unique situation such as releasing a guarantor. Tick the box that applies to you.
The scenario you pick will result in further questions about the security on your loan.
If you’re selling your property
Westpac will ask whether or not you are closing your loan. If you have sold your property and bought a new property, you may want to move your existing home loan to your new property. This would mean you wouldn’t want to close your loan account.
If you’ve repaid your loan
Westpac will ask whether you are only requesting a discharge of mortgage, or whether you have other properties with Westpac.
If you’re refinancing
Westpac will ask whether you’ll be refinancing with another Westpac loan or with a different lender.
If you’re releasing a guarantee
Westpac will want to know whether the loan will still have property securing it.
If you are releasing a term deposit from your loan
Westpac will want to know if you still have property with them.
If you want to rearrange your existing loans and securities
This could mean you wish to transfer your existing loan to another property. Westpac will want to know if you want to release the securities on your loan or move your loan.
3. Fill in your personal details
Westpac will need to know your customer number, which can be found at the top of your home loan statement. You’ll also need to fill in your name, address and contact information and the names of any other people on the loan.
4. Fill in your property details
You’ll need to list the details of the property you’re releasing, including the address, the sale price of the property, the anticipated settlement date if applicable and the BSB and account number of any loans associated with the property. If you’re releasing a term deposit, you’ll need to enter the BSB and account number.
5. Tell Westpac what you want to do with your loan
If you’re selling or refinancing your property, Westpac will want to know if you’re repaying and closing the the loan. If you’re not closing the loan, you’ll need to tell Westpac whether or not you want to change the limit on your loan. You’ll also need to provide the account details of a Westpac account for any excess funds to be credited to.
6. Any additional details
This page allows you to enter any additional information you’d like Westpac to know, such as title or valuation details.
7. Optional representative’s details
If you’re using a solicitor, conveyancer, broker or other representative to handle your loan, fill in their details and tick the box to allow Westpac to communicate with your representative about your request.
8. Review your information
At this stage, you’ll be able to review all the information you’ve entered and edit anything you may need to.
9. Print, sign and mail
Finally, you’ll be able to print a PDF of the document, sign it and mail or fax it to Westpac.