Bond Cancellation Process

Settling the balance is not the finish line; the bond must be cancelled before you transfer or refinance. We handle notice, figures, and lodgement so the mortgage falls away on cue.

Where there is a linked transfer and new bond registration

1. Seller Notifies Financial Institution of Their Intention to Cancel

• The seller will give notice to the home loans department of the financial institution ('the bank') in favour of which the bond is registered.
• Standard practice is that the bank requires a 90-day waiting period prior to the bond being formally cancelled at the Deeds Office.
• The bank will provide the seller with the date on which the 90 days will lapse.
• If the full 90 days have not lapsed by the time the cancellation is registered, there may be penalty interest payable by the seller to the financial institution.