Step 7 – Discharge

Our system alerts us one month prior to the expiry date. At this time we alert you to the approaching date by email.

If you advise us that you have been notified by the borrower that the loan is to be discharged we review our PEXA invitations to confirm whether an invite has been received. If so we alert you to the date for settlement that has been entered, if not we seek information from the borrower’s solicitor.

Once we have a repayment date we calculate the payout figure or receive it from yourselves. If we are preparing the payout figure we use a spreadsheet so you can see the underlying formulas. Once you have provided or approved the payout figure we send it by email to the borrower’s solicitor.

Once the payout figure has been agreed by the borrower’s solicitor we lodge the discharge on PEXA, along with the payout figure. Settlement then occurs automatically.

After the Discharge has settled we:

1. send you an email confirming that the discharge has settled.
2. transfer the settlement funds to your account (if they traversed our trust account).
3. discharge the security interests on the PPSR.
4. send an email to the borrower’s solicitor confirming that the discharge has settled and attaching copies of the discharge verification statements for PPSR