A Macquarie discharge authority form is the paperwork that instructs Macquarie Bank to release its mortgage over your property so a new lender can register in its place. Rather than requesting and managing this form yourself, most borrowers let their broker and new lender prepare and lodge it as part of the refinance, which keeps the process moving without extra admin on your end.
This guide is general information from Kookaburra Finance. We are not affiliated with Macquarie Bank Limited, and readers should confirm current forms, fees and processing times directly with Macquarie before acting.
What is the Macquarie discharge authority form?
A discharge authority is a formal instruction telling your existing lender to remove its mortgage from the property title once the loan is paid out. It is the legal step that clears the title so a new lender can register their mortgage at settlement.
If you are refinancing through a broker, you typically will not need to complete this yourself. Once you accept an offer from a new lender, your broker prepares the discharge request as part of the refinance file and lodges it with Macquarie on your behalf, at no cost to you, while the new loan works its way through approval.
Where do I get the Macquarie discharge form?
Macquarie operates largely online, so the discharge process is generally handled through Macquarie's online banking portal, the Macquarie mobile app, or by contacting Macquarie's home loan team directly. As a digital-first and broker-originated lender, Macquarie handles much of this process online rather than through a branch, though the underlying requirements for jointly owned or multi-secured properties are similar to other lenders.
In practice, few borrowers deal with the form directly. A broker coordinating your refinance will request it as part of the switch, matching the details to your new loan and settlement date. Since much of Macquarie's process runs through digital channels, having a broker manage the request and follow-up reduces the chance of a mismatched detail slowing things down.
Should I refinance or ask Macquarie to reprice first?
Before deciding to switch, it is worth checking whether Macquarie will offer a better rate on your existing loan. Lenders sometimes improve pricing for an existing customer who asks, especially one with a solid repayment history and reasonable equity in the property. This gap between rates offered to new versus existing customers is often called the loyalty tax.
A broker will usually recommend requesting a repricing quote from Macquarie first, then comparing that offer against the wider market. If Macquarie's revised rate stacks up, staying put may save you the cost and effort of switching. If it does not, a refinance becomes the more sensible option, and you will have a clear, apples to apples comparison either way.
What does it cost to leave Macquarie?
Exit costs are typically modest set against the savings a lower rate can deliver over the life of a loan, but it helps to know the ballpark. Figures below are indicative only and should be confirmed with Macquarie and your state revenue office, as fees change from time to time.
| Cost | Typical range | |---|---| | Discharge fee (lender admin) | Around $350 to $400 | | Government discharge and registration fees | A few hundred dollars, varies by state | | Fixed-rate break cost | Variable; request a specific payout figure from Macquarie if you are on a fixed rate |
If you are on a fixed rate, ask Macquarie for an individual break cost estimate rather than relying on general figures, since this depends on your remaining fixed term and rate movements since you locked in. Some new lenders offer refinance cashbacks that can offset part or all of these exit costs. Check current offers on our home loan rates page.
How long does the discharge take?
Discharge and settlement timelines with Macquarie generally sit within the same two to four week window seen across most lenders, measured from when the request is lodged. Delays are usually caused by incomplete forms, mismatched account details, or missing signatures from all borrowers named on the title.
This is a key reason brokers tend to handle the discharge paperwork rather than leaving it to the borrower. A broker who lodges the request correctly the first time, and chases Macquarie if anything further is needed, helps keep the process aligned with your planned settlement date.
What happens on settlement day?
On settlement day, representatives for Macquarie, your new lender, and typically a conveyancer or solicitor coordinate to finalise the switch. Macquarie's mortgage is discharged from the title, your outstanding Macquarie loan balance is paid out from the new loan funds, and the new lender registers its mortgage in its place. Any surplus, if applicable, is dealt with according to your settlement instructions.
You are not expected to be involved in coordinating any of this directly. Your broker and conveyancer manage communication between the two lenders, and you will usually receive confirmation once settlement has completed and your new loan is active.
Step by step: switching your home loan away from Macquarie
1. Compare your current rate against the market. Use a rate check to see whether your Macquarie rate is still competitive. 2. Ask Macquarie for a repricing quote. Give the bank a chance to match or improve your rate before you commit to switching. 3. Compare that quote against other lenders. A broker can weigh Macquarie's offer against 60+ lenders in one conversation. 4. Accept a new loan offer. Your broker prepares the Macquarie discharge authority as part of the refinance file. 5. Sign and lodge the discharge. The paperwork is submitted to Macquarie and tracked through to settlement. 6. Settle and switch. Macquarie is paid out, its mortgage is discharged, and your new loan takes over.
Thinking about leaving Macquarie? Book a free call and we will compare your current rate against 60+ lenders, at no cost to you.