Registering a Switch Loan


Step 1

The Bond Attorneys (appointed by the bank registering the bond) request the draft deed and guarantee requirements from the Transfer Attorney (appointed by the Seller to transfer the property to the Buyer’s name) who obtains this from the Cancellation Attorney (appointed by the bank cancelling the Seller’s bond). This information is forwarded to the Bond Attorneys to draft bond documents.

Step 2

Bond documents are drafted, signed by our Client and the guarantees are forwarded to the Cancellation Attorneys to obtain consent for cancellation from the Client’s existing bank.

Step 3

Once all documents have been signed, the Cancellation Attorney arranges for simultaneous lodgment of the documents.

Step 4

Once lodged, the Deeds Office takes approximately 7 – 10 working days to process the documents before registration takes place.

Step 5

Payment of the guarantees are made on date of registration of the bond.


NOTE:
The same attorney could be appointed for both registration and cancellation of the bond.
The registration process typically takes between 8 and 12 weeks to complete. However delays are possible if some information is not provided.

Delays could be caused by:

  • The Client's existing bondholder not providing cancellation figures and title deeds to the Cancellation Attorney.
  • The Client may choose to wait out the penalty set out by the existing Bank. (if any)