How long do banks keep mortgage records?

While you’re a customer of a bank or mortgage lender, they should keep records of your home loan, including interest rates and charges, repayments and much more. You should be able to request access to these records if required, though there may be a maximum time limit for how far back you can go.

In Australia, financial institutions are required to retain records for up to seven years after a transaction is complete. This means your bank will retain a copy of your mortgage records for up to seven years after the mortgage is discharged and your loan is paid off.

When are your mortgage records required?

During your home loan term, you may look up your mortgage statements to double check your transactions, repayments, interest charges, offset accounts, redraw balance and more.

Even after you discharge a mortgage, whether because you’ve paid off your home, or you’ve refinanced with a different lender, you may still want to access your records from your old lender. This could be due to issues around tax, disputes around legal matters, or other circumstances that require your financial details in writing.

How can you access your mortgage records?

During your loan term, you should receive mortgage statements on a regular basis, either via post or electronically via email, app, or online banking. If for any reason you can’t access your statements or loan details by these channels, you should still be able to contact the bank or lender to request them.

If you no longer have your mortgage with a lender, you should still be able to request your records simply by contacting the lender. Depending on the circumstances, this could be as simple as calling on the phone or visiting a branch, or you may need to submit a formal application to release the relevant records.

How much does it cost to access mortgage records?

Accessing mortgage documents is often free, though some lenders may charge a fee to provide you with documents. You may be able to negotiate with a lender to waive this fee in some cases.

Can a lender refuse to provide me with mortgage records?

Lenders are obliged to comply with Australia’s laws and codes of practice. Under the National Credit Code, which covers most Australian mortgages, you can ask for records of your loan.  If the lender declines to provide you with the information you need, you may be able to make a complaint through the Australian Financial Complaints Authority (AFCA).

According to the Financial Rights Legal Centre, when you ask for loan documents you do not need to:

• explain why you do not have the documents
• explain why you want the documents
• ask for permission from any joint borrower.

How long should you keep your own mortgage records?

There are no hard and fast requirements for how long you should keep your own mortgage records as an individual. It may depend on your own risk appetite and how likely it is that you’ll need to access your records. You could choose to file physical copies of your mortgage statements in a filing cabinet, or digitally back up electronic copies.

For other financial records, the Australian Tax Office recommends you keep records of income and expenses for 5 years from the date you lodge your tax return.

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