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A caveat does not come off by itself when the money is repaid. Someone has to lodge a document. In a well-run settlement that happens at the same moment as repayment, and the borrower never has to think about it. Knowing the mechanics matters for the occasions when it does not.
The normal path: withdrawal of caveat
The lender, as caveator, signs a withdrawal of caveat. Its solicitor lodges it with the land registry - NSW Land Registry Services, Land Use Victoria, Titles Queensland, Landgate and so on. Where the loan is being repaid from a refinance or a sale, the withdrawal is included in the electronic settlement workspace, so repayment and removal happen together and the incoming mortgage or the transfer to the buyer registers on a clear title.
Where the loan is repaid from cash, with no settlement attached, ask for the withdrawal to be lodged on the day of payment and ask for the lodgement reference.
Check it yourself
Order a title search a few days after repayment. It costs a few dollars and it is the only proof that matters. A caveat left on title by oversight will surface at the worst time - the next sale or refinance - and can hold up a settlement while the old lender is tracked down.
If the lender delays
This is uncommon with a professional lender, but the law gives owners a lever. In most states a registered owner can ask the registry to issue a lapsing notice. The caveator then has a short, fixed period - 21 days in NSW and South Australia, 30 days in Victoria, 14 days in Queensland - to start court proceedings to justify the caveat, or it lapses. The periods and procedures differ by state; see do caveats lapse. A caveator who keeps a caveat on title without reasonable cause can be ordered to pay compensation for the loss it causes.
What it costs
A registry lodgement fee, which changes each July and differs by state, plus the lender’s legal fee for preparing the withdrawal. Both should already be in the payout figure. If a lender quotes a large separate charge for removal at the end, check the loan agreement - it should have been disclosed at the start. See caveat loan fees.
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Who pays to remove the caveat?
The borrower, in most agreements. The withdrawal carries a small registry lodgement fee plus the lender's legal cost, and both are normally included in the payout figure.
How long does a withdrawal of caveat take?
With electronic lodgement it is usually registered within one to two business days. Paper lodgements, where still used, take longer.
What if the lender will not remove the caveat after being repaid?
A registered owner can serve a lapsing notice through the land registry, which forces the caveator to justify the caveat in court or lose it. A caveat kept on title without reasonable cause can also expose the caveator to a claim for compensation.