The Costs Involved
IT’S OUR JOB TO MINIMISE THESE AS MUCH AS POSSIBLE
Cost |
What it covers |
Who to |
When |
Application fees |
To apply for a loan and have it set up |
Lender |
Settlement (generally) |
Valuation fees |
Value one property |
Lender |
Settlement |
Legal fees |
Your conveyancing costs |
Solicitor |
Settlement |
Lender legals |
The lenders (when they engage external legal people) |
Lender |
Settlement |
Additional Security Fee |
When more than one property is involved on the loan |
Lender |
Settlement |
Settlement Fee |
When the lender attends a settlement on your behalf |
Lender |
Settlement |
Lenders Mortgage Insurance & Stamp Duty - (LMI) |
Lenders Mortgage Insurance and Stamp Duty premium when borrowing more than 80% of property values |
Mortgage Insurer & State Government |
Settlement |
Stamp Duty - transfer |
Govt duty for the transfer of land between parties |
State Government |
Settlement |
Stamp Duty - mortgage |
Govt duty for the transfer of loan funds |
State Government |
Settlement |
Discharge - previous lender |
Cost of leaving previous lender |
Previous Lender |
Settlement |
Loan Administration Fee |
Administration of loan & related accounts |
Lender |
Monthly |
Package Fee |
Ability to receive package benefits – rate and fee discounts |
Lender |
|
Early Termination |
Leaving the Lender within a certain period |
Lender |
When you leave this loan |
Please note that the lender will have many other fees and charges that may or may not be applicable for undertaking certain events – e.g. requesting replacement statements, requesting consent for security substitution. These will be fully detailed in your loan offer documents.
