Costs Involved in Establishing a Home Loan
It is an important fact of purchasing a home loan; YES! You do have to pay
for it. It will seem that everyone will have their hand out for some type
of payment.
REMEMBER THERE IS NO FEE PAYABLE BY YOU TO US!
Our service is complimentary; our commitment to you
is to help you find a home loan from our panel of lenders that suit your needs
and put forward your application to your chosen lender for consideration.
To avoid multiple enquiries on your credit report we ensure that we have collected
all of the relevant facts and information to increase your chance of obtaining
a successful application first time.
Accomplish Finance will disclose all terms and conditions and approximate
fees payable that are ascertainable at the time to assist you with your purchase.
Important: it is
recommended that you seek conformation from your solicitor/ conveyancing lawyer
for accurate costs to ensure you have sufficient funds to complete your purchase.
Loan Fees
Application/Establishment Fee
This fee is payable to the lender it can vary from lender to lender and the
product chosen. The fee generally includes; one valuation and the lenders
solicitor fees. At times the lenders may offer a nil establishment fee for
a special period to attract new customers. Other conditions, fees and charges
may apply to approve applicants.
Mortgage Stamp Duty
This fee is payable to the Office of State Revenue (Government fee) of your
state. The fee is calculated on the amount of your Mortgage and varies from
state to state. Your solicitor may advise you of any concessions available
for your type of purchase.(eg; First home owner)
Mortgage Registration
This fees is payable to the Land Titles Office of your state- the fee can
vary from state to state.
Lenders Mortgage Insurance
This fee is payable to the lenders Mortgage Insurer. This insurance is to
protect the bank against any loss, not you the customer, which is often misunderstood.
You cannot shop around for this insurance, if required the lender will inform
you of the cost involved. The benefit to you is you may get finance approval
with a smaller deposit. The premium is payable by you if your loan value ratio
(LVR) exceeds 80%, (if you apply for a Lo doc loan the premium may be payable
on a lower LVR). Lenders Mortgage Insurance terms and conditions apply to
approved applicants.
Valuation fee
In some instances the lender will pass this fee to you. You may have to pay
this fee upfront to the lenders panel valuer
Settlement Attendance fee
Some lenders may charge this fee to attend your settlement.
Construction Progress Valuations
If you build a new home you may have progress valuation draw fees. This payment
is to cover valuation inspections during construction to ensure that the work
has been completed before a progress payment is made. Generally there are
five draws and the cost varies from lender to lender.
Property Fees
Property Stamp Duty
This fee varies from state to state and is calculated on the purchase price
of your property. This fee is payable to the Office of State Revenue (Government
Fee) in your state. Your solicitor can advise you of any concessions available
for your type of purchase.(eg; First home owner)
Property Transfer fee
This fee is payable to the Land & Title Office of your state. This fee can
vary from state to state.
Your Solicitor
It is a good idea to get a quote from a solicitor who may help and advise
you of other possible fees and required searches; Accomplish Finance can recommend
reputable solicitors. (NOTE; We do not receive commission or any benefit from
the recommended sources, we recommend them because of their dedication to
their clients)
Ongoing fees and charges
Depending on the product selected for your credit purchase you may have ongoing
conditions, fees and charges during the term of your loan.
Accomplish Finance will disclose conditions, fees and charges that are ascertainable at the time of your application to help you decide which loan meets your needs from our panel of lenders.
