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.
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)
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.
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 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.
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.