What other costs should I consider when getting a loan?

| 1 minute read

There are many other costs you need to think about when organising a home loan:

  • application fees;
  • valuation fees;
  • settlement fees;
  • ongoing account keeping fees (which can be charged monthly or yearly);
  • variation fees;
  • repayment holiday fees;
  • security substitution fees (which can be used to change the property that secures a loan);
  • discharge fees (which apply when a loan has been repaid, enabling the mortgage to be released and the property to become unencumbered);
  • Lender Mortgage Insurance (LMI) fees. These are paid on all home loans by the lender to a third party or in-house insurance organisation. It’s charged to you if the loan amount is 80% or more of the lender’s valuation of the property you are purchasing.

uno’s home loan experts can help you understand these fees. Contact us on 133 866 or via online chat.