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.