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.

Helen McMurdo

Helen is Head of Content at uno - the smarter, faster way to get a better home loan.