| When people forget to keep miscellaneous fees in | | | | different fees are often charged. Paid by the |
| mind when getting a mortgage, they end up | | | | outgoing lender, these cover fees and adjustments |
| unpleasantly surprised. In order to be as savvy as | | | | for items such as government department expenses, |
| possible about buying a house, you need to | | | | water and council rates as well as for a range of |
| remember to include all of the various fees into your | | | | other miscellaneous items. |
| calculations. | | | | Monthly/Annual Fee - There is usually an additional |
| Fees To Keep In Mind - | | | | fee that is leveraged to maintain and pay for the |
| Solicitors/Legal Fees - A charge is made to pay for | | | | costs that are associated with a home loan. This fee |
| the work that a solicitor does on behalf of a lender. | | | | is typically included in the monthly payment that you |
| This fee covers the time spent with lawyers and for | | | | will have to make. |
| the preparation of various loan documents. | | | | Additional Repayment Fees - If you make additional |
| Legal Disbursement Fees - During the process of | | | | repayments on some types of loans beyond your |
| purchasing a new home, expenses such as title | | | | usual monthly ones, you will have to pay extra fees. |
| searches, photo copying and postage are covered by | | | | Still, you save money in the long run on interest. |
| these fees. | | | | Redraw Fees - If you redraw on additional funds, a |
| Inspection Fees - It is highly recommended to | | | | fee is usually leveraged. Also, there is normally a |
| conduct a Building and Pest Inspection when | | | | minimum redraw restriction in place that you should |
| purchasing any property. Every so often, these | | | | keep in mind. |
| inspections uncover issues which may require further | | | | Deferred Establishment Fees - If you repay your loan |
| inspections to be conducted by specialists such as | | | | within five years, this fee is going to apply. Basically, |
| electricians or plumbers. Be sure to include the | | | | early repayment means the bank loses money so |
| potential cost of these fees in your overall | | | | you have to pay a fee to help them recoup some of |
| calculations. | | | | their loss. |
| Application/Establishment Fee - The process of | | | | Non-Proceeding Fees - After valuation, if you decide |
| setting up a loan incurs various costs that are passed | | | | not to go through with a loan you will be slapped |
| along to you in the form of an establishment or | | | | with a non-proceeding fee which is intended to help |
| application fee. | | | | everyone involved recoup a bit of their money. |
| Settlement Fee - Upon settlement, a range of | | | | |