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Third Party Costs
There are a number of costs involved in purchasing and/or refinancing a property. The following is a guide only. You should speak to your solicitor or conveyancer for a full and accurate assessment of costs associated with your loan.
The following is a list of Third Party costs which you may incur in the sale or refinance of your property:
Valuation costs
In order to ascertain how much we can lend you, we need to determine the real market value of your property. To do this, we use the services of qualified independent property valuers. The cost of this service is payable by the borrower and, on average, is about $275 per property, although this may vary for remote or country valuations.
Lender’s Solicitor’s Legal Costs
The borrower is required to pay any legal costs incurred by the lender in the purchase or refinance of your property. On average these are around $435, however they may vary depending on the complexity of your loan.
Your own Legal Costs
You will need to employ the services of a solicitor, conveyancer or settlement agent and the costs of these services can vary greatly. We recommend that you shop around.
Lenders Mortgage Insurance
Lenders Mortgage Insurance (LMI) protects the lender against any shortfall incurred on a mortgagee sale of the security property. Lenders Mortgage insurance is usually paid for by you, the borrower, but does not provide any protection to you.
Generally the premium for LMI is met by the Lender where the LVR is under 80%. Where LVR is 80% or over, you will be required to pay LMI premiums. For more information, contact one of our Loan Service Consultants.
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