Home Loan Tips Settlement Costs
Settlement Costs
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It's always important to take all costs into consideration when buying property. There is nothing worse then coming close to settlement and your solicitor advises you of a shortfall of funds due to an either miscalculation or under estimate of costs.

Nevertheless, our Settlement Guide below is designed to help break down the potential costs at settlement and what to expect.

PLEASE NOTE: In your Consumer Credit Contract Schedule (mortgage documents) it must itemise all fees and costs relevant to your loan. 

Potential Settlement Costs

1. Initial set up fees.

Building inspection                                                         $200 - $250
Pest inspection                                                     $200 - $250       
Legals                                                     $500 - $2000

2. Bank fees and charges payable at the time of settlement/funding.

Establishment fee                                 $600 - $1200 (if applicable)      
Lenders mortgage insurance fee                                     Unascertainable due to loan size & LVR       
Additional valuation fee                                 $200 - $500 (if applicable)
Settlement fee                                 $100 - $200 (if applicable)
Settlement cheque fee                                 $5 - $10 each

3. Possible bank fees and charges during the term of the loan.

Loan service fee                                           either mthly or yearly (if applicable)                                    
Late payment fee                                           $10 - $50 (if applicable)
Switching fee                                           $100 - $500 (if applicable)     
Security substitution fee                                                      $200 - 500 (if applicable)

4. Government fees and charges.

Registration of mortgage                                                   $124.20                                 
Transfer duty                                               unascertainable (refer calculators)
Mortgage duty                                               unascertainable - purchases (refer calculators)            
Discharge registration                                               $124.20
Land registration                                               unascertainable - purchases only house & land

5. Bank fees and charges when you discharge your loan.

Discharge fee                                                $250 - $500 (if applicable)                                                            
Deferred establishment fee                                                     % of loan amount if under 3-5 yrs (if applicable)

* Use this is a guide only, please refer to your individual contract offer to determine your exact break down. Or contact one of your friendly staff on 1300 30 96 90.