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When you apply for a home loan, it's good to be aware of the upfront fees and charges so you're not caught off-guard. Many of these extra costs can be avoided or negotiated out of your loan contract by your Home Loan Specialist and help save you a pretty penny.
Before you get a home loan, there are a few upfront costs that you may need to prepare for and take into account when budgeting to buy a home. These may include:
See how much you might need to pay if you're low on a deposit.
The terms of your home loan determine the repayment amount you'll be required to pay each month. This depends on a number of factors including your interest rate, your loan amount and whether your loan is:
Use a repayment calculator to get an estimate of how much you'll need to repay each month. With an estimate, you can find it easier to budget your daily expenses, and start better saving habits to help pay off your loan faster.
With the sizeable amount that you have to repay, you’ll certainly want to find ways to reduce the interest charged over the life of the loan. Your options usually involve making sure you always have a competitive interest rate and making extra repayments to reduce the interest charged against the loan balance. Using a redraw facility or an offset account can make your extra repayments really count. These loan features can come with fees, along with other ongoing costs.
Find out how much stamp duty you might need to pay.
Along with your monthly repayments, you may also incur ongoing costs attached to your home loan. Some ongoing costs include:
When adding up all your costs, don’t forget to ask your Home Loan Specialist about the often overlooked fees or costs that may apply to you. This could make a difference when you’re managing your repayments.
Some overlooked fees may include:
By knowing all the different costs that apply to you, you can more easily plan and manage your repayments.
A number of these fees such as loan setup fees can be avoided with the help of a Home Loan Specialist to negotiate on your behalf. Find out how to avoid these fees by chatting with an expert now.
Our Home Loan Specialists are always here to answer your home loan questions. Choose a time to chat with one of our experts.
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