30 Dec 2021

Can I Expect a Refund of Application Fees After Obtaining a Formal Approval?

The mortgage application process has several steps. It also involves several fees. The fees cover the work completed by staff members. They cover the administration, processing, and double-checking of the facts of the application. 

A formal approval signals that the applicant has passed the financial background check. They are on their way to receiving a set of loan terms to purchase their home. 

Some individuals hope to receive a refund of application fees after receiving their formal approval. In most cases, there is no refund. However, ways to offset the fees do exist. For example, first-time homebuyers can apply for a grant provided by the Australian territories. The grant amount goes up to $10,000, which covers most of the application fees.

Mortgage House provides several home loan types. For example, if a homebuyer is concerned with the fees associated with the application process, they can apply for a no-fee home loan. 

Another option is to roll the fees into the mortgage. Homebuyers who are concerned with their finances can bring a guarantor to the fold too. A guarantor increases the applicant’s borrowing capacity. In some cases, it reaches 110% of the property’s value. This means that the home loan covers the property, fees, and costs to move.

Keep in mind that Mortgage House attempts to provide an array of solutions. We also offer our clients other loans such as a car loan.

Refund of Application Fees Conclusion

Mortgage House loan specialists take into account the refund of application fees after issuing a formal approval. In cases where the refund is not possible, we do offer no-fee mortgages. Contact our team today.

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