05 Jun 2021

Do I Get a Refund of Fees if the Valuation is Below Expectations?

Several components are moving during the home loan application process. There are also several fees incurred to establish the loan and process it from start to finish. An applicant must be ready to move with the tide. There are times when appraisals and valuations don’t meet expectations or forecasts. If you request a refund of application fees because the valuation fell short, it’s a good idea to understand fees first.

Some of the fees incurred during the mortgage application process include the loan establishment fee, title insurance, and settlement fee. There’s also a valuation fee that isn’t refundable once the valuation is completed regardless of the outcome.

Every part of the application process incurs a different fee because several parties are involved. The appraisal fee pays a professional to complete the task. The outcome doesn’t depend on the fee. The professional simply reports their findings.

It’s a letdown to find out that the valuation did not meet expectations, but it doesn’t end the loan process. Adjustments can be made to fit the current valuation or move to another property.

If the fees worry you, it might be wise to consider a no-fee home loan.

Refund of Application Fees Conclusion

Mortgage House understands that an applicant might request a refund of application fees if the property’s valuation doesn’t meet expectations, refunds will always be net of hard costs and a one off $100 manual processing fee. Our lending specialists paint an entire picture to help each applicant obtain their desired home from the Australian housing market. We go over the fees that are refundable so that you can go through the process with peace of


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