Do loan application fees have GST?
While a loan and a banking institute are technically a service, the fees, as well as the products offered by both, do not have GST. Instead, you pay the amount directly stated by the bank without added sales and service taxes. Anything that is payable to a bank or lender does not have GST by law.
However, application fees are not determined by law. Instead, the application fee owed at the time of submission ranges and depends entirely on the lending company or banking institute. The approximate loan-application fee, just starting out, is about $150. There is also no telling if the loan will be approved. However, to process the information, the fee is needed as a form of security.
Before you apply and place all of your eggs in one basket, make sure to call and determine exactly how much the application fee is and when it is due. Without this fee, most lenders will not look at an application. The fee is also payable directly to the institute or the bank, not charged onto your loan account when it is accepted. Mortgage House offers loans with application fees that do not include GST. Our experts can walk you through the application process with ease!
Loan Application Fees and GST Conclusion
Thankfully, application fees do not include or add GST. Instead, you will be happy to know that you can pay the fee upfront at the time of submission! Mortgage House lenders can walk you through the mortgage lending process, including each fee.