18 Feb 2022

How Can I Avoid Mortgage Fees?

Avoid Mortgage Fees

In many cases, the total fees a homebuyer pays over the life of their mortgage equals 1% to 5% of the total amount borrowed. However, it’s possible to avoid mortgage fees. For example, Mortgage House offers a no-fee home loan to homebuyers who qualify. In addition, the Australian government offers grants to first-time homebuyers via the territory authorities.

Keep in mind that first-time homebuyers have several resources available to them including the FHOG. Grants equal free money for qualified applicants. If you receive $10,000, it covers the upfront and closing costs.

Lenders run mortgage specials, especially when the Reserve Bank of Australia might raise interest rates. To give homebuyers confidence, lenders offer discounted rates for one to five years. Home loan examples from Mortgage House include:

  • Affordable First Home Buyer Special
  • Advantage 1 Year Fixed (Special)
  • Advantage 4 Years Fixed, Investment

Thus, we provide a variety of options for owner-occupiers, first-time homebuyers, and investors.

Homebuyers who work with mortgage brokers obtain another way to avoid paying the upfront mortgage fees. Through the broker, it’s possible to order an upfront valuation for free.

Lastly, remember that the mortgage type plays a role in the final costs. Fixed-rate home loans offer the same monthly repayment during the life of the loan. Some homebuyers want the peace of mind of predictability. However, if you attempt to refinance a home loan, you will incur the break costs. Some situations overcome those costs. Others must refinance for different reasons. 

Avoid Mortgage Fees Conclusion

It’s possible to avoid mortgage fees. The best strategy for every homebuyer depends on their financial circumstances. Loan specialists at Mortgage House help clients obtain the best loan terms while minimising costs. Contact our team today.

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