24 May 2022

How much does it cost to refinance in Australia?

refinance in Australia

There are many costs to consider when refinancing a loan in Australia. Although it is essential to consider the initial loan and interest, that is not the only cost. First, you should list the costs to pay off a home loan. Then, write in the rest of the fees associated with applying and closing or exiting the home loan.

The main costs to worry about when it comes to refinancing are:

  • Property valuation fee
  • Application fees
  • Break cost
  • Mortgage Registration Fees

The average break cost, also known as a discharge fee, for the average Australian homeowner is between $150 to $300, depending on the lender. This is the first cost that you will need to pay before applying for a new loan.

Once the old loan is settled, you will need to apply for a home loan. The best way to find an economical and affordable application is by talking to a qualified lender. Application fees are typically around $200. That being said, some lenders waive the fee altogether depending on credit and homeownership history.

Once you have your new Mortgage in place, you will also need to inquire about specific mortgage registration fees attributed to the land your home is built on.

Refinancing Costs Conclusion

Usually, refinancing a home loan is quick and easy. However, there are a lot of costs that can quickly add up. Talking to a qualified Mortgage House lender can provide all of the answers you need. Consult one of our professional lenders today!

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