14 Jul 2022

What fees do banks charge for a mortgage?

Mortgage House Low Doc Remortgage

Applying for a mortgage is a huge deal. If you have made it to this step in the home buying process, congratulations! Keep in mind, though, that banks and lenders do include fees and additional charges for a mortgage. Always speak to your banking officer or mortgage lender to discuss the exact amounts as they vary from lender to lender.

The first bank fee you are likely to notice is the initial mortgage application fee. Applicants pay this fee upfront, it is not included in the mortgage and the amount is usually between $50-200. When you apply for a mortgage and secure one, it is important to register it with the government of Australia. There are bank fees for registering a mortgage and the title of a home, which typically range from $200 to 700.

Mortgages, like other loans and credit facilities, also charge an annual fee to the account based on a small percentage (0.05%-0.075%) of the entire mortgage. The average annual fee on a mortgage is $300. You can expect this charge near or on the anniversary where you signed the mortgage.

Applicants should also consider that many mortgages also add monthly service fees for repayments on a loan. Lastly, once a mortgage is complete and the terms are finished, the user must pay discharge fees to own the house and get the official title.

Mortgage Fees Conclusion

Mortgage fees are common, even with non-bank lenders! Mortgage House is a non-bank lender and a leader in non-bank loans. Our specialists can assist you with all of your mortgage fee questions.

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