What is a bank facility fee?
A bank facility is an establishment that allows borrowers to take money out. Not all facilities are banks. Some are financial store companies that offer store credit cards and reward cards. However, a bank facility offers borrowed amounts to interested parties as a line of credit. The line of credit, over time, accumulates a bank facility fee depending on the total line of credit.
It does not matter how much a borrower uses the credit, as long as the credit remains open. For the credit to remain open, this individual must pay a bank facility fee, which is a type of bank fee that is paid annually or monthly. Every year Australians spend over $800 on hidden bank fees. It is good to speak to a banking associate and expert about the fees associated with each bank account and line of credit.
Mortgage House fees are not hidden or secret. We try to be as transparent as possible with all of our interested borrowers. On our website, free of charge, there are multiple online borrowing calculators that make it easy to find an approximate borrowing amount and monthly repayment. The fees are not included. Speak to one of our Mortgage House lenders to find out more today!
Bank Facility Fee Conclusion
A bank facility fee is not a lot of money. This small charge finds its way onto a credit card and line of credit statements at least once a year, based on the total line of credit. To find the exact percentage of yours, call your bank!