20 Feb 2022

Why Are Application Fees Expensive?

Application Fees Expensive

A homebuyer goes through a lot when they finance their property purchase. You pay to pack your things and move. If the property requires upgrades, you become responsible for them. In addition, homebuyers find out that they must pay upfront charges to the lender.

From a homebuyer’s perspective, it feels like application fees are expensive. In reality, the total fees hover around 1% to 5% of the amount borrowed. Plus, it’s possible to qualify for a waiver. First-time homebuyers have the most resources available to them. The Australian government understands that it’s more difficult to purchase a home in 2022. That’s why they invest in first-time homebuyers and the lenders who finance the purchases. 

Mortgage House offers a no-fee home loan to interested homebuyers. Another option is to apply for a loan that has a promotion attached to it. Mortgage House opened its doors in 1986. For the last several decades, we have expanded our operation and continued innovating. Our loan specialists employ proprietary tools to efficiently evaluate all applications. The tools also help them find innovative solutions. For example, a homebuyer can obtain an interest-only mortgage to keep their costs low for the first five to 10 years. Then, obtain a different home loan before the interest-only portion expires.

We also offer several online tools to help your home buying journey. Check out our online mortgage calculator.

Application Fees Expensive Conclusion

Obtaining a mortgage requires several financial documents and incurs a series of fees. It feels like application fees are expensive. However, they only amount to a single-digit percentage of the total mortgage amount borrowed. Mortgage House loan specialists can help homebuyers waive and defray the fees. Contact our team today.

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