Firstly the Brighton Housing Group does not generally charge for appointments, interviews, loan set ups, administration of loans or any on going costs or fees.
Secondly our loans as a general rule do not have administration fees, account keeping fees, monthly fees, statement fees, interest rate fees, service fees, management fees or on going loans fees or costs.
Thirdly the Brighton Housing Group makes no fees or commissions on payments made to valuers or legal firms. These costs are as per the Valuer or Legal firm.
Costs and fees directly relating to a loan with the Brighton Housing Group are:
- The Valuation fees, the cost of the valuation of the property by an appointed valuer. (Approx $220.00 plus)
- The legal fees charged by the solicitors who administer the legal side of the loan process and set up and process the legal requirements including the mortgage, which are paid to the legal firm. Legal fees also include such items as title searches, lodgement of papers with the required authority and any Government legal requirements. (approx $480-$990 depending on the loan type and requirements).
- If you are borrowing at an LVR greater the 80%, that is borrowing greater then 80% of the property’s valuation or purchase price, the LMI, Lenders Mortgage Insurance, will need to be paid. This is based on the LVR and the amount of the actual loan. Most loans of an LVR of 80% or under do not generally need to pay this.
- The early Payout of a loan incurs a fee if paid out within a set period as designated by the loan type, usually within 5 years, and is generally a penalty of 1-3 months interest.
- Those loans that fall behind, into arrears, and have repayments outstanding will incur a penalty of a higher interest rate until all outstanding money is paid up in full and the loan is brought up to date. The penalty is generally an additional 4% on the loan interest rate.
Costs and Fees outside of the Loan and the Brighton Housing Group:
- Stamp Duty (Government Tax) on the purchase of the property. The cost, tax, is calculated based on the purchase price of the property.
- Conveyancing costs, legal cost, when transferring or purchasing a new property.
- Council Rates and Government Authority/Service Utilities Costs including water, electricity, gas and telephone.
- The actual cost of moving, moving in and setting up.
To assess your loan and your circumstances phone or Email to make an appointment to chat with us, it is free.
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