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Loan application fee
There is a standard upfront loan establishment
fee charged by your lender. The fee
covers the preparation of loan application
documentation, legal fees for standard
mortgage preparation and one standard
valuation.
Appointing your legal representative
You will need to appoint a conveyancer/
solicitor to ensure that the contract is in
your best interest and does not contain any
unsatisfactory terms. Make sure you know
your legal representative’s qualifications and
exactly what service they are offering.
Their role is to:
1. give advice on the property contract,
2. facilitate council, strata and company title
searches,
3. negotiate with the vendor’s solicitor on
your behalf,
4. arrange for the exchange of contracts,
5. deal with any difficulties that arise during
the settlement period,
6. arrange for the settlement process, and
7. order pest and building inspections. It is a
good idea to “shop around” for someone
experienced, or call the office for our
recommendations.
Your legal representative should also advise
you of any future developments which could
affect your home by checking with the local
council.
COSTS
We can provide you with
information on stamp duty
in the state of your purchase,
comparisons of various loan
application fees and access
to insurance recommendations.
We will also quote any LMI due.
On occasions there are specials
where lending institutions waive
this fee. Stay in touch with our
office to keep informed.
