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What Are The Costs If Refinancing Your Home Loan?
If you are considering refinancing your home loan, there are some costs involved. In this article I will look at some possible costs to refinance your home loan.
In particular we will look at the approximate costs to refinance a variable home loan. If you would like to refinance a fixed rate home loan, there maybe extra fees to break the current fixed rate term you have remaining. Depending on what you have fixed at, and the current market variable rates, the fixed rate break cost maybe high. If you would like to exit your fixed rate home loan earlier than when the fixed interest rate period ends, it is worth contacting your bank or lender to get an estimate of what it may cost, to end your fixed rate home loan early.
So lets look at the costs to leave your current bank or lender. Some costs may include –
1/ WA State government mortgage deregistration charge - $187.60
2/ Bank settlement fee - $250 to $350
2/ Bank settlement fee - $250 to $350
These fees to leave your current bank or lender are an approximate estimate, and your mortgage broker can look at your original loan contracts, and give a more reliable estimate to refinance from your current bank or lender.
Some possible costs when applying for a new home loan –
1/ WA State government mortgage registration charge - $187.60
2/ Bank settlement fee - $250 to $350
Some banks may also charge an application fee, a valuation fee and there maybe other fees with applying for a new home loan. Your mortgage broker will outline the fees when applying for a new home loan.
So the fees to refinance your current home loan might be approximately $875.20 to $1,075.20. Please note this is an approximate estimate, as depending on your current bank fees, and your new bank fees, the costs may vary. Please check with your mortgage broker to understand the fees to refinance your home loan, as all situations are different.
The fees to refinance your current home loan, can be added to the new loan you are applying for too. And at the moment, some banks and lenders are offering refinance cash back rebates, which generally cover the cost of refinancing.
If you have any questions at all, please contact Perth Mortgage Broker Group, or call Troy on 0411 229 602, 7 days a week
