Costs to Expect When Refinancing Your Mortgage.

Smart borrowers know that the easiest way to start saving money off your mortgage is by refinancing.

Borrowers who refinance are able to make massive savings on mortgage repayments, take advantage of exciting new product features and become home owners (rather than a mortgage owner!) sooner.

While refinancing is often the easiest way to save money off your home loan, it doesn’t come for free. In almost every case the benefits of refinancing far outweigh the costs associated. Use this easy infographic to see what fees are associated with refinancing.

Costs of refinancing, infographic.

The process of refinancing has fees associated with it, including; mortgage discharge fees, title searches, LMI (where applicable) and (depending on your lender) occasionally administrative discharge fees. For any questions about bank fees you may be subject to it’s best to speak to your bank manager directly.

The total costs may vary between lenders, but the major costs are to consider are the following;

  • Discharge Fees from your current bank: Approximately: $350-$450
  • Government Fees – Approximately: $333
  • Any application fees from new lender: This can vary greatly between different lenders, however the general application fee is approximately $600.

Still got questions? Give us a call on 1300 307 155 or to see how much you could save by refinancing click here.

References:

Blaize Pengilly

Blaize Pengilly

Money Saving Expert at SwitchMyLoan
Blaize Pengilly

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