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  • Profile photo of sienna1sienna1
    Member
    @sienna1
    Join Date: 2007
    Post Count: 47

    hi there,

    we are just signing our mortgage papers for our investment property and apart from them getting the stamp duty wrong they are charging us $1200 for their solicitors's fees. I am pretty sure that is wrong.. we have our solicitor but want to know if i have to pay for theirs too.

    no where in the application did it say we needed to pay for theirs.

    could i get a quick confirmation from those in the know. it is with LoanAustralia.

    cheers
    mel

    Profile photo of raddlesraddles
    Member
    @raddles
    Join Date: 2006
    Post Count: 187

    Hi there
    it is usual for you to have to pay the bank's solicitor's fees as part of the loan details – it should have been disclosed in any credit fees and charges.
    Their fees may include the costs of stamp duty for a mortgage – but if you are in doubt about whether they have charged you properly – contact a legal costs consultant in your state.
    If you are in QLD – you can PM me as I can probably give you an idea if there has been an overcharge
    thanks

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Most of the major lenders have their own in-house legal teams and the fees are incorporated into the loan. But a lot of the smaller non bank lenders actually charge separately for legals. $1200 is a fair bit. (Some lenders may say nil app fees, but then slug you with other fees to make up for it!).

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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