I have recently settled my first property on the 5/09/13 with an owing balance of $304,358.19 as of the settlement date mentioned. Previous to this date the owing amount was $303,238.
The only transaction that matches this change is a "Land Titles Office Charge". This was never mentioned to me by my lender and ultimate added to the outstanding mortgage balance.
In the big picture I am aware that it is not a huge amount of money, however over a loan period of 30 years with interest etc it all adds up.
What I am getting at here is,
1. Why was I not informed about this fee?
2. Why was it added on to my mortgage when I have cash available to pay all fee's in another account?
3. Will I receive an invoice for these charges?
I have made several attempts to speak with a qualified representative from the bank, with no such luck I have been told that I will be contacted by my lender (who is pretty useless to be honest) it's gotten to the stage where I will have to take time off work to get the answers that I want….
Just curious to know if this is a standard fee for supposedly a "No Fee" home loan?
1. Standard government charge – probably on your loan agreement
2. You can pay the fee into the loan and this owuld be the same as if you paid it in cash
3. no
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
kirbonavich wrote:Just curious to know if this is a standard fee for supposedly a "No Fee" home loan?
Hi kirbonavich
It's because it's not a bank fee – it's a state govt. fee.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Your "invoice, statement of all paid fees/charges" will be your settlement statement which you get off your conveyancer/solicitor
Yep the Government fees and charges usually catch people out , Death and Taxes you know what they say about that , it does suck though !
Ah, thanks guys. I guess its what you learn first time around.
Good evening!
As the others have mentioned, it is a government fee not a bank fee. That says, such a fee applies to each and every property transaction so it would be nice to thing your bank/lender would ensure you understand how things will pan out. Whilst there are some banks that are absolutely fabulous with response times and customer service, they are certainly in the minority, and a dying breed. If you find an individual in a bank that is a suitably qualified individual that is at all interested in your application long enough to explain something to you, i would absolutely love it if you'd drop me a line to let me know who it was and who the lender was.
On a more positive front, it is helpful to take the attitude that you expect that when you acquire a property there will be 2 or 3 thousand dollars of unexpected expenses, whether they be bank or government fees, or something in the property requires a repair. Consider it a cost of doing business, and remind yourself that you get to borrow a bucketload of money and allow someone else (ie tenants) to pay it off. This enables you to keep focussed on the main goal, and not get too upset about each thing that comes along that is unexpected.
Hope this helps!
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
