Fees
Q. Fees – the banks charge lots of fees - what about First Australian?
A. First Australian do not charge ongoing fees on your loan.
Q. What about the fees to set up my loan at First Australian?
A. At First Australian the only fee we charge to set your loan up is to reimbuse our out of pocket costs. This may include:
- valuation fees;
- mortgage documentation costs;
- insurance premium; and
- administrative costs.
Q. Can I make additional deposits into the loan, even big amounts and what are the penalties?
A. Yes, you can make deposits of any amount into your loan with First Australian at any time, without penalty and because we charge interest on the daily balance of the loan, your interest will immediately decease. Additional amounts paid into the loan can be withdrawn at any time. You cannot make additional deposits into any fixed portion of the loan.
Q. What about discharge Fees at First Australian?
A. Provided your First Australian mortgage does not discharge in full within the first 5 years, then there are only administrative costs. If you discharge in full, within the first 5 years, then some early discharge fees may apply. These will be set out in your mortgage agreement and explained to you prior to settlement.
Q. Portability – can I keep my mortgage on a different property, say if I buy a bigger house in the future?
A. Yes. Provided the new property is acceptable security, and the loan remains in place and the new security is supplemented in the existing mortgage. The timing of this transaction must occur concurrently.
Q. If I keep my mortgage on a different property, do I pay any discharge fees?
A. No, provided the new property is acceptable security and the timing of the swap over between properties is managed properly.
Q. What about if I pay my loan down - are there fees?
A. No. There are no fees at First Australian to pay down the balance of your loan. Even significant deposits into the loan do not attract any fee. The loan balance can be zero and still not attract any fee.
