The cost to refinance your home loan depends on your existing home loan type and the home loan you’re looking to switch to. Typically refinancing costs vary from between $500 to over $3000, so before you make a move calculate exactly how much refinancing will cost you.
Typical refinancing costs that you may encounter are as follows:
+ Home loan discharge fee – up to $400.
+ Home loan exit fees for fixed rate loans entered into before July 2011 – The costs depend on your home loan terms and conditions, the amount you borrowed, and the duration of your fixed period. But, this can add thousands to the cost of a home loan.
New Lender Fees
+ Application fee – up to $600.
+ Property valuation – up to $300.
+ Settlement fees – up to $300.
+ Legal fees – up to $150.
+ Lenders mortgage insurance – The cost depends on the amount you have as a deposit and the value of the property you are buying. But, this can add thousands to the cost of a home loan.
+ Mortgage title search up to $200.
+Stamp duty – $1,000 or more.
+ Mortgage title transfer fees – $200 to over $2,000 depending on the state you purchase your home in.
So, now you know the potential costs of refinancing your home loan. Still interested?
Next step is to review your existing home loan to determine what you want features you’d like from your next home loan. If you need help, consider speaking to an eChoice broker who will help you understand your options.