What other costs should I consider when getting a loan?

There are many other costs you need to think about when organising a home loan:

• application fees;
• valuation fees;
• settlement fees;
• ongoing account keeping fees (which can be charged monthly or yearly);
• variation fees;
• repayment holiday fees;
• security substitution fees (which can be used to change the property that secures a loan);
• discharge fees (which apply when a loan has been repaid, enabling the mortgage to be released and the property to become unencumbered);
• Lender Mortgage Insurance (LMI) fees. These are paid on all home loans by the lender to a third party or in-house insurance organisation. It’s charged to you if the loan amount is 80% or more of the lender’s valuation of the property you are purchasing.

UNO’s home loan experts can help you understand these fees. Book in a quick call with our customer care team.