Mortgage broker in Australia
What other expenses will I need to pay besides mortgage & stamp duties?As a rough guide, you should budget for between 5 of the purchase price, in addition to your deposit, to cover fees and charges. While mortgage and stamp duties will make up the bulk of this 5-7%, the balance may include;
- Building and pest reports
- Valuation fees
- Lenders mortgage insurance (LMI)
- Solicitors fees
- iUtilty connection fees – phone/gas/electricity
- Council and water rates
- Removalist costs
- What is Lenders Mortgage Insurance?
- Lenders Mortgage Insurance (LMI) premiums are payable by the borrower when the amount borrowed is above a certain percentage of the lender’s valuation of the property.
- Majority of lenders will allow you to include the LMI premium to your home loan amount and others may require you to pay it up front. It’s important to note that the LMI does not protect you in the event that you are not able to make your mortgage repayments; LMI protects the lender from any losses resulting from late or unpaid loan repayments.
- Mortgage broker in Australia contact:
Contact First Choice Mortgage Brokers Western Sydney to find out more about lenders mortgage insurance.