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Hidden home loan costs? Things to keep an eye out for when buying a property

By Ben Faulks

If you’re hoping to purchase new property in the near future, there are plenty of things to keep your mind occupied. Whether it’s searching the local Belconnen real estate market for the perfect home, or seeking out the right finance option to make your dreams come true – taking the time to research will help you make the most of the situation.

For example, have you ever thought about some of the extra costs involved with taking out a home loan? These can be tricky, especially if you have no idea that they’re coming up. Be sure to discuss these with your mortgage broker before finalising the mortgage, and you’ll be on the right track to real estate success.

If you borrow more than 80 per cent of a home’s value, you’re likely to be liable to take out lenders mortgage insurance. This one-off payment is there to protect the lender from any complications that could occur if you fail to pay back your mortgage.

There could also be costs like an establishment fee, which is another one-off that covers the creation of your mortgage with a lender. This is why it’s always worth researching and asking about the costs hidden under the surface before signing anything.

For an obligation free discussion about your finance needs, click here to get in touch with your local Loanmarket broker

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