more info...
- » Who invests in property?
- » How do I get started?
- » Ownership structure
- » Location and Property Type
- » The purchase process
- » Purchase costs
- » Property management
- » Finance Process
- » Checklist of items required
- » Finance costs
- » Loan types & finance structure
- » The role of the Solicitor
- » Specialist Mortgages
- » Useful websites
- » Why use a Mortgage Adviser
- » Insurance
- » Why use a Broker
investors
Finance costs
There are some costs that will/may be associated with arranging your mortgage as follows:
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Up to $500 may be charged by the lender, however by applying through Beyond Mortgages this can be negotiated |
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If a valuation is required this will cost approximately $600-$700 |
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Low Equity Premium or Low Equity Margin |
Please be aware that in most cases where a lender is lending over 80% of the property value. Lenders charge a Low Equity Premium (LEP) this can be a one off cost and in most cases can be capitalised on to the loan or paid for by cash. Low Equity Margin (LEM) is where Lenders can add a margin to any given interest rate for any lending over 80%. If LEP or LEM is required it does not provide the borrower with any form of insurance protection. It is enforced by the lender to allow them to lend you a higher than preferred LVR (loan to value ratio) on a property. Ask your adviser for a more in depth explanation.
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