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How much do I have to pay to switch home loan?

+1 vote
I am considering refinancing my current home loan. What are the fees that I have to pay the current lender to exit the loan?
asked 6 years ago by anonymous

1 Answer

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To refinance a home loan, you need to consider the following fees:
- Early exit fee if you are with the current loan less than a certain number of years (usually 4 years). The early exit fee ranges from $500-$1000. However, most major banks have reduced this fee, and NAB in particular has abolished this fee early this year.
- Mortgage discharge fee, ranging from $150-$500.
- Discharge Settlement Processing Fee, $100-$150
Call up your bank to find out these fees before switching, it's often not easy to find out the details of these exit fees. Look up their fees and charges booklet.
For St George customers, you can find the discharge fee from here
 http://www.stgeorge.com.au/personal/home-loans/manage/mortgage-security
answered 6 years ago by Anna (140 points)
HSBC fees and charges booklet:
http://www.hsbc.com.au/1/PA_1_2_S5/content/australia/common/pdf/personal/fees-charges.pdf
6 years ago by Anna (140 points)

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