What fees are payable on a renovation loan?
- Establishment/upfront fee: You could be charged a fee when you apply for a renovation loan to cover the cost of assessing your application and preparing loan documents.
- Service fee: Monthly account keeping fees add up over time. It’s worth calculating the total cost for the life of the loan so you’re not caught by surprise.
- Late payment fee: Your lender may charge a fee if you default on your loan or miss a payment.
- Early repayment fee: Do you hope to pay your loan off sooner? Seek out a lender who doesn’t charge an early repayment fee so you’re not penalised for your stellar efforts.
- Other fees: Check out the terms and conditions of your loan for a full list of fees and charges.
- For renovation loans 3 years and under comparison rates are calculated on a $10,000 loan amount over 36 months.
- For renovation loans 4 years and over comparison rates are calculated on a $30,000 loan amount over 60 months.