Refinancing Costs

Refinancing, or changing to a new home loan, could put you in a far better position. But it’s important to understand the costs involved for your unique situation. A Smartline mortgage broker can explain everything clearly.

Typical costs of refinancing

Refinancing means you’re taking out a whole new loan contract. Below are some of the costs that often apply.

Remember, you and your situation are unique, so talk to a Smartline mortgage broker. They can assess loans and lenders that suit your needs, explain the costs and show you how they stack up against the benefits.


Exit fees

This is a percentage or flat fee charge for paying out an existing loan early. It doesn’t apply to every loan.


Modifying your loan fee

If you want to refinance by making changes to your existing loan, there may be a fee. This is more likely to apply to a Basic loan than, say, a Professional Package.



Stamp Duty

If you increase the size of your loan you may need to pay government charges and other fees, such as stamp duty.




Lenders Mortgage Insurance (LMI)

May apply if you borrow 80% or more of the property value and can’t transfer your old LMI to your new lender.




New lender fees

You may have to pay fees for your loan application fee, property valuation and settlement.
Sometimes when moving to a new lender, they’ll cover these costs – as well as your cost of moving.

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