What fees are involved when purchasing or refinancing?

When it comes to your home loan, your lender may charge various upfront fees or ongoing fees, costing you thousands over the life of your loan. Here's some home loan fees to familiarise yourself with.

Upfront fees

When setting up your loan, there are several home loan fees that need to be paid upfront.  

• Application fee
• Valuation fee
• Mortgage registration fees
• Settlement fees
• Government charges
• Legal or conveyancing fees

At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees.

In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works.

Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.

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Ongoing fees

In addition to the upfront fees, you may be charged ongoing fees over the life of your loan. These could be administrative fees or fees for accessing different features. For example:  

• Monthly service fee  
• Annual fees
• Banking fee
• Account fees
• Redraw fees
• Late payment fee

When you have an Unloan home loan, we don’t charge any account, transaction, late or exit fees*. Our home loans are easy to get, and easier to live with. Learn more about our home loan features here.

Exit fees

If you’re looking to refinance from your existing lender, there may be fees associated.

• Discharge fee
• Fixed rate break cost
• Pre-payment penalties

What if I’m refinancing to Unloan?

If you’re refinancing to Unloan, your lender may charge a fee. Learn more about four factors to consider when refinancing here.

What if I’m refinancing from Unloan?

We’re sorry to see you go! If you’re refinancing from Unloan, we don’t charge any Discharge account closure or settlement fees.

What if I pay off my loan early?

We want you to pay off your home loan so we won’t penalise you for doing so! That’s why there’s no pre-payment penalties with Unloan. However, there may be a government fee for transferring the title to your name.

At Unloan, we believe your home loan should work for you, not against you. That’s why we don’t charge annual, application, banking, account, transaction, late, or exit fees*. Learn more about our no fee promise here.

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.