Speaking of fees, not all of these are included in the loan’s comparison rate. These fees can add up, so you need to be aware of them before you sign on the dotted line.
Fees to look out for include:
- An establishment fee – when you first take out a loan
- A discharge fee – when you pay off the loan or refinance
- A break fee – if you end a fixed-rate loan early
- Redraw fees or offset account fees
- Additional repayment fees
Some lenders, like Well Home Loans, are fully transparent about their fees so you‘ll find this information easily on their websites. Unfortunately, other lenders may not be – so you need to ask them directly for this information.