What are government fees?
Learn what government fees are, how they work when buying property, and what costs to expect in Australia, including stamp duty and registration fees.
There may be a number of fees and costs involved when refinancing or taking out a new home loan. However, we believe your home loan should work for you, not against you, that’s why we don’t charge fees such as:
- Application fees
- Settlement fees
- Account bank fees
- Account keeping fees
- Transaction fees
- Discharge account closure fees
- Discharge settlement 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 charges may apply. These may include:
- Mortgage registration fee
- Mortgage discharge fee
- A transfer fee
- Transfer duty (also known as stamp duty)
What is a mortgage registration fee?
A mortgage registration fee is charged by state and territory governments, and cover the costs to register the security for a home loan. It officially registers the physical property as the security on your home loan.
What is a mortgage discharge fee?
A mortgage discharge fee may be charged by your existing lender when you’re refinancing your home loan to us. This releases the title from your existing mortgage for you to register a new mortgage on the title.
What can I expect to pay?
So, what are fees required by the Australian government? The cost of the mortgage registration & discharge fee varies depending on which state or territory you live in. Here’s what you can expect to pay:
We do our best to keep this information up to date, as these fees are subject to change. We recommend checking with the relevant state or territory government body to confirm the current fee. If you choose to settle with Unloan, the current fee at time of the settlement will apply.
What is a transfer fee?
A transfer fee is charged by state and territory governments to transfer the property title from one owner to another.
What is transfer duty?
Transfer Duty (also known as Stamp Duty) is a government tax that typically needs to be paid within 30 days of settlement. Factors that determine how much stamp duty you pay include:
- The state or territory in which your property is built
- The price of your property
- If you're a first home buyer or investor
Transfer duty is often the biggest cost after your deposit and mortgage, so it's important to take this into account when deciding if you can afford a property.
Learn more about fees involved when purchasing and refinancing, and upfront costs and charges imposed that are associated with buying a home.
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 loyalty 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.
Tax law is complex and subject to change. For the latest information, check the ATO website or with your accountant or financial advisor.
Unloan is a division of Commonwealth Bank of Australia is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.
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 loyalty 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.
Applications are subject to credit approval, satisfactory security and minimum deposit requirements. Full terms and conditions are found on our Unloan Terms and Conditions. Modified Terms and Conditions will be set out in our Notice of Variation Agreement, if you are approved. 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.
