These days, getting a home loan can be either fraught and frustrating, or relatively straightforward. It all depends on who you choose as your lender.
One thing home buyers do need to be aware of is the potential costs associated with organising a loan, not all of which may be immediately apparent.
At Nano, we’ve always believed in being fair and transparent. Here are some of the more common costs associated with getting a home loan – and how with Nano, these may be lessened or avoided altogether:
Conveyancing & legal fees
Some lenders will charge you for their legal fees. At Nano we absorb these costs, so the only legal fees you are charged are for your own.
Stamp Duty (also known as Transfer Duty)
This one’s unavoidable, unfortunately – unless you’re eligible for a first home buyers grant. You can use our handy stamp duty calculator to find out just how much you can expect to be up for. The cost of stamp duty will vary based on the property’s sale price or current market value.
Some lenders can charge you around $250 just to value your property. We don’t think this is fair; so we’ll cover the cost for you.
Loan application fees
This is a bit of a sneaky one that some lenders will try to put on you (they can add up to hundreds of dollars).
At Nano, we don’t charge any application fees. So, if you end up deciding not to go with Nano, you won’t have lost anything.
Loan settlement fees
Who needs stress when you settle? It should be a happy time! We never charge Nano fees to settle your loan.
Government loan fees
You’ll have to pay these no matter who your lender is, unfortunately. Costs will vary depending on your State or territory and your individual conveyancing arrangement.
Lenders Mortgage Insurance (LMI)
This must be paid if you’re borrowing more than 80% of your home’s purchase price. It won’t be applicable with Nano however, as we only offer loans having a minimum deposit of 20%.
Ongoing home loan fees
This is a big one, where certain banks or lenders will really try and get their ‘pound of flesh’. We’ve calculated that you could rack up over $11,000 in ongoing fees over the life of your loan, if you don’t choose the right lender*. But at Nano, we don’t charge any ongoing fees, usage fees, account keeping fees or exit fees. Nothing.
Why waste money?
With Nano, you always know you’re funnelling your money into the mortgage – not wasting it away on unnecessary fees.
Ready to get a fairer home loan with NO extra or hidden fees?
* Some lenders can charge up to $11,000in fees over the life of the loan. This is based on annual home loan package product fees published by various lenders (including the four major banks and a number of other non-major lenders) as of January 2022.