Fee schedule

We've done our best to minimise or eliminate as many of the fees as possible, especially upfront and ongoing fees. If you are a standard applicant (PAYG borrower buying 1 property in most metropolitan areas), you will pay:

• No application fees
• No valuation fee
• No legal fee
• No settlement fee
• No redraw fee
• No additional repayment fee
• No ongoing fee

NEW APPLICANTS
Individual applicant fee	$0
Valuation fee	$0 for the first property for valuations up to $220 including GST (usually sufficient for a property up to $1million value in most metro areas). Where valuation is greater, difference will be paid by borrower. For construction loans click here
Additional valuation fee	$275 per each additional security
Guarantee fee	$135/Guarantee – For applications where a 3rd party guarantor is required
Company applicant fee	$135/Company applicant
Trust applicant fee	$135/Trust applicant
Legal fee	$0
Re-documentation fee	$110
Settlement fee	$0
Legal disbursements	$115 - $250 - Depending on the number of securities, bank cheques required and the settlement location
Special attendances	$150 consent to 2nd mortgage. Additional valuation and documentation fees may be required
VARIATIONS
Increase in principal sum	$250, $75 Funder Settlement fee, $220 Legal fee, valuation fee (if applicable), Stamp duty (if applicable)
Small increase fee	$250, $80 solicitors fee, valuation fee (if applicable), Stamp duty (if applicable)
Loan switching fee	$250 for changes in product, limit adjustments or loan repayments types
Additional statement copy	$7 per statement page
Default fees	$100 for each month account remains $200 in arrears
NIVA Increase/Reduction	$250
Addition of Security	$250, $75 Funder Settlement fee, $220 Legal Fee, Valuation fee (if applicable), Stamp duty (If applicable)
Changes to loan product	$250
Changes to loan limit	$250
Changing repayment type	No fee to change from I/O to P&I. $250 to change from P&I to I/O
Substitution of security	$250, $75 Funder Settlement fee, $150 discharge fee, $440 Legal fee, valuation fee, Stamp duty (if applicable)
Conversion to full-doc loans	$250
OTHER FEES
Non proceeding fee	When MyRate values your house, an accredited valuer costs us about $220. If you become a MyRate customer we are very happy to absorb this cost. However if, after we've done the valuation, you do not become a customer (you decide not to proceed or final credit requirements aren't met) we will need to recoup the cost (usually $220 but may be more in some cases).
EXIT FEES
Discharge fees	$250 plus legal fees and any deferred establishment fee
Deferred establishment fees	Year 1: 1.00% of the original loan amount Year 2: 0.80% Year 3: 0.60% Year 4: 0.40% Year 5: 0.20% 6+ years: 0.00%
TRANSACTION FEES
Withdrawals, deposits, cheques and redraws fees	Funding is provided by ING Bank (Australia) Limited. Currently ING does not charge any transaction fees but there is provision to do so in the future should they decide to. A redraw fee may apply on fixed rate loans paying interest only.
Additional repayments	$0 for unlimited extra repayments on variable rate loans $0 for repayments of up to $10k p.a. for fixed rate loans (break fees may apply for amounts greater than this)