Fees for a topup

All,

I am in the process of getting a "topup" done on my home loan to release some equity. I was initially told by my mortgage broker that there is a $250 topup fee. I have instructed them to go ahead and do it, and then they have come back saying the loan provider (ING) have said I must pay:

$250 top up fee.
$198 valuation fee (as last valuation is older than 3 months old)
$165 solicitors preparation fee.

Total $613.

Is this normal for a topup or am I getting ripped off? I am on a "basic" loan (mortgage simplifier).

Regards,

Jason
 
I'm currently in the process of getting a top up loan with ANZ and they are slugging me a $600 loan approval fee which i'm going to question thru my broker.
 
hi guys, sorry to go slightly off topic, am looking at refinancing and had payout figures from cba,(have 1.2 m) and am wondering if its possible to set up a line of credit over the whole lot, i.e i have 4 loans with them 3 being investment loans and 1 a vloc on ppor, they said i have no fees to payout the vloc hence where my question stems from, does that make sense, i know it would be a night mare for the accounts and tax side, but it would save me approx $4500 dollars.

any thoughts from you guys would be great.

also checkin out "mortgage ezy" they do svr with offset, redraw and portability and other stuff that have forgoten for 5.39% any thoughts on that??

thanks.
yorkie
 
Yorkie

A portfolio style loan bridging across multiple securities is something lenders and certain financial planners / mortgage brokers will recommend but of course involves a lovely bit of cross collateralising hence lenders love it.

You can achieve the same end result without the hassles if you structure individually. Should be able to avoid the fees and save $$$$ at the same time.

The Mortgage Ezy rate is an intro rate. They also have a fee for service product of which i would personally avoid both.

Can do better out there in the marketplace.
 
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Mortgage ezy is a mortgage manager like many other fish and chip loans wrapped in a diff days newspaper.

Like Richard says, be aware of what you are getting into. A core question would be why are tou jumping ship from ur current balance sheet lender ?

ta
rolf
 
Mortgage ezy is a mortgage manager like many other fish and chip loans wrapped in a diff days newspaper.

Like Richard says, be aware of what you are getting into. A core question would be why are tou jumping ship from ur current balance sheet lender ?

ta
rolf

hi rolf, just trying to get some info to put the wind up cba ;), so i try for a lower interest rate:cool:. spoke to them today and have got .8 :rolleyes:so far, so down to 5.81, (on the wealth pack)

it worked a few yrs ago got .99:D, found the cheapest rate in the market and they matched it, seems like they'll only match the big 4 now, but will try them see how i go.:(

thanks for all replies.

yorkie
 
Yorkie

A portfolio style loan bridging across multiple securities is something lenders and certain financial planners / mortgage brokers will recommend but of course involves a lovely bit of cross collateralising hence lenders love it.

You can achieve the same end result without the hassles if you structure individually. Should be able to avoid the fees and save $$$$ at the same time.

The Mortgage Ezy rate is an intro rate. They also have a fee for service product of which i would personally avoid both.

Can do better out there in the marketplace.

hi richard, the 4 inv loans are individually set up and loc on ppor , ws thinking if its possible to do loc on all of them and then there would be no fees (less fees) if refinanced else where, whats hsbc like compared to the big 4? who would you guys recommend ?? or just push cba for as much???

thanks.:)
yorkie
 
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