What are registration fees?

[johnnyb]

Hi All,

I've just gone through a loan settlement and have received a list of costs from the bank's solicitor. Apart from all of the normal ones like mortgage duty, establishment fees, etc, there was a rather large entry called "Registration Fees (QLD)". Does anyone know what this is? Thanks.

John.

 

[Les]

G'day Johnnyb,

To me, that should be "mortgage registration fees" and is (in my recollection) around $87 per mortgage in Qld.

You mentioned a "rather large entry" - so I don't know if $87 applies as "rather large" (but, of course, you might've had more than one mortgage....)

Regards,

 

[BigRob]

Different States charge different amounts for mortgage registration fees. Some will use a sliding scale depending on the amount of the mortgage. I believe in Queensland, it would be around $728 for a $500,000 mortgage. The other States for the same mortgage would be as follows:

NSW: $58
VIC: $1,320
SA: $2,315
WA: $160
NT: $90
ACT: $148
TAS: $132.60

The average for a $500,000 loan is $618.95.

Any good Mortgage Adviser would have informed you of this cost.

My figures may be a little off as I don't check the States I don't use often until I need them but these were correct last time I checked.

 

[johnnyb]

Thanks for your suggestions Les and BigRob. I'm not sure what to think now. The item I was charged for cost $577, for a $240K mortgage.

I was a bit surprised when I got the account as I was not aware of this charge. The schedule in the loan offer documents lists a Mortgage registration fee of $102.50. Because this is so different from what I was actually charged I didn't think it could be the same thing. I think I should do a bit of follow up.

John.

 

[Les]

G'day Johnnyb,

THAT amount sounds more like Stamp Duty on the mortgage. If there isn't a separate "Stamp Duty" entry, maybe the name has changed.......

Regards,

 

[johnnyb]

G'day Johnnyb,

THAT amount sounds more like Stamp Duty on the mortgage. If there isn't a separate "Stamp Duty" entry, maybe the name has changed.......

Regards,

I spoke to my mortgage broker who queried the bank. Apparently the extra cost was to verify and register the trust deed (I purchased the property through a trust). This wasn't itemised on the original schedule, which is a bit annoying, but the person putting together the documents probably didn't notice a trust was involved.

Thanks again for your help.

John.

 

[Les]

Whew, Johnnyb,

That's over TWICE what I paid for a "Trust Deed Perusal" (which I assume is the same thing - this was NAB).

Things don't change - costs come out of the woodwork when purchasing a property....

Regards,

 

[Rolf Schaefer]

Les,
was your trust also a Hybrid Discretionary Trust???

 

[Les]

G'day RolfS,

Les,
was your trust also a Hybrid Discretionary Trust???

Yes, it is, Rolf

Regards,

 

[Simon H]

Different States charge different amounts for mortgage registration fees. Some will use a sliding scale depending on the amount of the mortgage. I believe in Queensland, it would be around $728 for a $500,000 mortgage. The other States for the same mortgage would be as follows:

NSW: $58
VIC: $1,320
SA: $2,315
WA: $160
NT: $90
ACT: $148
TAS: $132.60

The average for a $500,000 loan is $618.95.

Any good Mortgage Adviser would have informed you of this cost.

My figures may be a little off as I don't check the States I don't use often until I need them but these were correct last time I checked.

$75.00 in NSW now

Simon H