Hi all,
I am looking to buy my first IP in the near future. I am currently looking at my finance options. I've been in contact with a broker and they have been doing some research for me.
I am looking at getting an IO loan with an offset account. My broker has told me that the lenders she has looked at that give this type of loan typically have fees attached.
EG a Monthly $10 fee for the IO loan and an additional $5 to include an offset account.
What I would like to know is if this kind of fee structure is normal. Also what other fees are typical with different types of loans.
Thanks in advance,
Colin
I am looking to buy my first IP in the near future. I am currently looking at my finance options. I've been in contact with a broker and they have been doing some research for me.
I am looking at getting an IO loan with an offset account. My broker has told me that the lenders she has looked at that give this type of loan typically have fees attached.
EG a Monthly $10 fee for the IO loan and an additional $5 to include an offset account.
What I would like to know is if this kind of fee structure is normal. Also what other fees are typical with different types of loans.
Thanks in advance,
Colin