All Topics / General Property / Refinancing

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  • Profile photo of comdomcomdom
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    @comdom
    Join Date: 2003
    Post Count: 92
    November 3, 2003 - 12:57 am

    Question what are the costs of refinancing, from one bank to an other is it like buying a new property?[;)]

    Profile photo of TeacherK6TeacherK6
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    @teacherk6
    Join Date: 2003
    Post Count: 164
    November 3, 2003 - 1:13 am

    U may hav to pay a discharge fee if u are going to pay out a previous loan, u may need to pay a fee for the new loan you are going to get and then all the extras such as legals, valuations ect etc,

    I think you may also have to pay stap duty on the new valuation, but if i remember right you also get a refund on the previous stamp duty u originally paid (or the difference)… not sure on this one to be honest! and if u intend to borrow more then 80% of the new value then u need to also pay for the insurance on the loan :)

    Hope this helps!

    Jason :)

    Profile photo of comdomcomdom
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    @comdom
    Join Date: 2003
    Post Count: 92
    November 3, 2003 - 2:01 am

    Thanks Jason i am just contemplating on either breaking my loan(6months to go) and moving to an other bank for the reason of buying more Ip,s or staying with my bank and paying the break cost i estimate $600 and gaining access to equity. Reasons to go to seperate bank is so not to be classed as rent reliant with my bank and having limited finance.

    Dom[;)]

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