Delany Financial is a Boutique Mortgage Manager
A Mortgage Manager, who has grown to provide strong relationships with all major financial institutions.
All Mortgage based products are available, from simple Standard Variable Home loans, First Home Buyers and Refinances, complex Company Title, Commerical Transactions and major property Developments.
Not all clients are the same and it is important to us that products service our individual clients needs.
Some of the most popular product features include;
- 100% Offset
- Internet and phone banking
- Line of credit
- No ongoing fees
- Discounts to other bank products such as insurances
- Credit cards (with waived annual fees)
- Interest rate
- Specific features
- Flexibility
- Lender service
- Fees
Delany Financial is an accredited broker with (but not limitied too!) ALL Australian Banks and Building Socieites.
For further information about our products please call 0456 070 997 or email contact@delanyfinancial.com
A note to all our valued customers ...
At Delany Financial we are alwyas on the look out for the latest products and offers. Our team has an extensive knowledge of the market and the best products available.
Our key is to provide you with the very best service and experience, keeping you informed at all times and delivering results.
We are proud to still be the preferred lender of the Master Builders’ Association of NSW.
Mike
A General Guide to Fees & Charges
Entry/setup – lenders mortgage insurance (LMI)
LMI is usually required when the Loan to Value Ratio (also known as LVR, the value of the loan amount opposed to the value of the property) is greater than 80%. LMI protects the lender from any losses that may occur as a result of a default by the borrower (i.e. the borrower forgoes repayments).
Please note LMI does not offer any protection to the borrower.
Entry/setup – valuation
A valuation is an assessment on the market value of a property at any given time. Lenders may order a valuation on the property you intend to purchase or use as security for your home loan. The cost of valuations may be included in your application fee or there may be an additional charge from the lender.
Exit – deferred establishment fee - this was abolished in July 2011
Also called an early termination fee, this may be payable if you discharge your home loan within a specific timeframe, usually up to about five years. Even if you have paid application/establishments fees at the commencement of your loan, you may still be liable for deferred establishment fees. This is because the lender absorbs or ‘defers’ some costs associated with setting up your loan, which they claim back if you discharge within a set time frame.
Although this was abolished in July 2011, it may be possible that your loan is still subject to this if it was settled prior to this date.
Exit – deferred settlement fee - this was abolished in July 2011
Payable on early discharge, a deferred settlement fee works in a similar way to a deferred establishment fee. At the time of settlement, the lender absorbs some of the costs associated with settling your loan. If you discharge your loan early, usually within the first five years, the lender will claim these costs back from you.
Although this was abolished in July 2011, it may be possible that your loan is still subject to this if it was settled prior to this date.
Exit – discharge fee
Sometimes called an exit fee, a discharge fee is payable at any time you discharge your home loan. This fee covers the administration costs of preparing your loan discharge documents.
Exit – penalty interest
Payable on fixed loans for early discharge. When a lender agrees to a fixed term loan, they are relying on the loan being held for the full term in order to recoup their own costs for funding the loan. Penalty interest may be charged on a variable rate home loan in some cases, but this is unusual.
Ongoing fees – account keeping fees
You may incur account keeping fees on your home loan account. Account keeping fees will usually be added monthly to your home loan account.
Ongoing fees – package fees
If you have your loan packaged with other banking products, such as a savings account and credit card, you may be charged an annual fee to cover the costs of the package. Generally if you are paying package fees, you will not be charged account keeping fees or credit card membership fees.
Other lender fees
Account transaction fees
You may be charged a fee for certain account transactions, such as redrawing money from your home loan. These fees are usually based on usage.
Switching fees
A switching fee may be charged if you switch from one product to another within the same lender eg. variable rate to fixed rate home loan. This fee covers the administration costs of the lender.
Government and statutory charges for mortgages
Transfer stamp duty
Transfer stamp duty is payable to your State Government on the purchase price of the property. It’s generally due between the date of settlement and three months after the exchange of contracts. Check your contract for confirmation of due dates.
Mortgage stamp duty
Mortgage stamp duty is payable to your State Government on the amount secured by your mortgage. It’s generally due upon settlement.
Mortgage registration fee
A Mortgage registration fee is payable when a mortgage is either established or discharged against a property.
If you are a first home buyer, you may be eligible for discounts and concessions on these fees, as well as assistance with federal and state grants.
Legal fees
Legal fees relate to the legal processing of your property purchase by a qualified conveyancer or solicitor. There are generally two components to the conveyancing fee charged by a solicitor or licensed conveyancer: a legal fee and a disbursement fee. Legal fees cover the time and skill of your solicitor/conveyancer; disbursement fees cover any costs incurred by your solicitor/conveyancer in conducting enquiries and searches on your behalf. Depending on the number of searches that your solicitor conducts, this is likely to affect the final cost.
Moving costs
Building/pest inspection
Before buying you should arrange a pest and building inspection. A building inspection should provide information on any major structural problems/faults. A pest inspection will identify any pests such as termites that are present in the property. You may be able to use these findings to negotiate a lower purchase price, especially if any repairs/treatments are required to fix a problem. The cost of an inspection will vary depending on the level of assessment you request, but a basic report will start from around $500.
Rates
You will be liable to pay rates on the value of your property to your local Council on whatever portion of the quarter remains after settlement. Your rates generally include sewerage and water costs, as well as a charge against your property to help pay for local infrastructure. Costs vary widely depending on the area you live in and the value of your property; you will need to check with your Council about how much you will be liable for.
Strata fees
If you purchase in an apartment block or managed community, you will be liable for strata fees to help maintain shared areas such as the building exterior, gardens, pools etc. Many real estate advertisements will detail the cost of these fees, and they will also be noted in your contract of sale.
Utilities connections
It can be surprising to add up the services you need to disconnect and reconnect when you are moving; telephone, electricity, water, gas, subscription TV and the internet are all counted as utilities connections, many of which require a substantial bond to be paid prior to connection.
Moving
When you purchase a new property to live in, don’t forget to add in the costs associated with moving to your new home. Depending on how far you are moving, the costs can add up to a few thousand dollars. This may include:
- Removalist or hire of truck/van for self-removal
- Boxes and packing tape
- Petrol for your car
- Transit insurance
For more information on home loan fees and charges
For more information on fees and charges associated with your home loan application and property purchase, or the home loan that is in your best interest, talk to Michael Delany and we will respond to your enquiry, alternatively you can call us at any time on 0456 070 997.