Settlement
and Fees

Settlement & Fees

All of this text and the toggles text needs to change, it has been plagerised from TicToc home loans.

Settlement is the final step in the home loan process: it’s when the seller receives their payment for the property, and when your home loan begins.

Or if you’re refinancing, it’s when your existing lender gets paid out for your original home loan (by us), and when your new home loan begins.

Here is some important information about settlement and fees…

We’re about to loan you a lot of money, so we need to make sure that you are who you say you are.

Our preferred partner for Verification of Identity (VOI) is… You can book your appointment on the XXXX website – just use the 6 digit code in your loan contract so they know it’s for Home Loans of Oz…

We have options. How you choose to manage your home loan repayments is kinda up to you.

If you decide to have an offset account, your repayments will be automatically deducted from there…

It’s different depending on whether you’re purchasing a property or refinancing your existing place.

When you’re purchasing, settlement depends on the vendors, conveyancers and you. But generally, you….

Trust us, we’d love to completely eliminate paper from the entire home loan process. But because we’re governed by legislation, we still need your actual physical signature (“wet signature”) on the docs.

For the time being, you need to mail the documents to our solicitors / conveyancers….

You want to add one of our home loan offset accounts? Who can blame you, they’re pretty great – your offset balance 100% offsets your home loan balance. And if you decide you don’t want an offset account anymore, that’s up to you.

If you decide to add or remove an offset before settlement it’s OK. You just need to send us an email confirming the change. If you’ve already received your loan contract we’ll need to email you a new one to show this change.

It’s a little trickier if your home loan has already settled. You can still add or remove an offset account but there will be a variation fee. Contact our … and we’ll sort it out for you.

If you’re able to pay off your loan earlier than expected because of a windfall or smart saving (yay!) or you’re moving to another lender (boo!), there is a $XXX discharge fee to be paid.

And if you exit or change a fixed rate loan during the fixed period, there is also a break fee to be paid – this doesn’t apply to variable rate loans. The break fee amount varies based on your own loan times and amounts…

Your first home loan repayment is due exactly one month after your loan settles. So if your loan settles on 1 May, your first repayment is due on 1 June.

Even if you’ve elected to pay your loan off weekly or fortnightly, you just need to have paid what would’ve been the monthly repayment by the end of the month – we don’t mind how you split it…

Fees information here.

Marketing Consultant Expert
Ray Hair

Home Loan Expert

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