MBroker charged me $300 to attend Settlement?

looking at my new loan statement for my new IP ,

I notice a fee of extra $300 "to attend the Loan Settlement " from the mortgage broker
(a Bank Mortgage broker
)
must of attended in a Limo for that price ? And where did she attend ? At the Solictors office ??????

Is this extra fee normal ????

 

What is a, "Bank mb"?

Sounds like they're a mobile banker working for a single lender, calling themselves a mortgage broker. This kind of title is a little deceptive IMO as they're trying to leverage peoples perception that the broker is considering multiple lender in their recommendation, but these guys only ever recommend their own employer.


You won't see any fees from mortgage brokers appearing on your loan statements, only fees charged by the lender. Some lenders do charge a "settlement fee" and $300 wouldn't be unusual.

Mortgage brokers are able to charge fees, but it must be disclosed prior to setting up the loan and they would likely invoice you separately.

 

Land titles charge $287

This fee was $300 " to attend Settlement "

She is a Commbank mobile broker

These are the only 2 fees they put on my Bank loan Statement .adding it onto my loan.

 

yes maybe its a settlement fee ???

Whatever that is ... but... its reads to attend the settlement ?

 

Attending to doesnt mean being there. It means doing the settlement. Nothing at all to do with the broker....The bank will usually send a agent who handles their settlements to get title and register a mortgage etc. ie Swap title for $$$, paperwork etc. The lender will have all its costs included in the loan approval letter and is one of the costs paid at drawn down.

If its a IP its one of the borrowing costs which arent deductible at once. Typically over 60months. Other borrowing costs can include fees for approval and valuation and LMI

 

Yes, Commbank charges $300 to attend settlement. It's a bank fee and would have been disclosed in your loan offer documents.

 

I would have thought the introduction of electronic settlement via PEXA would go someway towards eliminating these "standard" fees. But I guess the banks will hold out charging them for as long as they can.

 

You betcha

 

brokers don't attend settlement and it looks like you didn't have a broker anyway.

 

PEXA is dearer than a manual settlement