9. Budgeting

Investment Loan Costs and Fees

There are a number of costs associated with residential property investment loans. It is important to know what they are so you can budget for them.

Establishment Fee

We charge a once only Establishment Fee when you apply for your loan. This fee goes towards the cost of assessing and processing your application.

Property Evaluation Fee

A valuation fee may apply on secured loans only. A fee for an independent valuation will be quoted upon application. This fee is non-refundable.

Lender's Mortgage Insurance

Loans with an LVR (Loan to Valuation Ratio) greater than 80% are charged the Lenders Mortgage Insurance. This insurance is a once only cost and can be incorporated into your loan.

• Life Insurance
  This protects your family against losing your investment in the event of your death or disablement. However, if you or your partner dies or becomes disabled, it is also important to ensure that your family's lifestyle can be maintained.
• Home Insurance
  It is important that you protect your investment with suitable home insurance. Suncorp offers a range of policy options which allow you to choose the cover that suits your needs.

Title Searches and other enquiries

A title search is required to verify the ownership of the property that you are buying or offering as security, and other enquiries may be required to ascertain whether any loans, rates or charges are outstanding.

We may require other searches which are usually arranged by our solicitor. We can advise details of these searches.

Stamp Duty and Mortgage Registration Costs

Stamp duty is payable by you to the Government on both the contract of sale and your mortgage. The amount varies according to the value of the property you are buying, and the amount and type of your loan. Your solicitor can advise you on the amount of stamp duty payable on a contract of sale.

Registration of your mortgage at the appropriate Lands Titles registry also involves a statutory fee.

Legal Fees

We strongly recommend you use a solicitor to act on your behalf. There is no legal fee charged for preparation of mortgage documents by Suncorp.