I want to borrow $500,000. What additional fees should I expect to be charged?

Each lender will have their own fees and many either waive or discount the fees to win your business. The fees tend to include valuation fees, (approx $250.00) legal fees(approx. 350.00), settlement fees (approx. 250.00) and then the standard government stamp duties. Depending on the type of loan you are obtaining there may also be an annual fee (approx. $300.00). Annual fees normally apply to a professional loan package and where the rate is discounted to the lenders standard loan. The fees you can tend to negotiate are the valuation and legal fees and perhaps the annual fee at least for the first year of the loan. All lenders are required to provide you with a detailed list of all there fees that may occur through the loan. The key is to get your broker or bank manger to go through all the fees before you apply for the loan, you don’t want any nasty surprises after your loan has already been approved.

Having fees connected to your redraw or obtaining loan statements are always annoying fees to find out about after your loan is already in place – don’t be afraid to see what fees can either be waived or negotiated.

Everything has pretty much been covered but I'll add a conveyancing fee which can range from $1,000-$1,500. This is when you get a person to review the contract to purchase the property

Also if there is the chance that you are borrowing more than 80% of the purchase price then you will incur another charge known as Lenders Mortgage Insurance (LMI).

Hope i explained this clearly, if not please let me know.