Exit fees are usually charged when the loan is discharged. It varies from lender to lender but is around $400.00
Hey Marian, Both Michael and Milan seem to have your question answered but please let me add.... A broker cannot charge you ANY fee unless you have signed a written quote at the time of application. This can be for "exit", or Commission "Clawback", or losses due to you leaving a loan sooner than 1-2 years (as Michael says). The Bank's fees for exiting and commissions payable SHOULD be on your original Contract and all lenders can be rather different. Please refer back to your original contracts and documents to confirm this. eg., CBA exit fee is $250 whereas other lenders have noted up to 1.0% on the contracts. "Up Front" Broker Commissions range from 0.50% to 0.77% (approximately)
Some brokers charge an exit fee if you leave within a certain period 1 - 2 years. We do not charge for exit $0 from day 1 to the life of the loan. Some banks will charge you if you have a fixed interest period and leave before this period finishes. This is called a break fee.
Hi Marian, hope you're well. Not sure of what the question is exactly? However, exit fees are usually associated with refinancing a home loan. I believe you're asking for that. They could be about a few hundred dollars and that may be compensated by another bank that you're refinancing to in form of rebate or cashback a few weeks after settlement. This all depends on the lender and I can certainly provide you more information if you click on my profile and ask me for further help. Commission fees I'm not sure what exactly you mean by that but please feel free to let me know via visiting my profile. Hope this helps and best regards, Milan.
Ram Prasad
Commission fee is not normally charged but could be sought by the broker if the loan is discharged before 2 years. Broker will have to declare it when he presents the Credit Product Disclosure Document and the consent is taken as given if the client goes ahead with the loan.