Free mortgage services from Mr Mortgage

We offer free mortgage services which means that Mr Mortgage will never send you a bill for our services to you. However we want to explain to you how we can offer you free services, who pays us and when, and what is included in our free services and what fees and charges you will have to pay to have your mortgage set.

We use the term "free mortgage services" in the context that we do not directly charge applicants for our services. You will never be charged a fee or brokerage by Mr Mortgage.Free mortgage services. Mr Mortgage free mortgage services.

Mr Mortgage is however paid by lenders, including banks, securitised lenders, building societies, credit unions and other lenders, or mortgage brokers that deal with these and other credit providers that pay us or the brokers to introduce or refer business to them, between one and 6 weeks after the loan settles.

Our mortgage broker referees will also normally serve you free [i.e. the mortgage broker will not normally charge you for their services]. They will normally process, set and handle lender queries for you "free", when and because they get paid a referral or introduction fee by the lender, from between one and 6 weeks after settlement.

Will I ever be charged brokerage? Normally no, but when we can't set the loan through normal channels, and can only set the loan with a lender who does not pay brokerage, we will explain this to you and put a schedule of fees and charges for our services in this event, for your consideration. You can accept of reject this when sent to you.  This requirement happens in less than one percent of all loans we set. Even then, you will only be charged for success in procuring the loan. If we don't get you the letter of offer from the lender , then this service is also free to you.

Disclosure of fees received by mortgage brokers from lenders.

Where it is a legal requirement to do so, the mortgage broker will advise what fees the lender will pay him or her, before taking the application.

Where is not a legal requirement to do so, the broker may tell you anyway, or you can ask the broker what fees he or she will receive by placing the loan with a particular lender.

In any event these fees are always disclosed by law, in the loan agreement sent to you by the lender before your signing those agreements.

What other fees and charges are payable by the applicant?

Fees and charges and expenses always apply to all mortgages and the buying or refinancing of property and are outside of and in addition to any mortgage brokerage agreement with a broker or introducer. These other fees and charges are not determined by the mortgage broker. They are governed by State law with regard to Stamp duty, or the lenders' own policy, or the schedule of fees of other property professionals, including the schedule fees of valuers, property inspectors and conveyance solicitors or conveyance professionals in states that have these.

This is a general guide only. Not all these fees or charges apply to all situations, and there may be other fees or charges that apply to your situation. You will need to read your loan agreement and mortgage documents to determine all fees and charges applicable. We suggest that you see your conveyance solicitor about these and always seek legal and or financial advise before taking a mortgage.

We have included any obligation normally in a mortgage pledge, that indirectly add ongoing obligations besides the obvious one of making the repayments including mortgage interest in a timely manner. The fees and charges that you may have to pay, in addition to any mortgage services fees can include:

• Loan application fees
• Property valuation fees
• Property inspection fees [pest and structural when buying property]
• Establishment fees, [which may be deferred and payable only early termination of the loan agreement]
• Stamp duty [ both on the mortgage and on the property transfer.]
• Lenders Mortgage insurance. [Paid by the borrower to protect the lender from default by the borrower.]
• Property insurance. [Mortgage obligation of the borrower]
• Council Rates and Taxes including water rates. [Mortgage obligation of the borrower]
• Property maintenance. [Mortgage obligation of the borrower]
• Lenders legal fees and loan agreement and mortgage document preparation by lawyers on behalf of the lender.
• Title conveyance and search fees. [your legal fees when buying property]

Should you need these points clarified, please contact us at radlam@mrortgage.com.au or contact your conveyance solicitor to determine what fees and charges you are likely to be charged.

You should also get independent legal and financial advice before entering into a mortgage.

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