You've just bought a home - congratulations!

But wouldn't it be great if some of the many fees and costs involved with buying could be refunded?

Let's take a look if this is possible.

Are loan costs refundable?

Initial loan costs or fees can include everything from application, or establishment, fees to lodgement fees, search fees, and settlement fees.

Depending on your lender and the home loan you choose, you may not have to pay any of these fees, or at least only some of them.

For instance, ANZ Bank does not charge lodgement, production, settlement, or search fees for certain of its home loans.

However, if you do have to pay these fees, there may be ways and means to receive a refund on some of them, usually after settlement.

Non-bank lender Mortgage Street says that one of its loan's $600 application fees can be refunded one month after settlement.

Is stamp duty refundable? 

Sometimes - and if you're lucky, you won't have to pay stamp duty at all!

The majority of first-home buyers now don't have to pay stamp duty (depending on the price of their new property and other details), so certainly check if you need to do so if you fall into this group.

For other buyers, you may be eligible for even a partial refund on your stamp duty payout if your personal details change ie. you've decided to live in what was your investment property.

Usually referred to as a stamp duty reassessment, it's certainly worth trying to obtain a refund on this fee if at all possible.

Is Lender's Mortgage Insurance (LMI) refundable?

Generally, it's not - but there is a loophole or two to this point.

The Commonwealth Bank describes LMI as "a one-off, non-refundable, non-transferrable premium that's added to your home loan."

But at the same time, LMI costs can be refunded - or at least part of them can - if you repay your loan within the first two years of it settling (preferably within 12 months).

Most lenders will refund 40%-50% of the LMI fee if you repay the loan within 12 months while if you're repaying your home loan within two years, you are entitled to a refund of up to 25%.

As well, to receive this refund, your loan must not have been in default, in arrears, or have received any late repayments, and the refund amount must be more than $500.

We're here to help

Whatever home loan road you wish to take, we’d love to help you travel it!

We can find you the best home loans from more than 40 of Australia’s biggest banks and specialist lenders and we can also help you refinance your loan to help you keep more money in your pocket.

So, give us a call today at Lending Loop.