Browse Forums Home Finance 1 Sep 08, 2014 8:11 pm Hi all, I just received my loan contract from my bank today. The fees that they charge me is very high, I believe. They charge the construction loan admin fee of $999 and also fee paid to their solicitor of $363. Is this normal for construction loan? P.S. I apply through broker and he never mentioned these fees to me. Re: Construction loan questions 2Sep 08, 2014 11:54 pm Lenders have different fees for different things. A legal fee is quite common, though it does vary in cost from lender to lender. The $999 construction fee would incorporate the application cost plus most likely any valuations and progress payment costs incurred. Once again the cost of this varies between lenders, a lot charge less. Let me guess, the loan is with Macquarie? Really your broker should have advised you of these fee charges before he put you onto the loan. Cheers Tom Re: Construction loan questions 3Sep 09, 2014 10:05 am Yes, you're right. The loan is with Macquaire. The application fee and valuation is nil in their schedule of fees and charges. But this construction loan admin fee is very high. Anyway, I'm hoping to get an answer from my broker today to get the fee reduced. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19108 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11933 |