Future Proof Loan Commitment Terms & Conditions
Mortgageport will:
- Help you assess which of our retail lenders’ products may be suitable – or more suitable – at that time
- Ascertain the costs to exit your existing loan, take up the new loan application and put this to you clearly in writing for your decision
- Assist you to prepare the appropriate lending applications and seek approval of the loan from that lender
- If the lender accepts the application, arrange for the new lender to issue documents for the loan
- Arrange or assist the existing lender to discharge the existing loan
- Issue a new Mortgageport Future Proof Loan Commitment on the new product.
In addition to helping you get your loan moved, we will also help to meet some of the costs associated in switching the loan from one lender to the other subject to the conditions and maximums below.
The following costs are included up to the maximum amount:
- current lender’s early repayment fees
- discharge fees
- new lender’s application fees
- mortgage registration fees
- property valuation fees
- lender’s legal fees
- lender’s settlement fees
You may call on your Future Proof Loan Commitment once every 24 months provided you have made your repayments on time.
The following costs are excluded: fixed rate break costs, mortgage insurance premiums, loan security duty and borrower’s personal legal fees.
The maximum amount payable under Mortgageport's Future Proof Loan Commitment is currently a maximum of 20% of the upfront commission paid to us by the lender to write the new loan. For example on a $400,000 loan where we get paid 0.60% commission in upfront commission we will meet up to $480.00 in switching costs. To calculate the exact amount your Future Proof Loan Commitment covers, and your switching costs please contact your own Mortgage Consultant on 02 9466 8200.
