Costs of seeing Sherlock Home Loans

Sherlock Home Loans gets paid via the banks, therefore seeing one of our investigators costs you nothing.

Sherlock Home Loans lives on integrity and asks, if your happy tell all your friends, family and colleagues to try us next time they need finance.

Costs of buying an established property.

There are many costs associated with purchasing a property, which is fine as long as you know about them.

Sherlock Home Loan Investigators use, what we call, a “Lifestyle Plan”. This form, please click here for an example, gives you all the costs associated with your purchase or proposed purchase. It also outlines your repayments and the investigators will compare other institutes you may have been quoted by.

What Costs?

You have the purchase price of the property, you then have the Stamp Duty Costs, the banks application and legal costs, if applicable, and your solicitor fees, Mortgage Insurance, if applicable, council adjustment fees and building Insurance.

To give you a rule of thumb guideline only: 6% of the purchase price usually will cover the above costs, if you do not need bank Mortgage Insurance or 7% if you do need Bank Mortgage Insurance(MI). Example: you purchase a property for $260,000 in Victoria. 6% of $260,000 = $15,500 without MI or 7% of $260,000 = $18,200 with MI.

Guideline break down of costs: If purchased an established residential property for $260.00 and you are looking at a loan of 85% of the purchase price. Loan $221,000.