Good to Know – Insurance Renewal Fee: Currently we are not taking insurance policies out ourselves, so no fee is being charged, but we reserve the right to charge the same if the borrower does not provide proof of insurance which is a condition of the loan agreement, and we take out the insurance.

Good to Know – Variation fee for Opening Offset Accounts (Wholesale and Homestar): This is to remind everyone to take note of the following whenever opening offset accounts would incur a variation fee:

Wholesale: Variation fee would still apply to post settlement, except for certain mortgage managers like Crown Money who are exempted from the variation fee.

Homestar: No variation fee will be charged for opening an offset account under Homestar, the only exception is if the product type does not have the offset feature (ex. Star Essentials) and the borrower wishes to have one. The variation fee would apply.

Good to Know – Variation Fee Charge Guide:

• No Variation fee will apply (HSF Star Essential – No offset Facility available)

• Newly Set-up Offset Account – SMSF (Additional 0.20% rate loading)

For Wholesale and Homestar Finance - no more rate loading.

Except for Granite Home Loans that applications were received prior December 2022 will be eligible for the offset loading of 0.20%. For Granite Standard loans the offset account is part of the said product, hence the initial offset to be created if during post settlement will be free. This goes with the construction loans that have completed their construction claims. No variation fee will be charged for creating the initial offset if missed during pre-settlement. The only time we will charge the variation fee is whenever they wish to have an additional offset account

added.

 

 

Good to Know – Supplementary Schedule of Fees: During the statement run for our borrowers covering July to December 2023, the business included a notice on the increase in

supplementary fees. This can be seen by the borrower on their statement of account:

Mainly, any loan that settled prior the 15th of March 2024 will experience an increase with the specific fees noted on the screenshot above. While loans which settled post 15th of March 2024 will have the updated fees reflect on their loan agreement:

Screenshot C: Important Changes notice, included in the increase of fees notice:

 

Please be mindful of this, to ensure we are providing the most updated fee amount to the borrower to avoid misinformation which will lead to a complaint. Old loans, which does not have the loan agreement attached in Coral are not exempted from this increase and we may provide this for their reference, depending on the request received. Lastly, each fee will vary depending on the loan type (i.e standard loan, SMSF, Non – res) so always double check prior providing the necessary information.