Hi all, has anyone refinanced lately with ING and been hit with extra fees?
Something I’m worried about is this line item: “Document preparation costs and out of pocket expenses” which one user said cost them $1300 on an old post. Seems to be the third party legal group they use. Any additional data points from anyone?
Many thanks.
Thank you. I have two data points now, on one hand $7.23 on another $1300. Seems like quite the variation!
Yep, welcome to ING. The fees were particularly high when leaving ING as they charge double discharge fees from using external legal firms
They state their discharge fee is $250 but with a disclaimer that additional legal fees may apply… why is the bank which is so good for savings interest rates, so shady for homeloan fees?
I changed my mortgage from ING to BOM a couple years back and it took a few phone calls to both banks to get to the bottom of all the fees that were deducted.
$250 discharge fee
$330 lawyer fee
$181.30 gov mortgage discharge fee
$181.30 gov mortgage registration fee
$43.56 pexa fee
$100 establishment fee
$54.40 property search fee
So ~ $1140 all up
This is normal 👍
Normal that every bank does this? Or just ING?
Every lender.
All fees will be listed in your loan documents.
You will always have a Discharge fee (this can include the legal fees at times), Government fees (deregistration and registration), Pexa fee, New lender establishment fee.
I would allow a minimum $1000 for refinancing costs.
I refinanced from ANZ to ING about 9 years ago. And they disappoint at every turn. Recommend just go with a mainstream bank. Yes they made me pay 'their' outsource admin fees but that was a while ago. Yes it took way too long to prepare and yes they 'forgot' to credit me the cash part of the loan. But this was all years ago. What really pees me off, is they deliberately let the interest rate creep up, forcing you to ring and beg for a reasonable rate every six months. And I mean their power crazed phone jockeys try to make you beg. You will also have an annual account fee I think.
We refinanced with ING two years ago. We never got a statement clearly explaining what everything cost, where all the money went and when.
Frankly, interest rates were starting to go up and we were thankful that we'd manage to lock in anything at all before getting hosed even further.
Having looked through my statements, however, the only clear reference to legal fees was a debit for (literally) $7.23. Make of that what you will.