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Mortgage Brokers Canberra
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If you’re looking to speak to a mortgage broker, Savvy partners with top-rated home loan professionals in the region. You can find and connect with fully licenced MFAA or FBAA approved home loan brokers just by enquiring here.
Canberra is, of course, the capital city of Australia and is home to an increasing number of Australian families every year. It's unique in several ways, not least because it’s a fully planned city, having been established in 1913 after the founding of the federation of colonies around 1901. If you’re looking to buy a home in the capital, you’ll be in good company. It’s home to the federal government, Parliament House, Government House and the High Court – with the government being the biggest employer in the region.
Common faqs on mortgage brokers in Canberra
Why should I use a mortgage broker?
During the past few decades, as Australia’s lender marketplace has become more diverse, mortgage brokers have been pivotal in opening up increased access for borrowers all over the country. They can do that by helping homebuyers compare more home loan options, and that’s resulted in interest rates gradually becoming more competitive as lenders vie for business. It all means that borrowers can now benefit from more choice, cheaper costs, and specialised products designed for a number of purposes.
- Mortgage brokers provide access to non-bank lenders that don’t run expensive branch networks and often provide cheaper interest rates as a result of that. In a recent independent study, about half the home loans arranged via brokers were with lenders other than the country’s big four banks.
- Mortgage brokers almost invariably get paid by lenders, so it costs borrowers absolutely nothing to use one. They work for commission, and some of that only arrives once you’ve been satisfied with your home loan for several years – so brokers try hard to match you with a product that suits where you are, your plans, and how you want to repay.
- Mortgage brokers partner with a more diverse selection of lenders so they can help a wide variety of different homebuyers find the loan they need. In 2017, 34% of broker-arranged home loans were for owner-occupiers, 36% were for second home buyers or property investors, and almost 20% were sourced for homebuyers wishing to refinance an existing mortgage.
- Mortgage brokers do a lot of work on your behalf beyond just sourcing the most cost-effective home loans out there. They help prepare and submit your application and then stay on the case until your mortgage gets settled. Australian home loan brokers do around 45% of their work before your application starts, with the remainder happening during and after that.
What type of mortgage can a Canberra broker help me find?
Mortgage brokers help all sorts of homebuyers find a better deal and enjoy a faster application. Because they partner with dozens of lenders, they can search hundreds of different home loan solutions and a full selection of features, including:
- Canberra boasts median house prices of around $750,000, but several of its neighbourhoods offer cheaper options. Owner-occupiers can choose from fixed or variable-rate repayments or opt for a split-rate repayment structure and utilise money-saving features like redraw facilities or offset accounts.
- The ACT is a popular location for second homebuyers, and almost 30% of its 400,000 residents are tenants. Investors can search hundreds of specialist investment home loans, then combine one with features like interest-only repayments or a line of credit and release capital tied up in an existing portfolio. You can expect average weekly rents of around $600 for houses and $500 for units or apartments.
- The city is still relatively affordable, with a median price for units around $450,000. However, in suburbs like Banks, you can view houses for around the $500,000 mark – which is excellent value in a capital city. First-time homebuyers can search hundreds of different low-deposit mortgages and access options like guarantor home loans and non-genuine savings mortgages.
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