Need a mortgage broker? Savvy partners with the best approved home loan brokers all over Australia to bring borrowers a more local, personalised way of finding the best mortgage for their circumstances, needs and goals. Get expert help with applications, choose from more lenders and products, and maximise your home loan budget by talking with a local home loan specialist.
Why should I use a mortgage broker when buying property?
Mortgage brokers have access to a broad range of banks and both local and national non-bank lenders, so you’re likely to find lower rates than if you confine your search to just one or a few lenders. Talking with a broker can save you thousands while repaying a relatively long-term home loan.
One of the first things a broker will do for the average home buyer is compare owner-occupier mortgages. Then, they’ll combine the most cost-effective solution available with a repayment option that matches the buyer’s requirements which can include:
- Fixed-rate home loan repayments: Suit home buyers who want a fixed, consistent repayment amount each and every month. They’re easy to plan for, and there are no unwelcome surprises
- Variable-rate home loan repayments: This option might appeal to home buyers with a bit more room to speculate on the wider property market and economy. If interest rates fall, so will your repayments. When the opposite happens, repayments increase.
- Split-rate home loan repayments: Are ideal if you want to hedge your bets on a portion of your mortgage repayments but have certainty on the fixed rate part.
What type of buyers do Savvy mortgage brokers help?
Basically, everyone can benefit from talking with a broker. Cranbourne offers a property option for most buyers and budgets. Even though it’s close to the city, the suburb remains extremely affordable.
Median house prices in the area sit just under $550,000, a remarkable figure given trains run directly from the local station to Flinders Street every 20 minutes. The average cost of a unit in the area is just under $400,000. Not all buyers out there are the same, and local mortgage brokers are also used to providing a varied choice of specialist owner-occupier home loans and different mortgage features, including
- Using an account with your home loan to reduce monthly repayments or even pay down your home loan a lot quicker.
- Setting up a line of credit facility if you want to access the equity in your home.
- Low deposit home loans for a range of customers, including first-time buyers.
- Parental assistance home loans or a guarantor mortgage if a close family member wants to help you buy a home.
- If you’ve owned your home for a while, it could save you money to refinance your current mortgage with terms that suit a changes situation or a cheaper interest rate.
I want to buy a second home in Cranbourne. Can a mortgage broker find me a relevant home loan option?
Cranbourne is predominantly a family neighbourhood, but has its share of singles and independent professionals, too. That means it has a healthy rental market, so second home owners can expect good results.
There’s an ample supply of houses and units in the neighbourhood with yields and weekly rents that make buying to let worthwhile. Houses fetch up to $400 per week and give a 3.4% yield. Units make well over $300 per week and achieve a healthy rental yield of 4.6%.
Mortgage brokers can help you utilise a comprehensive selection of low-cost specialist investor mortgages, including:
Is talking to a Savvy mortgage broker always worth it?
Pretty much 100% of the time. All of Savvy’s mortgage broker partners are fully licenced by either the MFAA or FBAA. We select local specialists based on their ability and track record for matching products and features to the needs and preferences of specific homebuyers. That means, no matter what your aims as a property owner, talking with a broker is always the best place to start.
Your home loan options
Making your first big step towards buying a home? It's crucial to be across your mortgage options as a first homebuyer.
Opting for a variable interest rate on your home loan means it'll fluctuate as the market moves throughout your repayment term.
On the other hand, fixing your rate locks it in for a pre-defined period. This can bring with it greater certainty around your budget.
It's important not to set and forget when it comes to your home loan. If you find a more competitive offer, it may be worth refinancing.
If you're looking to build a new house, construction loans are specifically designed to cater to the different needs associated with doing so.
A guarantor essentially acts as a safety net for your lender, as they sign onto your loan to agree to pay it off should you become unable to do so.
Purchasing a property as an investment brings with it different specifications from a lender. It's crucial to know what your options are.
Businesses big or small may wish to purchase a property for commercial purposes, which are also different from a standard loan.
Your home loan may give you an interest-only option, which allows you to exclusively pay interest on your loan for a set period.
Just because your finances may be slightly more complicated as a self-employed individual doesn't mean you can't take out a home loan.
Some lenders may allow you to apply for a home loan with alternative documents, such as tax returns, BAS and ABN registration.