Talking to a Melbourne mortgage broker can help you save money and time on your next home loan. They offer access to more options and cheaper interest rates, plus they’ll help you compare the best mortgages out there and prepare and submit your application, too.
Melbourne has got pretty much everything – historic, beautiful buildings, a thriving CBD and university scene, plus some of the most exciting stadia in the country. It’s full of bars, restaurants, stores, and cafes – plus its suburban sprawl offers a property option for every buyer and excellent transport links. A truly modern city, Melbourne remains affordable. Median prices for houses are around one million dollars, but this city still has neighbourhoods like Melton, for instance, where you can pick up a family home for under $400,000. If an apartment is more your thing, median prices are just $500,000 nearer the city, and you can buy for around $330,000 in areas like Melton.
Why do so many homebuyers turn to mortgage brokers?
Pretty much everyone these days recognises that mortgage brokers play an important role in helping homebuyers find affordable finance. There's a vast array of different lenders to choose from these days, and many of them rely on brokers to reach out to potential customers.
That drives down interest rates and offers borrowers a wider choice of products. The average broker partners with 34 different lenders, and they span the big banks, non-bank and international lenders, as well as local institutions like credit unions. Our brokers do many different things for homebuyers, including:
- Offering access to lenders without costly branch networks: About half of their home loans are sourced from alternative providers other than the big national banks.
- They help all homebuyers: In 2017, about a third of home loans were for investors, a third for owner-occupiers, and almost a fifth were for clients looking to refinance a current mortgage. In the same year, about 23% of mortgage broker clients were first-time buyers.
Can a broker find a mortgage for a Melbourne property investor?
If you’re looking to save time, maximise your chances of qualification, and see a broader range of investment home loans, mortgage brokers should be your first port of call. It’s not all about finding you the most cost-effective option; brokers spend more of their time on your application and chasing up progress than they do sourcing products – and that’s why they’re an increasingly popular choice for second homebuyers and investors.
Melbourne offers some excellent opportunities for investors. More than half of its residents live in rented property, with houses and apartments providing weekly rent averaging $600 and $400, respectively. Mortgage brokers can help you compare hundreds of investment mortgages with specialist features like interest-only repayments and lines of credit.
Can a Melbourne broker help me refinance my current mortgage?
When you refinance a home loan, it’s vitally important to compare every option out there – and talking to a mortgage broker means you’ll see more.
Getting the best available rate and features is all about tailoring your home loan to suit your circumstances – and brokers are experts at doing that. You can speed up the process and help your broker find your perfect lender match by having the following documents to hand:
You can help your broker find a faster, cheaper home loan option by having some essential details ready when you talk:
- The latest few statements for your current mortgage.
- Details about your property – such as the size of your block and the number of bedrooms.
- If you have a vehicle loan or personal loan, you’ll need to show details for those. You’ll also need statements for any credit or store cards.
- The lender will want to know about your assets, which could be shares or superannuation. For tangible assets like vehicles, you can show insurance documents.
- Have details about your income to hand, such as payslips or your latest two income tax assessments if you work for yourself. Some lenders will also wish to see the financials for your business.
- You’ll need to provide details about your regular expenses, such as your recent utility bills.
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.