Talking to a licenced broker can help you save money on your mortgage. Find out what a home loan specialist can do for you, why more and more Aussies are using one and how they give you access to more lenders, products and lower interest rates.
In New South Wales, Newcastle is second in size only to Sydney, with many beautiful beaches. Traditionally a hub for coal and steel, the city has reinvented itself in recent decades as a centre for business.
Why do homebuyers use mortgage brokers?
These days, mortgage brokers make a lot of sense, and that’s reflected in the number of Australian homebuyers that choose to consult one. They offer access to more than just the big national banks. Many independent lenders offer very competitive rates because they rely on brokers to reach out to customers, meaning their overheads are lower than traditional providers in the industry. A recent independent study found that:
- Brokers arranged more than 55% of Australian home loans in 2017.
- Only about 50% of those loans were arranged through the big four banks.
- Nine out of ten clients said they were extremely happy with the service they received.
- ASIC says brokers help match consumers with the right home loans, navigate the application process, and improve financial literacy – while playing a valuable role in providing a distribution channel for smaller lenders—without branches and exerting downward pressure on home loan pricing.
What can a Newcastle mortgage broker do for me?
Newcastle mortgage brokers help a broad range of clients find their ideal mortgage solution. Australian brokers partner with 34 different lenders on average, meaning they can compare hundreds of home loan products and options to suit a multitude of budgets and purposes, such as:
Low-deposit home loans for first-time buyers: Newcastle is a lot more affordable than Sydney, even though it’s one of the country’s biggest population centres. Median house prices remain at $650,000, and you can buy an apartment for around $550,000. Talk to a local broker about helpful features like fixed-rate repayments, and you can access specialist home loans such as guarantor mortgages.
Owner-occupier home loans: With low median prices and excellent employment opportunities, Newcastle attracts many single professionals, couples, and families. A local mortgage broker can talk you through flexible home loan features like professional package mortgages, which allow interest rate discounts based on your occupation. You can also use an offset account to pay down your home loan quicker and redraw facilities offer cost-effective borrowing for a range of purposes for the same great interest rate as your mortgage.
Investment home loans: Second homebuying is popular in Newcastle, where more than 30% of the population live in rented accommodation, and the average weekly rents are $480 for houses and $440 for units. Both those options produce a rental yield of around 4% for investors. Local brokers can help Newcastle investors compare investment mortgages from dozens of lenders.
Specialist mortgage options: Newcastle brokers can help find you a mortgage that suits your borrower profile, giving you a far greater chance of qualifying more quickly and more easily. They help with self-employed home loans, non-genuine savings mortgages, and brokers can even assist with reverse home loans for retirees. No matter what solution you require, talking with a local home loan professional is always your best next move.
What’s the easiest way to connect with a licenced mortgage broker in Newcastle?
When you enquire with Savvy, finding licenced mortgage brokers is both quick and easy. We only partner with the best home loan specialists around Australia so that homebuyers can get expert help with everything from finding the cheapest home loan solutions to qualifying for a mortgage faster.
All of our broker partners are either MFAA or FBAA-approved. We carefully select them according to their track records for customer service and consistently finding the best home loan deals for clients.
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.