Don’t sign on the dotted line for your next mortgage until you’ve spoken to a licenced broker in South Melbourne. Home loan specialists save Australian homebuyers money and time, plus they’ll help you qualify for a home loan quicker.
If you’re looking for everything the modern city has to offer, but you love Victorian architecture, South Melbourne is probably the ideal neighbourhood for you. It’s a hive of eateries, pubs, stores, and cobbled lanes within a stone’s throw of the CBD and even the beach. Here, you’ll find young newcomers and long-term residents rubbing shoulders and trams on their way to breakfast, work, or one of the area’s many attractions, such as South Melbourne Market or the Australian National Academy of Music.
Who can a South Melbourne mortgage broker help?
South Melbourne mortgage brokers are well placed to help a broad selection of homebuyers with purpose-designed home loan solutions, including:
Owner-occupier home loans: Given that South Melbourne is just a brisk walk to the CBD, median prices for homes in the area are a steal. The neighbourhood primarily offers apartments, but if you’re lucky enough to find a house, the average cost is only 1.5 million dollars. For many, units will provide a foothold, and with a median price of only $600,000, it’s hard to find an argument against buying one.
Investment mortgages: A staggering 45% of South Melbourne residents are tenants, and local brokers regularly source cost-effective borrowing options for second homebuyers and investors of all types. With weekly rents for apartments in the area in excess of $400 and a high turnover of professionals, it’s hard to look past this neighbourhood.
Self-employed mortgages: If you run a business or work as a contractor, a South Melbourne broker can find you a specialist home loan.
I’m buying in South Melbourne. How can a broker source a specialist mortgage that will save me money?
Depending on why you’re buying, what you do for a living, and whether you’ve got specific targets and plans, a South Melbourne broker can turn to a selection of useful home loans and features to help you find a cheaper mortgage, including:
- Professional package home loans: This option opens up access to interest rate discounts which get based on your occupation or career.
- Interest-only investment mortgages: If you’re a second homebuyer or investor, you can use interest-only repayments as part of a broader strategy.
- Offset accounts: This works just like a regular bank account, but your deposits reduce the amount of mortgage interest you pay.
- Redraw facilities: This feature provides a way to make extra repayments on your mortgage, then use the resulting equity for any purpose, paying the same interest rate as you do for your home loan.
- Lines of credit: With this feature, you can access the equity you’ve acquired over the course of ownership and put the capital to use, expanding a property portfolio or buying a second home.
Why do so many Australian homebuyers use a mortgage broker?
The truth is, it’s hard to find an argument against talking to a South Melbourne mortgage broker. Most home loan specialists get paid by lenders, not borrowers, and they provide an end-to-end service.
Surprisingly, brokers only spend 45% of their time with a client sourcing the ideal available products. They also target relevant lenders, making it more likely you’ll qualify for a home loan quicker. Then spend most of their time preparing and submitting your application – and chasing everything up until your loan gets settled. They save you time, effort, and a great deal of research.
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.