Wollongong is an active regional property market that offers plenty to a wide range of different homebuyers. Whether you’re new to the area or just moving house, MFAA or FBAA-approved mortgage brokers can access a range of flexible home loan options to suit all budgets, ambitions, and properties – and you can find the expert help you need with Savvy.
Why is using a mortgage broker better and how do they work?
Our mortgage brokers do a lot more than just help homebuyers find the cheapest deals on home loans. They offer an end-to-end home loan service that makes purchasing an apartment or house easier and quicker.
Local mortgage brokers liaise with all parties to ensure a smoother, quicker home purchase. They help with everything from assembling all the proper paperwork to filling out forms and keeping an eye out for any holdups or problems.
Our brokers maintain working relationships with many different lenders, nationally and locally. That makes them ideally placed to compare more owner-occupier home loans, features, and products.
When you talk with one of our brokers, they’ll discuss your financial situation and aims before going to work finding relevant, functional solutions and repayment options, such as fixed-rate or variable-rate repayments. If you want to mix things up, talk with your broker about a split-rate solution.
How does a mortgage broker find the best home loan for me?
Home loans are very personalised products. Using a mortgage broker opens up all the options you need to get that exactly right. Let’s look at just a couple of examples of how mortgage brokers tailor home loans.
- The downsizer: Plenty of folks make the move south to get out of the city and near the beach for a fraction of what it would cost in Sydney. Chances are, if you’ve been a Sydneysider for several years and sold up to take advantage of far cheaper property prices, a mortgage broker can walk you through the steps of a home loan more suitable to the property that you may be purchasing. These could include an apartment loan, a no-frills basic home loan or a home loan for a hobby farm; whatever the property type, a Savvy broker can assist you.
- The second homebuyer: Nearly any home in Sydney is going to be a great investment. Let’s say you decide to keep your current place in the city and buy a second house or apartment in Wollongong. One possibility is using the equity in your home to pay for a deposit on an apartment.
- The investor: If you’re not planning to live there yourself, or looking to retire there later, a Savvy broker can help you source a whole selection of relevant features and products available to investors. The city offers some exceptional opportunities for the investor. The median price for a smaller apartment or unit is still well under the $400,000 mark, and such examples generate around $350 per week on average.
- The first-time buyer: If you’re looking to purchase your first home, you couldn’t be in better hands than with our brokers. They help first homebuyers in several different ways. Not only will a Savvy broker help you source a specialist mortgage, such as a guarantor home loan or a family pledge loan, but they can access low-deposit mortgages Beyond finding you a more cost-effective deal, they can advise about state-specific stamp and transfer duty requirements and guide you through the application process more quickly.
What can I buy in Wollongong and how can a mortgage broker help?
Right now, the city is in the middle of a development boom. Thousands are making their way out of Sydney to take advantage of lower property prices, excellent amenities and the chance to live with the beach right on their doorstep.
Not even COVID-19 stopped it attracting new residents. In fact, cheaper property prices in the region have driven an influx of employers – which has just fuelled an even greater demand for apartments and family homes – and that’s driving even more construction.
Amazingly, despite the rush to live in the area, the median price for a smaller apartment or unit is still well under the $400,000 mark. The city isn’t all about high-rise living: it's been around for a long, long time and housing stock reflects that. Families can still pick up a three-bedroom house for an average $800,000.
Active markets like these are where our mortgage brokers excel. They can help you get the edge on rival buyers when demand is high, they work to complete purchases and get home loans settled as quickly as possible and have a product or feature for every buyer type, including:
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.