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How to find the best Adelaide mortgage brokers
To find a good mortgage broker in Adelaide, you’ll need to:
Do your research:
Dive into the online company profiles and customer feedback to check if they’re right for you. Consider the services on offer and any awards received, showcasing expertise in specific areas.
Seek referrals
Reach out to your family, friends and co-workers for recommendations, especially from recent property buyers in Adelaide. Their experiences might steer you towards brokers who match your financial goals.
Refine your options
Arrange meetings with preferred brokers to discuss your needs. Assess how they communicate to your queries and concerns.
Choose your match
Opt for a broker who offers valuable financial advice and transparent fee structures. Additionally, verify their understanding of the Adelaide property market.
Your Adelaide mortgage broker should have an understanding of the local property market
The real estate market in Adelaide is becoming increasingly competitive, with house prices expected to continue to rise in 2024. According to Domain, the median house price in 2023 was $884,654, an increase of 60% from 2019. With such high demand, your mortgage broker needs to be proactive and provide quick turnaround times with loan applications.
Make sure your broker is across the state’s property regulations, including stamp duty rates, which can influence your borrowing requirements. They should also be knowledgeable about any government incentives for various borrower types, such as first home buyers or those seeking low-doc home loans (i.e. loans for self-employed borrowers).
Although many brokers operate nationwide online, choosing an Adelaide-based mortgage broker may grant you access to local lenders offering exclusive deals. Moreover, reputable brokers often supply property reports that cover the local market conditions, giving you insights to make a better informed decision.
Important questions to ask mortgage brokers in Adelaide
These are the main questions you should ask your Adelaide mortgage broker:
1
Which lenders are in your network?
It’s essential to ensure your broker has connections with various lenders, including banks, credit unions and specialised lenders.
2
How do you recommend products?
Look for brokers who listen to your needs and suggest options that align with your goals. For example, if you’re upsizing, you might prefer a home loan with a low interest rate and access to an offset account. An investor, on the other hand, may seek a mortgage with minimal fees and flexible repayment terms.
3
What are the applicable fees, and how do you earn money?
Inquire about any commissions your broker may receive from your selected lender, as this is typically how they’re paid. Some brokers may charge an upfront fee, however this isn’t common.
4
Is a low interest rate the only consideration for choosing a mortgage?
A good broker should walk you through all aspects of loan options, not just the interest rate. Consider factors such as fees, terms, redraw facilities, and offset accounts for a greater understanding.
5
How long does the mortgage approval process typically take?
Your broker should be able to provide a ballpark timeframe for your pre-approval, which can vary based on the lender and your individual circumstances. Obtaining pre-approval signals to real estate agents that you’re serious about purchasing a specific property.
Important: The list of mortgage brokers presented on this page is based on research our experts could find at the time of writing. We are not making a recommendation about any particular brokers. Please use this information as a guide only, and do your own research before engaging with a mortgage broker.