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How to find a good mortgage broker in Ballarat
To find a top mortgage broker in Ballarat, here’s what you can do:
Step 1
Check what previous clients have said about brokers in online reviews. Look for consistent themes in positive or negative reviews.
Step 2
Ask friends, family or colleagues who have recently worked with a local broker in Ballarat for recommendations.
Step 3
Book a meeting with your chosen mortgage broker to see how well they communicate and understand your situation.
Step 4
Pick a broker who offers reliable advice tailored to your specific circumstances and financial goals.
Bonus tip: Discuss how the broker gets paid to ensure transparency. Keep in mind that while most brokers earn commissions, some may charge upfront fees.
Your broker should have an understanding of the Ballarat property market
Although Victoria’s regional property markets, such as Ballarat, saw growth during the pandemic, these regions are currently facing a downturn in prices. In fact, the median house price in Ballarat fell from $580,000 to $550,000 in the quarter ending December 2023 compared to the same period last year, as reported by the Ballarat Times. Despite the dip in prices, Ballarat remains a strong market, with many pundits expecting a turnaround later this year.
That’s why it’s important your mortgage broker has a deep understanding of the local housing market. By being familiar with property trends, neighbourhood demographics and market fluctuations specific to Ballarat, your broker can offer insights that are relevant to your home-buying or investment goals.
Your broker should be able to clearly outline the property transaction regulations, including transfer duty rates, as these can affect your borrowing needs. Furthermore, they should stay updated on any government grants or incentives available to specific borrowers, such as first home buyers.
A mortgage broker in Ballarat might also have access to products from local lenders that online brokers lacking a local presence may not be able to provide.
5 questions to ask your Ballarat mortgage broker
Once you’ve done your research and weighed up the pros and cons of using a broker, it’s important to ask these questions:
1
How many lenders do you work with?
Brokers usually work with different types of lenders like banks, credit unions and specialist lenders. Make sure they have lots of options.
2
How do you pick products and lenders for me?
Every broker in Australia should be guided by the ‘Best Interests Duty’, where recommendations are based on a client’s best interests, not a product or lender that makes them the most money.
3
How do you make money?
Most brokers won’t charge you directly. Instead, they get paid a commission by the lender you choose when your loan settles. In rare instances, such as if you have a particularly complex situation, they might charge a fee.
4
Is the interest rate the most important factor?
A good broker will talk to you about everything in the loan, not just the interest rate. For example, the fees, terms and other features, like offset accounts and redraw facilities.
5
How long does it take to get pre-approval?
Different lenders take different times. But a top broker who knows the lenders well should be able to give you an idea on how long it might take.
Important: The mortgage brokers presented on this page are based on research carried out by our experts 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.