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How to find the best mortgage brokers in Bendigo
Consider these steps to find the best mortgage brokers in Bendigo:
- Step1: Research online to assess client feedback for brokers and broking firms.
- Step 2: Ask for referrals from friends, family, or colleagues who have engaged a Bendigo-based broker recently.
- Step 3: Schedule a consultation with your preferred broker to see how well they communicate and if they fully understand your needs.
- Step 4: Select a broker who offers good advice tailored to your individual situation and financial goals.
- Step 5: Clarify how they’re paid; while brokers typically earn commissions, some may charge upfront fees.
Does your broker have a good understanding of the Bendigo property market?
The property market in Bendigo has experienced a recent decline. Data from realestate.com.au shows that the median house price, which was around $670,000 in mid-2022, has fallen to $540,000 as of April 2024. Even with the downturn, Bendigo's housing market has outperformed many other regions in Victoria from the onset of the pandemic, growing 40.6% since March 2020.
Given it’s only a two-hour drive north west of Melbourne, Bendigo remains a place for homebuyers to invest in, particularly those looking to escape the city. With this in mind, your mortgage broker should have an understanding of the local market, including the Bendigo suburbs that are in demand.
Your broker should also know the property transaction regulations, such as transfer duty rates, as these can impact your borrowing capacity. Furthermore, a good broker will be across any government grants or incentives that apply to specific borrowers, like first-time buyers.
On a final note, it’s worth pointing out that the best Bendigo mortgage brokers might have access to products from local lenders that online lenders operating elsewhere may not be able to offer.
5 questions to ask your Bendigo mortgage broker
Once you weigh the pros and cons of using a broker, and you're ready to use their services, it's time to ask some important questions:
1
How many lenders do you work with?
Brokers usually work with banks, credit unions, and other lenders. Make sure they have a decent spread of options to offer you.
2
How do you decide which products and lenders to recommend?
In Australia, brokers have to be licensed and follow the ‘Best Interests Duty’, a set of guidelines that say they have to recommend what's best for you, not what earns them the most money.
3
Are there any fees for your service?
Usually, brokers don't charge you directly. They get paid by the lender you choose when your loan is sorted out. But in some tricky lending situations, they might charge you a fee.
4
Is the interest rate the most important thing?
A good broker will talk to you about everything in the home loan, like the interest rate, any fees, the terms, and if you can redraw money or have an offset account. They make sure you understand everything in the loan contract.
5
How long does it take to get pre-approval?
The time it takes to get pre-approval can vary depending on the lender. But experienced brokers who know how lenders work should be able to give you an idea of how long it might take.
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.