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How to find a good mortgage broker in Cairns
To find a top mortgage broker in Cairns, consider these key factors:
- Experience: Seek brokers with a proven track record and deep knowledge of the local market. Seasoned brokers can cut through the confusion of mortgage lending to find deals tailored to your needs and financial goals.
- Customised service: Select a broker who can provide a personalised service that aligns with your circumstances. A broker who understands your overall position can deliver exceptional advice and recommend more suitable loan options.
- Transparency is key: The majority of mortgage brokers earn commissions from lenders, but some may charge a fee for their services. Ensure you know how your broker is paid so you can avoid any surprises.
- Communication: Give preference to brokers who uphold open, honest and transparent communication throughout the entire lending process. Effective communication ensures you are well-informed to make confident decisions.
- Client testimonials: Check client reviews to assess the broker's reputation. Positive feedback from past clients can signal reliability and satisfaction.
Your broker needs to be across the Cairns property market
Cairns, like any other regional Australian city, has its unique dynamics, including market changes and property trends. A good mortgage broker should inform you of challenges in specific areas, such as seasonal tourism fluctuations and flood-prone suburbs, which can affect property demand. However, just last year, Cairns was touted as a hotspot for the nation’s best rental yields, signalling an opportunity for savvy investors.
With its tropical climate and relaxed lifestyle, Cairns remains a popular place to live and a favoured tourist destination. These favourable conditions mean your broker needs to bring their A-game when you’re ready to bid on a property.
Not only that, you’ll need a broker who is across property transaction regulations, including transfer duty rates, as this can impact your borrowing needs. Furthermore, they should be knowledgeable about government incentives available to various borrower types, such as first-time homebuyers.
Lastly, while most larger brokerages operate online, a Cairns-based mortgage broker may have access to local lenders offering deals tailored to local borrowers.
5 questions to ask your Cairns mortgage broker
If you’ve weighed up the pros and cons of using a broker and wish to go ahead with their services, ensure you ask the following questions:
1
How many lenders do you have access to?
Mortgage brokers typically partner with a selection of lenders, including banks, credit unions, and specialist lenders. Confirm they have a diverse range of lenders, as this may increase the likelihood of having more loan products to choose from.
2
How do you make recommendations for products and lenders?
Brokers in Australia must be licensed and follow the 'Best Interests Duty,' which means their recommendations must align with the client’s best interests rather than being influenced by a product or lender offering higher commissions.
3
Are there any fees associated with your services?
While most brokers don’t charge upfront fees, they typically earn a commission from the lender chosen upon settlement. It's best to confirm, as some brokers may charge a fee in unique situations, such as for individuals with poor credit.
4
Is it best to focus solely on low interest rates?
A reputable mortgage broker will thoroughly explain all home loan features, including interest rates, fees, terms, redraw facilities, and offset accounts, ensuring a comprehensive understanding.
5
How long does pre-approval usually take?
The timeframe for pre-approval varies depending on the chosen lender, but given brokers' daily interactions with lenders, they should be able to provide an estimated timeframe.
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.