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How to find the best Canberra mortgage brokers
Searching for a good mortgage broker can seem a little daunting, but there are ways to narrow down your search.
Here’s what you should look for:
Positive reviews
Look for client testimonials, particularly from previous customers who were in a similar position to you (i.e. a first home buyer).
Experience
How long have they been a broker for or have they been in the finance industry prior to becoming a broker?
Recommendations
Ask your family, friends and colleagues if they’ve recently gone through a broker to buy property in Canberra. If so, would they recommend their services?
Transparency
Choose a mortgage broker who is transparent about how they get paid as well as how familiar they are with the Canberra property market.
Your mortgage broker should have a good understanding of the Canberra property market
In February 2024, Canberra’s median house price exceeded $1 million, making it pricier than Brisbane, Adelaide and Perth, according to Domain. Units in Canberra were also in high demand, with a median price of $625,597 - a 10.2% increase year-on-year. In a tough market, a mortgage broker who can secure financing for clients quickly could be invaluable.
It’s important that your broker knows the ACT property rules, like stamp duty concessions, which could impact your borrowing capacity. They should be across the government incentives available for first home buyers.
Choosing a Canberra-based broker may even give you access to non-advertised deals through local lenders.
Key questions to ask mortgage brokers in Canberra
Here are some important questions to ask your Canberra mortgage broker:
- What types of loans do you specialise in? Having a broker who has a track record of helping clients in a similar position to you (i.e. an investor) is crucial.
- Can you explain the different types of mortgages? Understanding your options ensures you choose the right fit for your needs (e.g. principal and interest or interest only).
- What government incentives or programs apply to me? Learning this can save you money during the homebuying process (i.e. Home Buyer Concession Scheme).
- How many lenders do you have access to and how do you recommend products? Most brokers will have a selection of preferred lenders they deal with. Some brokers will base their recommendations primarily on the rate, but borrowers may have other priorities. For example, first home buyers may only be after loans with a low interest rate and offset accounts, while investors might be after lenders that offer loans with interest-only repayments.
- How do you get paid? Brokers usually earn a commission that’s paid by the lender once the loan has been approved. However, some brokers may charge an upfront fee, particularly if the borrower has a complicated situation (i.e. a person who’s self-employed with average credit).
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.