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How to find the best mortgage brokers in Central Coast
Finding the best Central Coast mortgage broker will require a little bit of homework. Here’s how you can begin your search:
- Explore company websites and individual broker profiles to check previous client reviews.
- Seek recommendations from friends, family or colleagues, particularly if they’ve recently engaged a local broker.
- Reach out to your preferred mortgage brokers to initiate discussions about your requirements, and assess their communication style.
- Select a broker who offers dependable advice tailored to your circumstances and financial goals.
- Lastly, inquire about their payment structure (typically a broker earns a commission, but some may charge upfront fees) to ensure transparency.
Your broker should know the Central Coast property market
In recent years, the housing market on the NSW Central Coast has seen steady growth in property values, driven by rising demand from both local residents and migration from those relocating from Sydney. Despite being a consistent market during the pandemic, some areas have witnessed a slump in prices, including Forresters Beach, where the median value had dropped year-on-year by 11.4% in 2023, as reported by realestate.com.au.
This means it’s essential your mortgage broker knows the Central Coast property market like the back of their hand. Moreover, your broker should have a good understanding of which suburbs are performing, whether it be through property reports or past client experiences.
Your broker should also be across the property transaction regulations, including transfer duty rates, as this can affect your borrowing needs. Furthermore, they should be on top of any government grants or incentives for particular borrower types, such as first home buyers.
Finally, a quality mortgage broker who’s based on the Central Coast may be able to access local lenders’ products – potentially ones that online brokers without a local presence won’t be able to offer.
5 key questions to ask Central Coast mortgage brokers
Once you’ve done your research, weighed up the pros and cons of using a broker, and are ready to proceed with their services, it’s crucial to ask the following questions:
1
How many lenders do you have access to?
Mortgage brokers typically work with a range of lenders, including banks, credit unions, and specialist lenders. Make sure they have a healthy selection of lenders to maximise your options for loan products.
2
How do you recommend loans and lenders?
Brokers in Australia must be licensed and adhere to the ‘Best Interests Duty’, ensuring recommendations prioritise the client’s best interests over those of products or lenders offering higher commissions.
3
Do you charge any fees for your services?
Most brokers do not charge upfront fees; instead, they earn a commission from the lender you select upon settlement. However, it’s worth confirming, as some brokers may charge fees for unique situations, such as clients with bad credit.
4
Is a low interest rate the most important consideration?
A reputable broker will discuss all aspects of the home loan, including the interest rate, fees, terms, redraw facilities, and offset accounts, to provide a clearer understanding of what you’re signing up to.
5
How long does pre-approval take?
The timeframe for pre-approval usually depends on your lender, but seasoned brokers, familiar with how lenders operate, should be able to offer 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.