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How to find the best Darwin mortgage brokers
Finding the best mortgage broker in Darwin requires a little homework, but here’s how you can narrow your search:
Step 1
Compare a range of brokers and broking firms online to see which have consistently positive reviews from previous clients, ensuring the brokers you compare specialise in the service you’re looking for (i.e. loans for first home buyers).
Step 2
Ask your friends, family and colleagues for recommendations, particularly from those who have recently used a broker while purchasing a home in Darwin. Their experiences may help steer you in the right direction.
Step 3
Schedule a couple of consultations with mortgage brokers to discuss your needs. See how they interact and listen to you, as well as how they address your questions and concerns.
Step 4
Choose a broker who best suits your needs and goals, and one who is transparent about how they’re paid. For extra peace of mind, ensure they are familiar with Darwin’s property market.
Your Darwin mortgage broker should have an understanding of the local property market
Recent PropTrack data revealed the median value for dwellings in Darwin was $491,000, sitting well below averages across other capital cities. Despite the cheaper price tag, prices in Darwin have increased “25.7% above their pre-pandemic levels in March 2020”, according to Eleanor Creagh, PropTrack’s senior economist and report author. Given it’s a much smaller market, Darwin mortgage brokers should be across the local real estate landscape, and be able to provide advice on which areas are experiencing growth.
Furthermore, it’s essential your broker is up to date with the Northern Territory’s property regulations, including stamp duty rates, as this can impact your borrowing capacity. Mortgage brokers should also be across any government incentives for different types of borrowers, like first home buyers or self-employed borrowers.
A Darwin-based broker may even be able to offer exclusive deals from local lenders, as opposed to choosing an interstate broker who operates online. Good brokers can usually give property reports with information on market conditions, which can help you decide on which areas or homes you buy in.
What to ask mortgage brokers in Darwin
Here are some key questions to ask your mortgage broker:
1
Which lenders and banks do you work with?
Check the lenders your broker has access to, including banks, credit unions and online lenders to ensure they’re recommending products from a range of options.
2
How do you recommend mortgages?
You’ll want a broker who has your situation and goals in mind. Most brokers will recommend a variety of loan products and lenders based on your circumstances, such as if you’re buying your next home or refinancing.
3
How do you get paid and are there any fees attached?
Your broker will likely receive a broker commission from the lender you choose upon settlement, but it’s nice to clarify these details just in case. Check there are no upfront fees or additional charges.
4
How quick will my finances be approved?
Although this will vary depending on your financial circumstances and the lender you choose, your broker should give you an estimated timeline for pre-approval.
Important: The list of mortgage brokers presented on this page is 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.