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How to find the best mortgage brokers in Geelong
To find the best mortgage brokers in Geelong, follow these steps:
- Research brokers and broking firms online to review previous client feedback.
- Seek recommendations from friends, family or colleagues who have recently used a local broker in Geelong.
- Book an initial consultation with your preferred mortgage brokers to gauge their communication style and assess their understanding of your situation.
- Choose a broker who provides reliable advice tailored to your specific circumstances and financial goals.
- Inquire about the broker’s payment structure to ensure transparency, noting that while brokers typically earn a commission, some may charge upfront fees.
Knowledge of the Geelong property market is a must for your broker
According to data from Geelong City Council, the median house price in the City of Greater Geelong was $730,000 in the March 2024 quarter. However, there was a 3.3% decrease compared to the same period last year. Despite a slight year-on-year dip in prices, Geelong maintains its status as a sought-after location, thanks to its affordability and accessibility to Melbourne.
Given its popularity for owner occupiers and investors alike, Geelong’s property prices are predicted to increase throughout 2024 and beyond. Your mortgage broker should have a good understanding of the local market as well as which suburbs are in demand.
Your broker should also be across the property transaction regulations, including transfer duty rates, as these can impact your borrowing requirements. Additionally, they should stay informed about any government grants or incentives available to specific borrower demographics, such as first home buyers.
Lastly, a top mortgage broker in Geelong may have access to products from local lenders that online brokers without a local presence might not be able to offer.
5 questions to ask your Geelong mortgage broker
Once you’ve completed your research, assessed the pros and cons of working with a broker, and are prepared to use their services, it’s important to ask the following questions:
1
How extensive is your lender network?
Mortgage brokers typically collaborate with various lenders, including banks, credit unions, and specialist lenders. Ensure they have a wide range of options to choose from.
2
How do you recommend products and lenders?
Australian brokers must be licensed and comply with the ‘Best Interests Duty’, whereby any recommendations must be in the best interests of the client, not how much commission is potentially earned.
3
Are there any fees associated with your service?
Most brokers won’t charge a fee for their services, but rather receive a commission from the lender you choose once your loan has settled. However, in some complicated circumstances, such as if you have poor credit, a broker may charge a fee.
4
Is the interest rate the primary consideration?
A good broker will thoroughly discuss all aspects of a home loan, including the interest rate, fees, terms, redraw facilities, and offset accounts, ensuring clarity about the loan contract.
5
How long does pre-approval take?
While pre-approval timelines vary depending on the lender, experienced brokers familiar with lenders’ procedures 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.