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How to find the best mortgage brokers in Melbourne
To find a reliable mortgage broker in Melbourne, follow these steps:
Do your homework
Explore online company profiles and client reviews to see if they’re a suitable match. Assess the range of services offered and any awards received, indicating expertise in specific areas.
Seek recommendations
Tap into your social network for advice, particularly from those who recently purchased property in Melbourne. Their insights may lead you to brokers aligned with your financial objectives.
Narrow your choices
Schedule consultations with preferred brokers to discuss your needs. Evaluate their communication style, willingness to address queries, and attentiveness to your concerns.
Choose wisely
Select a broker who provides helpful financial guidance and transparent fee structures. Also, ensure they have in-depth knowledge of the Melbourne property market.
Make sure your mortgage broker understands the Melbourne property market
In Melbourne, real estate is fiercely competitive, boasting some of Australia’s priciest neighbourhoods. Fitzroy, for instance, saw a median house price of $1.65 million in 2023, as reported by Domain. Given this demand, your mortgage broker should be on the ball, enabling quick action when a desirable property hits the market.
Ensure your broker understands state-specific property transaction regulations, like transfer duty rates as this may affect your borrowing needs. They should also know of any government incentives for different types of borrowers, such as first home buyers or low-doc individuals.
While many brokers operate online nationwide, Melbourne-based brokers may offer access to local lenders with exclusive deals. Additionally, good brokers provide property reports and local market insights, helping you make an informed decision about the area you wish to buy in.
Key questions to ask Melbourne mortgage brokers
As a general rule of thumb, you should ask your Melbourne mortgage broker the following:
1
How long does mortgage approval take?
Ensure your broker provides a realistic timeframe for your pre-approval (it can vary depending on the lender and your personal circumstances), however they should be in a position to advise a rough estimate. Once pre-approval is obtained, it will signal to sales agents that you’re serious about purchasing a particular property.
2
How do you tailor loans to my situation?
Seek a broker who listens to your needs and recommends options aligned with your goals. For instance, first home buyers may prefer basic home loans with a low interest rate, while an investor may want a mortgage with lower fees and flexible repayment options.
3
What fees apply, and how do you get paid?
Ask your broker whether they earn a commission from your chosen lender as this is the most common way they get paid. Some brokers may charge an upfront fee, although this is less common.
4
Should I only consider a mortgage with a low interest rate?
Brokers should explain all aspects of loan options, not just the interest rate. Consider features like fees, terms, redraw facilities, and offset accounts for a comprehensive understanding.
5
Which lenders do you work with?
Brokers usually partner with a range of lenders, so ensure you have access to various options, including banks, credit unions, and specialist lenders.
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.