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How to find the best mortgage brokers on the Sunshine Coast
Finding the best Sunshine Coast mortgage broker will require some research. Here’s where you can start:
1
Check company websites and individual broker profiles for client reviews.
2
Ask friends, family or colleagues for recommendations, especially if they’ve recently used a local broker.
3
Get in contact with your preferred mortgage brokers to discuss your needs, and assess the way they communicate.
4
Choose a broker who gives reliable advice based on your circumstances and financial goals.
5
Lastly, don’t forget to ask them about how they’re paid (brokers usually earn commission but in some cases, may charge an upfront fee).
Your broker should have an understanding of the Sunshine Coast property market
Migration during the pandemic boosted property prices on the Sunshine Coast, but has slowed recently in comparison to its peak in mid-2022. Despite the downturn, house prices are still “61% higher than they were in March 2020”, according to the Sunshine Coast News. Given this level of demand for property, your mortgage broker should be proactive, ready to act quickly when a desirable property becomes available.
You’ll also want to make sure your broker is up to speed with property transaction regulations, including transfer duty rates, as these factors can impact your borrowing needs. Furthermore, they should be knowledgeable about any government incentives available to various borrower types, such as first-time homebuyers.
Although most larger brokerages operate online Australia-wide, a Sunshine Coast-based broker may have access to local lenders with deals tailored to local borrowers.
Key questions to ask Sunshine Coast mortgage brokers
If you’ve weighed up the pros and cons of using a broker and you’re ready to go ahead with their services, ensure you ask the following questions:
How many lenders do you work with?
Mortgage brokers usually have access to a select number of lenders, including banks, credit unions and specialist lenders. Ensure they have a diverse spread of lenders as this means you’ll likely have more loan products to choose from.
How do you recommend products and lenders?
Brokers in Australia must be licenced and adhere to the ‘Best Interests Duty’, whereby recommendations have to be in the client’s best interests and not of a product or lender offering a higher commission.
Do I have to pay any fees for your services?
Most brokers won’t charge any upfront fees, but rather they’ll earn a commission from the lender you choose upon settlement. It still doesn’t hurt to verify, though, as some brokers may charge a fee if the client has a very unique situation, such as an individual with bad credit.
Should I only consider a mortgage with a low interest rate?
A reliable mortgage broker will run through all of the home loan features, including the interest rate, fees and charges, terms, redraw facilities, and offset accounts for a clearer understanding.
How long does pre-approval take?
This will depend on the lender you choose, but given that brokers work with lenders every day, they 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.