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How to find good mortgage brokers in Sydney
To find a good mortgage broker in Sydney, you’ll need to:
Do your research
Read company profiles online and check out reviews from previous clients. Explore what services the brokerage provides and whether it suits your needs. You may also want to see if the company or individual brokers have won any industry awards as this may indicate they excel in a particular field.
Ask for recommendations
Don’t be afraid to ask your friends and family for recommendations who have recently bought property in Sydney. They may suggest brokers better suited to your financial goals and overall position.
Narrow down your options
Once you’ve selected a preferred broker, organise a consultation (these are usually free) and discuss your specific needs. Pay attention to how they communicate, ask lots of questions, and assess how they address your concerns.
Choose a mortgage broker
Look for a mortgage broker who gives you great financial advice and is transparent about how they get paid. It’s also important to make sure the broker has a solid understanding of the Sydney property market.
Make sure your mortgage broker understands the Sydney property market
It goes without saying that real estate in Sydney is a highly contested market, featuring some of Australia’s most expensive suburbs. According to Domain, Sydney’s Bellevue Hill reached a median house price of $9.17 million. With such an in-demand market, it’s essential that your mortgage broker can navigate the process efficiently so you can act fast if a property comes to the market that ticks all your boxes.
Make sure your broker is across any state-based rules on property transactions, such as transfer duty rates as this can affect your overall costs and how much you need to borrow.
Your broker should also be familiar with government incentives for first home buyers or other types of borrowers, such as those who are self-employed.
Today, most brokers are online and operate across Australia. However, some Sydney-based brokers may have access to local lenders that offer specific deals for borrowers in Sydney.
The best brokers in Sydney will be able to provide you with property reports that show on individual properties, plus insights on the local market, including statistics on a suburb’s population and whether a particular area is yielding good results for investors. Having these details on hand may help you decide if now’s a good time to buy.
How Sydney mortgage brokers can help you
Sydney mortgage brokers offer expert assistance, regardless of your property knowledge. They typically negotiate competitive interest rates and loan terms on your behalf, potentially surpassing those advertised by lenders.
Throughout the buying process, mortgage brokers give comprehensive guidance and support. This includes explaining various finance options and helping you select the most appropriate deal according to your circumstances.
One of the major advantages of using a broker is that their human interaction provides reassurance during a somewhat complicated process. This can be a huge bonus if you’re not confident in your ability to find a good deal.
Is it worth paying a mortgage broker in Sydney?
It depends on your situation and your level of experience with buying property in Sydney.
For some borrowers, mortgage brokers provide peace of mind in securing a good finance deal, as well as dealing with all the relevant paperwork. While other borrowers may be perfectly capable of finding a home loan without the assistance of a broker.
It’s important to note that competition for properties in Sydney’s most sought after suburbs (such as Chatswood, Frenchs Forest and Mosman) is strong. This is where mortgage brokers are useful as they can help get your finances in order quicker so you’re ready to make a winning offer.
Keep in mind that most mortgage brokers only work with a selection of lenders. This means that they won’t offer all home loans available to you.
Key questions to ask Sydney mortgage brokers
As a starting point, you should be asking your Sydney mortgage broker the following:
1
What lenders do you partner with?
Brokers do not have access to all lenders in the market. They generally partner with a pool of lenders, including banks, credit unions and specialist lenders. Make sure you’re not limited to a small selection.
2
How do you recommend loans for my situation?
Every borrower’s financial position is unique, meaning you’ll want a broker who listens to your questions and recommends options based on your goals. For example, if you’re a first home buyer, you may prefer a basic loan to minimise costs, whereas refinancers may value loans with an offset account and other features.
3
What fees are involved, and how are you paid?
Most mortgage brokers are paid a commission by the lender you choose, while others may charge an upfront fee (although this isn’t common).
4
Is the interest rate the most important feature of a loan?
Mortgage brokers should explain every feature of each option, including the interest rate, fees, terms, redraw facility, offset accounts, and more. This way you get a holistic view of what you’re signing up for.
5
How long will it take for my mortgage to be approved?
Ensure your broker gives you a realistic timeframe of when your mortgage will likely be approved (otherwise known as pre-approval). This will indicate to sales agents that you’re serious about making an offer on a property.
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.