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What to look for in a Toowoomba mortgage broker
To find the best mortgage brokers in Toowoomba, consider these key factors:
Experience & transparency
Look for brokers with a solid track record and in-depth knowledge of the local market. Understand how brokers are paid, whether through commission or fees.
Personalised service
Choose brokers who offer tailored solutions to meet your specific needs and financial goals.
Communication
Prioritise brokers who maintain open and clear communication throughout the lending process.
Client reviews
Consider client testimonials and reviews to assess the broker's reputation and customer satisfaction.
Your broker should have an understanding of the Toowoomba property market
According to ReMax’s latest property market update, Toowoomba house prices increased by 1.8% in the quarter leading up to February 2024 and by 8.8% over the past 12 months. This brings the median dwelling price to $524,723, marking a 56.2% rise since 2019. Despite the strong performance of property prices, Toowoomba remains more affordable for buyers compared to Brisbane, the Gold Coast and the Sunshine Coast.
A good mortgage broker should have an understanding of the local market, including areas experiencing growth or decline in prices. They should also be able to offer insights into each suburb’s profile, such as schools and public transport infrastructure.
Furthermore, your broker should provide a clear explanation of property transaction regulations and costs, including transfer duty rates, as these can affect your borrowing requirements. They’ll also need to be up to speed on government grants or incentives, especially for first home buyers.
Finally, a mortgage broker in Toowoomba may have access to products from local lenders that online brokers without a local presence may not offer.
5 questions to ask mortgage brokers in Toowoomba
Once you’ve weighed the pros and cons of using a broker and are ready to engage, make sure you ask these questions:
1
Which lenders do you work with, and what types of home loans do you specialise in?
Understanding the broker’s expertise and their range of lenders helps you determine if they can access a variety of options, potentially increasing your chances of finding the best deals.
2
How are you paid and will it cost me anything?
Brokers typically earn a commission from the lender you choose upon settlement, which means it usually won’t cost you a cent to use their services. However, some brokers may charge a fee in unique circumstances.
3
How do you recommend different loan products and lenders?
This will help you understand the broker’s process for assessing your suitability for various loan options. Keep in mind that all brokers must act in the best interest of their clients, which is enforced by law.
4
What support do you offer throughout the loan process?
Asking about the broker’s support services ensures you receive adequate assistance and clear communication throughout the loan journey, minimising stress and uncertainties.
5
How long does it typically take to get pre-approved?
Knowing the estimated time frame for pre-approval helps you plan accordingly when you’re ready to place an offer on a particular 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.