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What our mortgage brokers offer Adelaide home buyers
Our brokers can help buyers in Adelaide realise their property goals by providing expert guidance and insights on your home loan options.
We’ll get to know your circumstances and goals, and guide you through potential strategies and options that will help you get your mortgage sorted faster and with a better deal.
Our brokers have access to loans from more than 45 leading lenders. We’ll show you which ones are the best potential match, whether it’s your first property purchase in the Adelaide area, or your looking for a better deal on your existing finance.
Adelaide borrowers we can help
First home buyers in Adelaide
Buying a home in Adelaide has certainly become more of a challenge for many first home buyers. Property prices across the city have risen by more than 70% over the past five years, so first home buyers need to maximise every last dollar of their borrowing capacity.
Our brokers can help you do just that and advise you on what strategies you may be able to deploy to get there faster, like borrowing with a guarantor, or tapping into a government scheme for borrowers who need a low deposit loan. Whatever your situation we’ll guide you through the application process from start to finish, including navigating the rules on property buying specific to South Australia.
Refinancers
For existing homeowners in Adelaide, now may be a great time to take advantage of booming property values in the area. If you’re looking to make the most of the equity you may have built in your property, our expert brokers can help you understand your options.
Or, if you simply want to refinance your home loan to a better rate, our team can help you access rates and offers from more than 45 lenders. We’re finding the buoyant property market is helping borrowers lower their loan-to-value ratio and secure a better refinance deal. We may even be able to find you a refinance cashback deal as a sweetener.
Investors
Along with other capital cities like Perth and Brisbane, Adelaide has been a star performer for capital growth in residential property. Our brokers are experts at helping investors capitalise on this performance. We can help you compare investment loans and access detailed property reports to help you decide on your next (or first) property investment with confidence.
Next home buyers
With property listings and average days on the market at low levels in Adelaide, working with a broker can help you act quickly when your dream home comes up for sale. We can help you get your finance sorted as quickly as possible – in some cases skipping the queue on some lenders’ lengthy standard wait times.
If your situation is more complex, or you’re buying before you sell your current home and need bridging finance, our brokers are experienced at helping upsizers and downsizers alike.
Self-employed borrowers
If you’re self-employed, working with a broker in Adelaide who knows the lending market can be particularly valuable. We can help you find lenders who specialise in low doc home loans for self-employed people, giving you a better chance of approval. We’ll help you understand what income documents will be accepted by various lenders that operate in Adelaide. We’ll also do a lot of the leg-work for you, leaving you to focus on your business.
Bad credit borrowers
Buying property in Adelaide with bad credit is certainly more challenging, but it ’s not impossible. Particularly if you’re supported by a broker with access to lenders that specialise in bad credit home loans.
We can also help you prepare your application, giving you the best chance possible of approval.
How to find the best mortgage broker in Adelaide
There are hundreds of mortgage brokers operating in Adelaide and the surrounding areas. Before you decide which one to use, here are some steps to help you narrow down your options.
1
Check online reviews
Don’t take the broker’s word for it. Check to see how other homeowners in Adelaide rated the broker and what they said about the service they received. Are there any consistent themes (quick response times etc)? Particularly look for reviews from Adelaide buyers in a simpler situation to yours.
2
Ask friends and family
Has a family member or close friend you trust used a broker in Adelaide recently? If so, ask them if they would recommend their broker. There’s a good chance that if they had a good experience, you will too. Just make sure your situation is roughly comparable to the person recommending their broker.
3
How extensive is the broker’s panel of lenders?
Ideally you want to work with an Adelaide broker who has access to a wide range of lenders – 20 is probably the bare minimum. You also want to make sure that the type of lenders the broker works with is a good match. For example, if you are self-employed but the broker only works with mainstream lenders, this may not be a great fit for you.
4
Does the broker have a specialisation?
Some Adelaide mortgage brokers specialise in helping a particular cohort of borrowers, such as first home buyers, refinancers or high net-worth individuals. A broker whose specialisation matches your needs will likely be able to offer you better service and better outcome, compared to simply going with the best known option, for example.
5
Ask how they get paid
Brokers are legally obliged to act in their client’s best interests. Nonetheless, it’s a good idea to get an rundown of how the broker gets paid by lenders and whether particular ones pay more than others. At the very least, asking this question of various brokers will help you understand how transparent they are and open to discussing this topic.
6
Watch out for red flags
If you have time, it’s certainly worthwhile booking in an initial consultation with several brokers in Adelaide to get a sense for which one will be the best match. This is a good opportunity to identify any concerning red flags such as brokers who guarantee a certain outcome, are cagey about explaining which lenders they have access to or will not commit to high levels of service.
Remember that the best mortgage broker for an Adelaide homebuyer may not necessarily be based in Adelaide. Ultimately you want a broker who can help you with the financial aspects of the transaction and get you the best deal possible. If they don’t know the difference between Glenside, Glenelg and Glenulga, it’s probably not the end of the world. What matters is their understanding of your needs and the lenders than can meet them.
What’s the process for using a mortgage broker in Adelaide?
Here’s a step-by-step guide on how using a mortgage broker in Adelaide works:
- Initial consultation: Book in an initial consultation to meet the mortgage broker to discuss your financial situation and goals. This is where you provide details about your income, expenses, assets, liabilities, and any specific features you’d need for your loan.
- Preliminary assessment: Your broker reviews your financial details and calculates your borrowing capacity. They’ll ask you for documents like your most recent two payslips, up to six months of bank statements, and tax returns to get a clear picture of your position.
- Choosing a loan: Based on your financial assessment, your broker will present you with three to five loan options that match your needs. They’ll clearly explain the interest rates, fees, and terms of each option. They may also be able to advise on which lenders have the fastest processing times currently.
- Loan submission: Once you choose a loan, your broker will help you complete your application. They collect and submit all necessary documentation to the lender on your behalf.
- Lender communication: The broker communicates with the lender to track the progress of your application, address any issues, and relay the information to you. The lender will also order a property valuation.
- Approval and loan offer: Once your loan is approved, the lender issues a formal loan offer. The broker reviews the offer with you to make sure all terms are as expected.
- Settlement preparation: The broker coordinates with the lender, your solicitor or conveyancer, and any other parties involved to prepare for settlement. This includes ensuring all paperwork is completed and that the loan funds are ready to be transferred.
- Settlement day: On settlement day, the loan funds are disbursed, and the property transaction is completed. The broker ensures everything is in order and that the process goes smoothly.
- Post-settlement follow-up: After settlement, your broker will follow up to ensure that the loan is working as expected and that you’re satisfied with the process. They can also assist with any issues or questions that arise.
Adelaide home loan insights 2024
All other things being equal, it helps if your mortgage broker has a good understanding of home loan trends and insights for Adelaide. Here are some highlights collated by the team at MortgageBroker.com.au.
- Average home loan in South Australia: $545,816
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Adelaide: $790,789 (all dwellings)
- Median house value in Adelaide: $844,963
- Median unit value in Adelaide: $555,464
- Home deposit required in Adelaide: $39,539 - $158,158 (5% - 20% of the median property value)
- Average time to save for a house deposit in Adelaide: 5 years and 1 month
- Average time to save for a deposit to buy a unit in Adelaide: 3 years and 6 months
Adelaide property insights 2024
As a whole, the Adelaide property market has performed very strongly over the past 12 months, with growth of 14.9%. This is comfortably higher than the national average of 7.1%. Over a longer time frame, Adelaide is behind only Perth as the capital city with the highest growth in median dwelling value since the start of the COVID-19 pandemic, with the median property value increasing by $318,182 (+67.3%) in that period.
Below are the parts of Adelaide where property values have increased by most over the last 12 months:
Top 10 performing suburbs in Adelaide
| Suburb | Median value | Annual change (Aug 23 - Aug 24) |
|---|---|---|
| $556,256 | 21.9% |
| $666,609 | 19.4% |
| $652,718 | 18.2% |
| $906,716 | 15.9% |
| $1,556,328 | 15.7% |
| $1,019,353 | 15.5% |
| $1,338,452 | 15.4% |
| $878,807 | 15.0% |
| $770,203 | 15.0% |
| $1,099,229 | 14.8% |
Adelaide's best suburbs for families in 2024
Here are 10 of the most family-friendly suburbs in Adelaide, according to online lifestyle publisher Sitchu, along with realestate.com.au’s median house price for each area.
- West Croydon: 1,000,250
- Sheidow Park: $760,000
- Evandale: $1,022,500
- Hectorville: $840,000
- North Brighton: $1,345,000
- Vale Park: $1,175,000
- Colonel Light Gardens: $1,520,000
- Burnside: $1,500,000
- Millswood: $1,840,000
- Seacliff Park: $1,007,500
Investing in property in Adelaide
For Adelaide property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent for houses
$595
Median weekly rent for units
$480
Current rental yield
3.8%
Rental growth (July 23 - July 24)
8.2%
Why should I pick you over other mortgage brokers in Adelaide?
MortgageBroker.com.au gives you access to more than 45 lenders, which is more than many other Adelaide mortgage brokers. Our experts can also support a wide range of borrower types with specific needs.
We’re experienced at getting the best outcome possible for Adelaide property buyers, particularly those who want a great deal but don’t have time to spend time sitting in their broker’s office. Our brokers offer online consultations at a time that suits you, making the process simple and efficient for you. In fact, the entire process happens online, or we are always happy to jump on a call at short to help you.
