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What our mortgage brokers offer Cairns home buyers
Our mortgage brokers can help home buyers in Cairns compare a wide range of home loans, from the major banks, regional lenders and online providers. We also have access to specialist lenders with solutions that can cater to most borrower types.
Whatever your needs, we’ll help make your home loan experience straightforward. Our experts are experienced at navigating even the most complex of applications, ensuring you get a great deal without the stress.
Here’s what we offer different kinds of customers in Cairns.
- First home buyers: We’ll help you understand the process of getting a home loan from start to finish. As a first step, we’ll estimate your borrowing capacity, giving you a firm idea of which properties in Cairns are within your budget. When you’re ready to apply, we’ll help you every step of the way, and guide you on the government incentives for first home buyers with a low-deposit home loan.
- Refinancers: If you already own a property in Cairns, we can help you refinance your loan to a better deal. Particularly if you bought in the area recently with a high loan amount, refinancing could save you thousands of dollars per year. Or if you’ve owned your property for longer and want to capitalise on long-term rising property values in Cairns to release equity, we can talk you through your options.
- Investors: If you own an investment property or holiday rental in Cairns (or you’re planning to), we’ll help you maximise your investment. Our experts can recommend investment property loans and tactics that fit with your wider investment strategy, enabling you to maximise cash flow and tax benefits.
- Upsizers and downsizers: Whatever life stage you’re at, right-sizing your home is an important lifestyle step. Make it a less stressful one by working with a Cairns mortgage broker who’ll help you make the transition seamlessly. We can guide you on solutions to help you release equity, or get bridging finance if you want to buy before you sell.
- Complex applications: For borrowers in Cairns with a more complex situation, we can help you access specialist lenders who offer tailored solutions. For example, our panel of lenders includes providers who offer self-employed home loans, SMSF finance and bad credit home loans.
Finding the best Cairns mortgage broker
As a regional hub, Cairns is well serviced by mortgage brokers, including national brands and local one-person operations. Before deciding on a broker to support you, here are some important factors to consider.
1
Are they licenced?
Make sure any broker you’re considering is licensed by ASIC (Australian Securities and Investments Commission) and belongs to a professional association like the MFAA or FBAA. This ensures they follow industry best practice and codes and means you may be better protected if things go wrong.
2
How experienced are they?
Look into how long the broker has been in business and their area of expertise. A Cairns broker with extensive experience helping clients similar to you (e.g. first home buyers, investment property owners) is likely to provide better and more tailored support.
3
Do they have good reviews?
Search online for customer reviews on Google or social media to understand the broker's reputation. Positive reviews about communication, responsiveness and successful outcomes are a good sign that the broker will be up to the job.
4
How big is their panel of lenders?
Check how many lenders the broker works with. A larger panel will give you more mortgage options and means it’s more likely you’ll be able to secure a competitive rate. Also consider whether the broker works with providers that offer loans to customers like you.
5
Request an initial consultation
Arrange an initial consultation with the broker so you can assess their communication skills, how well they listen and understand your needs. A good broker should explain home loan jargon clearly, making you feel comfortable and informed. Beware of brokers who try to rush you into making decisions.
What’s the process for using a mortgage broker in Cairns?
If you use a mortgage broker in Cairns here’s what to expect:
- Book an initial consultation: During this session the broker will ask you questions to establish your financial situation and goals. It also gives you an opportunity to ask the broker questions and work out if they are a good fit for you.
- Preliminary assessment: Your broker then reviews your financial details (income, expenses, other debts etc.) 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.
- Comparing loans: Next, your broker will present you with three to five loan options based on the information you provided. The home loan comparison will show the lenders’ rates, fees, loan features and any extras like cashback that may be available from the lenders.
- Loan application: 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 follow up (if needed): Your broker will communicate back and forth with the lender to track the progress of your application, address any issues, and relay the information to you.
- 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: Once all the loan documents are signed, your broker will keep you updated on progress and when the loan will settle (funds are paid to the home seller or to the bank your refinancing from).
- Post-settlement follow-up: If there are any issues with the loan after it has settled and is up and running, your broker will help iron these out with the lender.
- Loan review: Your broker typically reaches out around 12 months after the loan has settled to review your loan. If rates have changed and your loan is no longer competitive, your broker can help you compare options again. Or if your circumstances have changed, you can discuss these with your broker and decide on next steps.
Cairns home loan insights 2024
It helps if your broker is knowledgeable on local market trends in Cairns and can offer insights to help you make a decision. Here are some highlights collated by the team at MortgageBroker.com.au.
- Average home loan in Queensland: $598,857
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Cairns: $566,600 (all dwellings)
- Home deposit required in Cairns: $28,330 - $113,320 (5% - 20% of the median property value)
- Average home loan repayment for a Cairns home: $2,800 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30 year loan term).
Cairns property insights 2024
The Cairns property market has been a steady if unspectacular performer in the last 12 months. The median value of a Cairns property grew by 8.5% in that period, exceeding the national growth level of 7.1%.
Looking at a longer time-frame, the median property value in Cairns is 46.1% higher now than it was five years ago. That’s according to the latest data from CoreLogic, up to July 2024.
Of course, some parts of Cairns have performed better than others. If you’re buying in the area, it’s important to research suburbs and individual properties in detail. Your broker should be able to provide property reports to help you with this.
Some of the top-performing suburbs in Cairns and surrounding areas
| Suburb | Median price | Annual price growth |
|---|---|---|
Stratford | $950,000 | 28.9% |
Caravonica | $702,500 | 26.0% |
Parramatta Park | $675,000 | 20.0% |
Manunda | $511,000 | 13.6% |
Woree | $525,000 | 13.6% |
Cairns North | $665,000 | 12.9% |
White Rock | $485,000 | 12.8% |
Palm Cove | $1,125,000 | 11.7% |
Bungalow | $601,000 | 11.6% |
Whitfield | $725,000 | 11.5% |
Investing in property in Cairns
For Cairns property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent (all dwellings)
$601
Current gross rental yield
5.6%
Rental growth (July 23 - July 24)
8.1%
Average days on market for sales
19
Why should I pick you over other Cairns mortgage brokers?
Humidity aside, Cairns is one of regional Queensland’s top locations for home buyers and investors alike. Competition for the best properties in the area can be fierce. This means working with an expert mortgage broker becomes all the more important. We’ll help you maximise your borrowing power, find a great loan and support you through the application process.
When the perfect property in Cairns comes up for sale, you’ll be able to move fast.
For refinancers in Cairns, we’re experienced at negotiating with lenders on behalf of clients. We’ll go above and beyond to get you a better deal. Talk to us today to learn more about how we can help.