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What our mortgage brokers offer Darwin home buyers
Our mortgage brokers can help property owners in Darwin (and soon-to-be owners) compare home loans and submit their application. We’ll help you choose a suitable loan based on your situation and connect you with lenders you’re eligible to apply with.
Whatever type of loan you need, we’ll talk you through the process and make sure you get the best deal you can.
- First home buyers: we can help you understand the process of getting a home loan and estimate what your borrowing capacity may be. That way you can go house hunting in Darwin with an idea of your maximum budget.
- Refinancers: if you already own property in Darwin we can help you compare refinance rates so you can find a better home loan deal, or even refinance to release equity for a reno or even an investment property. We may even be able to find you a refinance cashback deal as a sweetener.
- Investors: if you need a great investment home loan deal for your Darwin investment property, our brokers can help you compare more than 45 lenders. We’ll also offer guidance on how to structure your loan to maximise your investment strategy.
- Upsizers and downsizers: reduce the stress that typically comes with buying your next home by working with an experienced and expert mortgage broker who’ll take care of the financial aspects of the transaction. We can even help you with bridging finance if you want to buy before you sell.
- Complex applications: For borrowers in Darwin with a more complex situation, we can help you access specialist lenders who offer tailored solutions. For example, our panel of lenders includes those offering self-employed home loans, SMSF finance and bad credit home loans.
Finding the best mortgage broker in Darwin
Brokers in Darwin are not exactly in short supply. But finding a quality broker with experience to match your needs still requires some research. Here are some tips to consider:
1
Check online reviews
Don’t take the broker’s word for it. Check to see how other homeowners in Darwin 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 Darwin 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 Darwin 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.
3
How extensive is the broker’s panel of lenders?
Ideally you want to work with a Darwin 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 Darwin 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 ideal 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 Darwin 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 a Darwin homebuyer may not necessarily be based in Darwin. 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 ins and out of all the local suburbs, 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 Darwin?
Here’s a step-by-step guide on how using a mortgage broker in Darwin works:
- Book an initial consultation: This gives the broker an opportunity to 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 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 (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.
Darwin home loan insights 2024
It helps if your mortgage broker has a good understanding of home loan trends and insights for Darwin. Here are some highlights collated by the team at MortgageBroker.com.au.
- Average home loan the Northern Territory: $437,427
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Darwin: $504,367 (all dwellings)
- Median house value in Darwin: $589,392
- Median unit value in Darwin: $355,297
- Home deposit required in Darwin: $25,218 - $10,873 (5% - 20% of the median property value)
- Average time to save for a house deposit in Darwin: 4 years and 7 month
- Average time to save for a deposit to buy a unit in Darwin: 2 years and 3 months
Darwin property insights 2024
Overall the Darwin property market has underperformed other capital cities in the past 12 months, with property values only increasing by 1.5% in that period. That's compared to an increase of 7.1% nationally. In fact property values in Darwin are around 6% lower than their peak which was achieved all the way back in 2014.
Of course, some parts of Darwin have performed better than others. Below are the Darwin suburbs where property values have increased by most over the last 12 months.
Top performing suburbs in Darwin
| Suburb | Median value | Annual change (Aug 23 - Aug 24) |
|---|---|---|
| $483,362 | 3.8% |
| $656,696 | 3.7% |
| $483,265 | 0.6% |
| $494,886 | 0.1% |
Investing in property in Darwin
For Darwin property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent for houses
$660
Median weekly rent for units
$530
Current rental yield
6.5%
Rental growth (July 23 - July 24)
2.4%
Why should I pick you over other mortgage brokers in Darwin?
For borrowers in Darwin, MortgageBroker.com.au gives you access to more than 45 lenders, which is more than many other 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 Darwin 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.