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What our mortgage brokers offer Geelong home buyers
Are you looking to buy a property in Geelong or refinance your investment property? Working with an expert like the ones at MortgageBroker.com.au can make it easier to get the best deal you can on your home loan.
We’ll help you compare 45+ Australian lenders and one of our friendly brokers will take you through the process of applying for a loan from start to finish. We’ll guide you on lender requirements and the loan features that will help you save even more money. Here’s what we offer different kinds of customers in Geelong.
- First home buyers: We’ll help you understand the process of getting a home loan and estimate what your borrowing capacity may be. This allows you to focus your house hunting on areas of Geelong where you can afford to buy. When you’re ready to apply, we’ll help you every step of the way, including borrowers looking for a low deposit home loan.
- Refinancers: If you already own a property in Geelong, we can help you refinance your loan to get 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 Geelong to release equity, we can talk you through your options.
- Investors: Geelong has always been popular with investors due to its proximity to Melbourne. You’ll get even more from your investment if you have the right finance in place. Our team can show you rates from top investment loan providers and discuss how your loan structure and features fit into your overall investment and tax strategy.
- 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 Geelong mortgage broker who’ll help you make the transition seamlessly. We can help with solutions to help you release equity, or get bridging finance if you want to buy before you sell.
- Complex applications: For borrowers in Geelong with a more complex situation, we can help you access specialist lenders who offer tailored solutions. For example, our panel of lenders includes those who offer self-employed home loans, SMSF finance and bad credit home loans.
Finding the best Geelong mortgage broker
Finding a mortgage broker in Geelong whose experience matches your needs can make all the difference to the outcome you get. Here are some steps to consider if you’re looking for a broker who ticks all the boxes.
1
Check online reviews
In a densely-populated area like Geelong, there should be no shortage of other buyers in a similar situation to yours. Look for online reviews of various brokers and see if there are any providers who consistently shine for excellent service and outcomes. Bonus points if the reviews are from people in a similar situation to yours.
2
Ask friends and family
Have any friends, relatives or colleagues used a mortgage broker in Geelong recently? Ask them who they used and whether they would recommend them. Find out how the broker was to work with based on the factors you care about most, whether that’s the range of lenders, how well they can explain their recommendations or how quickly they reply to calls and emails.
3
What lenders do they work with
Each broker’s website should have a list of the lenders whose loans they sell. Ideally you want a Geelong mortgage broker with access to a wide range of lenders so you have as much choice as possible. Look at the types of lenders too. If you’re going to need a specialist solution, a broker who only works with mainstream lenders may not be a great fit.
4
Check the broker’s specialisation
Is the broker particularly experienced helping a particular subset of borrowers in Geelong? For example, some brokers tailor their services to investors or high net-worth individuals. Don’t waste your time looking into brokers who may not ultimately want or value your business.
5
Find out exactly what they offer
Most brokers have a full-service offering, and may even be able to refer you to other specialists like tax agents, buyers agents and financial advisors. If you have a particular challenge you need support with, make sure the broker you plan to use actually offers that service.
6
Watch out for red flags
Naturally brokers will talk about their strengths. But watch out for what they omit, like details about the commission they receive from lenders, how many lenders they can connect you with and the extent to which they are experienced working with clients like you. A Geelong broker who is not forthcoming with information like that is probably one you want to avoid.
7
Don't limit your options
Remember that the best mortgage broker for a Geelong homebuyer may not necessarily be based in Geelong (many mortgage brokers in Melbourne will work with Geelong buyers, for example). Ultimately you want a broker who can help you with the financial aspects of the transaction specifically and get you the best home loan deal possible.
What’s the process for using a mortgage broker in Geelong?
Here’s a step-by-step guide on what to expect when using a Geelong mortgage broker:
- 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 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 comparison will show the lenders’ rates, fees, loan features and any extras like home loan 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.
Geelong home loan insights 2024
The best Geelong mortgage brokers will be knowledgeable about the local market and will offer home loan insights to help you make better decisions. Here are some highlights collated by the team at MortgageBroker.com.au.
- Average home loan in Victoria: $616,965
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Geelong: $717,930 (all dwellings)
- Home deposit required in Geelong: $35,896 - $143,586 (5% - 20% of the median property value)
- Average home loan repayment for a Geelong home: $3,548 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30 year loan term).
Geelong property insights 2024
Geelong’s property market (like much of the rest of Victoria) has been sluggish in the last 12 months. The median value of a Geelong property fell by 2.1% in that period. That’s compared to an increase of 7.1% nationally. Looking at a longer time-frame, the median property value in Geelong is 31.6% higher now than it was five years ago.
Of course, some parts of Geelong have performed better than others. Below are the areas where property values have fared best over the last 12 months.
Top performing areas of Geelong for houses
| Suburb | Median price | Average annual price growth (10 years) |
|---|---|---|
North Geelong | $631,250 | 8.7% |
Norlane | $453,750 | 7.9% |
Corio | $485,000 | 7.5% |
Hamlyn Heights | $750,000 | 7.3% |
Newcomb | $574,000 | 7.2% |
Top performing areas of Geelong for units
| Suburb | Median price | Average annual price growth (10 years) |
|---|---|---|
Newtown | $599,000 | 7.2% |
Lara | $489,500 | 6.8% |
Geelong West | $542,500 | 6.5% |
Belmont | $533,750 | 6.2% |
Bell Park | $532,500 | 5.9% |
Investing in property in Geelong
For Geelongproperty investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent (all dwellings)
$524
Current gross rental yield
3.6%
Rental growth (July 23 - July 24)
3.8%
Average days on market for sales
43
Why should I pick you over other Geelong mortgage brokers?
Geelong is one of Australia’s most desirable places to live. Competition for properties here can be fierce, meaning working with an expert Geelong 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.
So, when the perfect property in Geelong comes up for sale, you’ll be able to move fast.
For refinancers in Geelong, 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.