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What out mortgage brokers offer home buyers in Hobart
About to buy or refinance a property in Hobart? Our brokers are here to help you find the right home loan with expert guidance tailored to your needs. We’ll get to know your situation and guide you through strategies and options to get your mortgage approved quickly.
With access to over 45 lenders, we’ll compare home loans and find the best options for you, whether you’re buying your first property in Hobart or chasing a better deal on your current loan.
Borrowers in Hobart we can help
First home buyers
First home buyers can generally stretch their budget further in Hobart as the Tasmanian market is more affordable than capital cities on the mainland. Our brokers can help you to achieve your property goals, with strategies to speed up the process, such as borrowing with a guarantor or using government schemes for those with lower deposits.
We’ll support you throughout the loan application process, including navigating the rules and regulations specific to Tasmania.
Refinancers
For existing homeowners in Hobart, now might be an ideal time to leverage the equity you’ve built up in your property. Our expert brokers can help you explore your options, understand potential opportunities, and assess their implications.
If you’re looking to refinance your home loan to secure a better rate, our team can connect you with rates and deals from over 45 lenders. Refinancing to a lower interest rate can make a big difference to how much you’ll save in interest over the loan term, especially if you have a large mortgage balance.
We may even find you a refinance cashback deal to make the switch even better.
Investors
If you own an investment property in Hobart or are looking to add one to your portfolio, we’re here to help you understand your borrowing capacity and identify which lenders might suit you best. We’ll also assist in finding the most competitive investment property loans from our range of lenders.
We’ll help you navigate the finer details of property investing, such as choosing between interest-only (IO) and principal and interest (P&I) repayments and optimising the use of an offset account to maximise your investment potential.
Upsizers and downsizers
No matter what life stage you’re at, buying your next home brings as many challenges as it does opportunities. To make the homebuying process as stress-free as possible, partner with a Hobart mortgage broker who can guide you every step of the way.
We offer tailored services to help you release equity from your current property, providing the flexibility you need. If you’re looking to buy a new home before selling your existing one, we can assist with bridging finance.
Self-employed borrowers
For self-employed Tasmanians, partnering with a knowledgeable mortgage broker in Hobart can really benefit your situation. Not all lenders offer home loans for self-employed borrowers, but we can connect you with those that do. We work with ‘low doc’ lenders who provide home loans specifically designed for business owners and ABN holders, with lending criteria tailored to your unique circumstances.
Bad credit borrowers
Hobart borrowers with bad credit tend to have more complex financial situations. Our brokers can give you access to specialist lenders who provide customised advice and recommendations. Our panel includes lenders who offer bad credit home loans for those with less-than-perfect credit histories, ensuring you receive the support you need to navigate your unique situation.
How to find the best mortgage broker in Hobart
With dozens of mortgage brokers in Hobart and the surrounding areas, choosing the right one can be overwhelming. To help you cut down your search, consider these key steps before making your decision.
1
Look at online reviews
Check how other homeowners in Hobart have rated the broker and what they’ve said about their experiences. Look for consistent themes in the feedback, such as prompt response times or exceptional service. Pay special attention to reviews from buyers in situations similar to yours.
2
Ask friends and family
If a family member or close friend you trust has recently used a broker in Hobart, ask them if they would recommend their broker. If they had a positive experience, there's a strong chance you will too. This approach is particularly valuable if the person you ask was in a situation similar to yours.
3
How many lenders does the broker work with?
Ideally, you should find a Hobart mortgage broker who has access to a broad selection of lenders — at least 20 is a good starting point. It’s also important to ensure that the broker’s lender network aligns with your specific needs. For instance, if you are self-employed, a broker who specialises in complex loan applications and works with non-conventional lenders might be a good fit.
4
Does the broker specialise in a particular area?
Not all brokers in Hobart will have experience with lenders that match your specific needs. For example, some mortgage brokers may deal primarily in assisting first home buyers and might not be across strategies and loan structures best suited to investors.
5
How involved are they in the process?
How much help will you receive from your broker and how hands on are they? For Hobart buyers who may feel unsure about the loan process, it’s crucial to choose a broker who is willing to take an active role in supporting you throughout your application and ensuring your loan is set up correctly.
6
Watch out for red flags
Brokers will naturally highlight their strengths, but be mindful of what they leave out. Pay attention to details such as the commission they receive from lenders, the number of lenders they have access to, and their experience working with clients in similar situations to yours. Be wary of Hobart mortgage brokers who are hesitant in providing this information or are vague about how they’re paid.
Keep in mind that the best mortgage broker for a homebuyer in Hobart doesn’t have to be based in Hobart, let alone Tasmania. Many brokers from the mainland, whether it be a broker in Melbourne or Adelaide, for example, might be able to assist Hobart buyers. What matters most is finding a broker who can find you a great deal and expertly handle your loan application.
What’s the process for using a mortgage broker in Hobart?
Here’s a step-by-step guide on what to expect when working with a Hobart mortgage broker:
- Initial discussion: Set up a meet-and-greet with the broker to chat about your finances and goals. They’ll ask you about your income, expenses, assets, and any particular loan features you’re after.
- Preliminary assessment: The broker will use this information to figure out how much you can borrow and which lenders are likely to be suitable. To give your broker the full picture, you’ll need to provide two to three most recent payslips, up to six months of bank statements, and tax returns to paint a full picture.
- Pick a loan: Based on your details, the broker will show you a handful of loan options that fit your needs. They’ll break down the interest rates, fees and terms, and might even point out which lenders are currently offering quicker processing times.
- Lodge your application: Once you pick a loan, the broker will help you fill out the application. They’ll handle all the paperwork and send it off to the lender on your behalf.
- Lender updates: The broker will keep in touch with the lender to track your application’s progress, sort out any issues and keep you in the loop. The lender will also arrange for a property valuation.
- Approval and loan offer: When your loan is approved, the lender will send a formal offer. Your broker will go over it with you to make sure everything is in place.
- Settlement preparation: The broker will work with the lender, your solicitor, and anyone else involved to get everything ready for settlement. They’ll ensure all the paperwork is sorted and that the funds are set to transfer.
- Settlement: On the day of settlement, the loan funds are handed over and the property transaction is finalised. Your broker will communicate this and make sure everything runs smoothly.
- After settlement: Once everything’s settled, your broker will touch base to make sure the loan’s working as it should and that you’re happy with the process. They’ll be around to help with any questions or issues that come up.
Hobart home loan insights 2024
The best mortgage brokers in Hobart will be up to speed on the current loan market, providing valuable insights that help guide your decisions. Here are some key points gathered by the team at MortgageBroker.com.au.
- Average home loan in Tasmania: $443,704 (July 2024)
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Hobart: $655,114 (all dwellings)
- Median house value: $692,606
- Median unit value: $549,569
- Home deposit required in Hobart: $32,756 - $131,029 (5% - 20% of the median property value)
- Average time to save for a house deposit: 4 years, 10 months
- Average home loan repayment for a Hobart property: $3,237 (based on median value, 20% home deposit paid and average interest rate paid over a 30-year loan term)
Hobart property insights 2024
Hobart reached a record median value in March 2022, but since then, property prices have generally declined, coinciding with the RBA raising the cash rate. Over the past year, the median value of all dwellings in Hobart has decreased by 1.2%, while the national average across combined capital cities has risen by 7.1%, according to the latest CoreLogic data.
Even still, some parts of Hobart have performed better than others. Below are the areas where property values have moved the most over the past 12 months.
Suburb performance in Hobart 2024
| Suburb | Median value | Annual change (Aug 23 - Aug 24) |
|---|---|---|
Sorrel - Dodges Ferry | $620,940 | 5.1% |
Hobart - South and West | $767,601 | 1.6% |
Brighton | $523,486 | 1.2% |
Hobart - North West | $528,610 | -1.7% |
Hobart Inner | $835,742 | -2.4% |
Hobart - North East | $695,004 | -3.1% |
Hobart’s best suburbs for families in 2024
Here are four of the best suburbs in Hobart for families, as rated by First National Real Estate. We’ve also listed the median house prices for each area from realestate.com.au.
- Taroona: $905,000
- Blackmans Bay: $908,000
- Kingston Beach: $885,000
- Howrah: $753,500
Investing in property in Hobart
For Hobart property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent for all houses
$530
Median weekly rent for units
$460
Current rental yield
4.3%
Rental growth (July 23 - July 24)
3.1%
Why should I pick MortgageBroker.com.au over other brokers in Hobart?
We offer access to a wide panel of over 45 lenders, providing you with more options than many other Tasmanian mortgage brokers. Our brokers are experts in supporting a range of borrower types with specific needs.
We can secure great outcomes for Hobart property buyers, particularly for those seeking a top deal without the hassle of physically visiting an office. Our brokers provide online consultations at your convenience, making the buying process as efficient as possible. Whether you prefer to handle everything online or need a quick phone call, we’re here to assist you every step of the way.