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What our mortgage brokers offer Mackay home buyers
Looking for a better deal on your next home loan? Reach out to a mortgage broker in Mackay for some expert help. Whether you’re buying your first home or moving to a new place, we make it easy to compare rates from over 45 lenders. We also handle the application process and set up your loan to save you money and shorten the term.
Here’s how we can assist different types of borrowers in Mackay:
- First home buyers: We’ll walk you through the home-buying journey and help you estimate your borrowing power, so you can confidently explore Mackay neighbourhoods that fit your budget. When it’s time to apply, we’ll be right by your side, even helping you find options for low deposit home loans.
- Refinancers: Already own property in Mackay? We can help you refinance your home loan to find a better deal. If you bought your home within the last couple of years and have a high loan balance, refinancing could save you thousands in interest each year. Plus, if you’re looking to tap into your home’s rising equity, we’re here to explore your options.
- Investors: Mackay is a hotspot for investment, and getting the right financing can boost your returns. Our team can help you compare rates from top investment property lenders and find loan structures that align with your investment strategy.
- Upsizers and downsizers: Navigating the property market can be overwhelming, but a Mackay mortgage broker can simplify the process for you. Whether you’re planning to sell before you buy or need a bridging loan to secure a new home, we’ve got your back.
- Complex applications: If you have a unique situation in Mackay, we can connect you with specialist lenders who offer custom loan packages, whether you need a self-employed home loan or are dealing with bad credit.
Finding the best Mackay mortgage broker
Mackay is one of Queensland’s top regional hubs, with plenty of knowledgeable brokers who really understand the market. Here are some easy tips to help you find the best Mackay mortgage broker for your needs:
1
Do some online research
Check out reviews from Mackay buyers to find brokers known for excellent service and results. Look for brokers with great feedback from clients in situations similar to yours — whether you’re a first-time buyer, refinancing, or investing.
2
Ask friends and family
Chances are, someone in your circle has worked with a finance broker in Mackay. Ask for recommendations, as personal experiences can help you narrow down your options, especially if your contacts have been in a similar position.
3
Check their lender network
Make sure to find out how many lenders the broker works with. Brokers need to be accredited by lenders to recommend their products, so those with access to over 20 lenders typically offer a wider range of loan options.
4
Look for specialisation
Not all mortgage brokers have the same experience. Some may focus on specific areas, like investment properties or SMSF loans, while others might be more familiar with Queensland grants for first home buyers. Make sure the broker you choose understands your needs.
5
Assess their support
Consider how hands-on the broker will be. If you feel uncertain about navigating the home loan process, look for someone who is ready to guide you through every step of the application and loan setup.
6
Watch for red flags
If you have time, schedule meetings with a few brokers. During these consultations, pay attention to any who make unrealistic promises, are unclear about the number of lenders they can access, or are vague about the support they provide.
7
Don’t limit your options
The best mortgage broker for a buyer in Mackay may not always be local. Brokers from Brisbane or Townsville, especially those affiliated with larger firms or aggregators, often work with clients in the Mackay area. While having local expertise can be beneficial, the key is to find a broker who can secure the best home loan deal for you.
What’s the process for using a mortgage broker in Mackay?
If you’re thinking about using a broker in Mackay, here’s an overview of how it works:
- Book an initial consultation: In this first meeting, the broker will ask questions to understand your financial situation and goals. It’s also your chance to ask questions and see if the broker is the right fit for you.
- Preliminary assessment: Your broker will review your financial details—like income, expenses, and other debts — to calculate your borrowing capacity. They’ll request documents such as your last two payslips, up to six months of bank statements, and tax returns to get a complete picture of your financial position.
- Compare loans: You’ll receive three to five loan options based on the information you’ve provided. This comparison will include each lender’s rates, fees, loan features, and any incentives, like cashback offers.
- Loan application: Once you select a loan, your broker will help you complete the application. They will gather and submit all necessary documents to the lender on your behalf.
- Lender communication: Your broker will stay in touch with the lender to track your application’s progress, resolve any issues, and keep you informed throughout the process.
- Approval and loan offer: When your loan is approved, the lender will issue a formal loan offer. Your broker will review the offer with you to ensure the terms meet your expectations.
- Settlement: After you sign all the loan documents, your broker will keep you updated on the settlement date — the moment when the funds are transferred to the home seller or, in the case of refinancing, to your previous lender.
- After settlement: If any issues arise after settlement, your broker will help you resolve them with the lender. Feel free to reach out to them with any questions you may have.
- Loan review: About 12 months after settlement, your broker will usually check in to review your loan. If rates have changed or your circumstances have shifted, they can help you compare new options and determine the best next steps.
Mackay home loan insights 2024
It’s a real advantage if your broker can offer insights into the mortgage market in Mackay. A broker with local expertise can help you spot regional trends and opportunities. Here are some key highlights from the team at MortgageBroker.com.au.
- Median property value in Mackay: $494,822
- Average interest rate: 6.28% p.a. (owner occupier)
- Home deposit required in Mackay: $24,741 - $98,964 (5% - 20% of the median property value)
- Average home loan repayment for a Mackay home: $2,445 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30-year loan term)
Mackay property insights 2024
The Mackay market has performed strongly over the past 12 months, with the median property value rising by 13.5%, almost doubling the national growth rate of 7.1%. Additionally, median property values in Mackay have increased by 44.5% compared to five years ago, according to the latest CoreLogic data up to July 2024.
However, performance can vary across different areas of Mackay. If you’re thinking about buying in the region, it’s crucial to research specific suburbs and properties thoroughly. Your broker can assist by providing detailed property reports to help guide your decision.
Some of the top-performing suburbs in Mackay
| Suburb | Median value | Annual price growth |
|---|---|---|
North Mackay | $440,000 | 25.7% |
Mackay | $468,500 | 23.8% |
Slade Point | $455,250 | 19.8% |
Richmond | $915,000 | 17.7% |
Beaconsfield | $523,250 | 14.7% |
Mount Pleasant | $530,000 | 14.0% |
Rural View | $573,250 | 13.5% |
Blacks Beach | $467,500 | 11.3% |
Walkerston | $487,500 | 10.8% |
Bakers Creek | $537,000 | 10.7% |
Investing in Mackay property
For property investors in Mackay, here are some key insights from CoreLogic’s latest data:
Median weekly rent (all dwellings)
$618
Current gross rental yield
6.4%
Rental growth (July 23 - July 24)
11.4%
Average days on market for property sales
19
Why should I choose you over other Mackay mortgage brokers?
Mackay is an ideal spot in regional Queensland for both home buyers and investors, thanks to its tropical climate and laidback lifestyle. With high competition for the best properties, teaming up with a mortgage broker can be a lifeline. We’ll help you evaluate your borrowing capacity, find a great loan, and navigate the application process.
When the perfect property in Mackay comes on the market, you’ll be ready to act quickly. If you’re thinking about refinancing, we have a proven track record of securing favourable terms with lenders. No matter your situation, we’re dedicated to getting you the best deal possible.