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What our mortgage brokers offer Newcastle home buyers
Are you looking to buy a property or refinance your home loan in Newcastle? Talk to one of our experts to get your best rates from more than 45 lenders. Once you’re ready to apply, we’ll support you through the application process, saving you time and hassle.
There’s no pressure or obligation to apply, start with an initial chat and we’ll explain your options. We look forward to helping you, whether you’re buying your first home in Newcastle or your embarking on your next property move.
Here’s how we can help different types of borrowers.
- First home buyers: Newcastle has become a magnet for first-home buyers, with more affordable prices compared to Sydney. We can help you understand your borrowing power, compare lenders and apply for pre-approval, so you know what areas of Newcastle and which properties are within your budget. You’ll also be able to make a confident offer on a home, knowing your finance is pre-approved.
- Refinancers: Already own a property in Newcastle? It’s a good idea to refinance your mortgage every couple of years. If that sounds like too much work, talk to us and we’ll do most of the heavy lifting for you, comparing rates and submitting your application on your behalf. If you’re looking to release equity to capitalise on rising property values in the Newcastle area, we’ll talk you through your options.
- Investors: If you own an investment property in Newcastle (or you’re planning to), we can help you maximise your investment with a great deal on your finance. Our experts can recommend investment property loans and tactics that fit with your wider investment strategy, enabling you to maximise cash flow and investment property tax benefits.
- Upsizers and downsizers: Buying and selling property can be one of life’s most stressful times. Make it simpler with a Newcastle mortgage broker. We can’t move your furniture for you, but we’ll take care of the finance aspects of the transactions, whether you’re selling then buying or want to explore bridging loans so you can buy first then sell.
- Complex applications: For borrowers in Newcastle 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 home loans for self-employed borrowers, SMSF finance and home loans for bad credit.
How to find the best Newcastle mortgage broker
As a regional hub close to Sydney, Newcastle 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 properly 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 Newcastle 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 mean 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.
6
Don't limit your options unnecessarily
Remember that the best mortgage broker for a Newcastle home buyer may not necessarily be based in Newcastle. Many Sydney mortgage brokers or national brands also service the Newcastle market. Local knowledge can be helpful, but 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 Newcastle?
If you use a mortgage broker in Newcastle 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.
Newcastle home loan insights 2024
Like many regional centres across the country, Newcastle has been a popular destination for homebuyers looking for more space and better bang for buck than the capital cities can offer.
Here are some highlights about the home loan market in Newcastle collated by the team at MortgageBroker.com.au.
- Average home loan in New South Wales: $782,916
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Newcastle: $827,276 (all dwellings Newcastle - Maitland)
- Home deposit required in Newcastle: $41,364 - $165,455 (5% - 20% of the median property value)
- Average home loan repayment for a Newcastle home: $4,088 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30 year loan term).
Newcastle property insights 2024
During the COVID years, property values in Newcastle boomed, and overall the median value increased significantly – by a total of 57.1% over the last five years.
In the last 12 months, the local market has seen more modest gains, with the median property value in Newcastle increasing by 4.9% in that period (compared to the national growth level of 7.1%). That’s according to the latest data from CoreLogic.
Of course, some parts of Newcastle 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 Newcastle and surrounding areas
| Suburb | Median price | Annual price growth |
|---|---|---|
Maryville | $1,225,000 | 23.4% |
Islington | $960,000 | 18.9% |
Lambton | $1,102,500 | 14.0% |
Waratah | $885,000 | 12.0% |
New Lambton | $1,120,000 | 10.1% |
Georgetown | $900,000 | 8.6% |
Adamstown | $1,026,250 | 8.0% |
Edgeworth | $727,000 | 7.7% |
Broadmeadow | $979,750 | 7.5% |
Mayfield | $855,000 | 7.5% |
Investing in property in Newcastle
For Newcastle property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent (all dwellings)
$649
Current gross rental yield
3.9%
Rental growth (July 23 - July 24)
7.7%
Average days on market for sales
35
Why should I pick you over other Newcastle mortgage brokers?
Newcastle has become one of the most popular regional centres in Australia, with beaches, plenty of family-friendly suburbs and much more attainable properties compared to Sydney.
Competition for the best properties in the area can be fierce and any advantage you can give yourself will be key. Working with an expert Newcaslt mortgage broker could be one such advantage. We’ll help you maximise your borrowing power, find a great loan and support you through the application process. When the perfect property in Newcastle comes up for sale, you’ll be able to move fast.
For refinancers in Newcastle, 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.