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What our mortgage brokers offer Parramatta home buyers
Our mortgage brokers can assist buyers in Parramatta compare multiple home loans from major banks, credit unions and online lenders. With access to more than 45 lenders, we’ll help you find the best rates and terms tailored to your needs.
No matter what you’re looking for, we aim to make your home loan experience as straightforward as possible. Our experts are skilled at handling even the most complex situations, providing you with peace of mind and ensuring you get a good deal.
Here’s how we cater to different types of customers in Parramatta:
- First home buyers: Parramatta and Greater Western Sydney are favoured by first-time buyers because of their more affordable property prices compared to other Sydney areas like Bondi and Manly. We can help you understand your borrowing power so you can explore properties within your budget. Plus, we can support you throughout the application process, including finding options for low deposit home loans.
- Refinancers: If you own property in Parramatta, we can help you refinance your home loan to find a better deal. If you purchased recently and have a high loan balance, refinancing could save you thousands in interest annually. We can also help you tap into your home’s rising value and access its equity if that’s your goal.
- Investors: If you own or are looking at buying an investment property in Parramatta, we can help you make the most of your purchase. Our experts will recommend investment property loans and strategies tailored to your overall investment plan, helping you optimise cash flow and maximise tax benefits.
- Upsizers and downsizers: Buying property can be overwhelming, but a Parramatta mortgage broker can simplify much of the process for you. Whether you’re looking to sell your current home before buying a new one or need a bridging loan to purchase your next property before selling your existing one, we’re here to assist every step of the way.
- Complex applications: If you’re in Parramatta and have a less-than-perfect credit history, we can connect you with specialist lenders who offer bad credit home loans. Or, if you’re a self-employed borrower, we can help you find products that suit your unique financial circumstances, ensuring you still have access to the best options available.
How to find the best Parramatta mortgage broker
Greater Western Sydney, including Parramatta, has hundreds of brokers who can assist with your next property purchase. But how do you find the right one? Here are some tips on how to find the best Parramatta mortgage brokers:
1
Check online reviews
Reading reviews from Parramatta buyers can help you find brokers who consistently deliver excellent service and results. Check reviews on Google, Rate My Agent, and other platforms to assess past clients’ satisfaction. You might even find testimonials from borrowers in situations similar to yours.
2
Ask friends and family
Asking friends and family for recommendations can be a helpful way to narrow down your search for a broker in Parramatta. They may suggest a broker they’ve recently worked with, share their experience and explain what made their interaction stand out.
3
How experienced are they?
See how long the broker has been in business and their area of expertise. A Parramatta broker with extensive experience helping clients in situations similar to yours — such as first-time buyers or investors — is likely to offer more tailored support.
4
How many lenders do they have access to?
A larger lender panel provides more mortgage options and increases your chances of securing a competitive rate. You can often find this information on the broker’s website, LinkedIn profile, or social media pages. Additionally, check if the broker has access to lenders offering loans that match your specific needs.
5
How hands-on are they?
Ask how much support you’ll get from the broker and how they will approach your application. For Parramatta buyers who feel unsure about the loan process, it’s important to choose a broker who is prepared to assist with every step of your application. Look for a broker who is going to provide hands-on support and guidance from start to finish.
6
Spot red flags and identify your preferences
If you have the time, consider scheduling meetings with several Parramatta brokers. During these consultations, watch for brokers who make unrealistic promises, are unclear about the number of lenders they can access, or are vague about the level of support they will offer. You might also have a preference for a specific communication style, such as phone calls over email.
Keep in mind the best mortgage broker for a Parramatta buyer might not always be locally based. Brokers from Sydney or other parts of NSW, especially those affiliated with larger firms, can be well-informed about the Parramatta market. Thanks to the internet, brokers have access to local property reports and data, enabling them to assist you effectively regardless of their location. Ultimately, securing a great deal on your home loan is the key benefit of working with a mortgage broker.
Using a mortgage broker in Parramatta: How does it work?
If you work with a mortgage broker in Parramatta, here’s what to expect:
- Initial consultation: You’ll start with a meeting where the broker will ask about your financial situation and goals. This is also where you can ask questions to see if the broker is a good fit for you.
- Preliminary assessment: The broker will review your financial details — like income, expenses and debts — and calculate how much you can borrow. They’ll need documents like your last two payslips, up to six months of bank statements, and tax returns to get a clear picture.
- Comparing loans: The broker will then provide you with three to five loan options based on your details. They’ll show you the rates, fees, loan features, and any extras like cashback from different lenders.
- Loan application: After you choose a loan, the broker will help you complete the application. They’ll gather and submit all necessary documents to the lender for you.
- Lender follow-up: The broker will keep in touch with the lender to track your application’s progress, address any issues and keep you informed.
- Approval and loan offer: Once your loan is approved, the lender will make a formal offer. The broker will review this offer with you to ensure everything is as expected.
- Settlement: After you sign all the loan documents, the broker will update you on when the loan will settle — when the funds are paid to the home seller or your previous bank.
- Post-settlement follow-up: If any issues arise with your loan after settlement, your broker will help resolve them with the lender.
- Loan review: About a year after settlement, your broker will check in to review your loan. If interest rates have changed or your situation has shifted, they can help you explore new options.
Parramatta home loan insights 2024
As Western Sydney’s population keeps growing, Parramatta and the surrounding areas will continue to be a popular choice for homebuyers seeking alternatives to the inner city suburbs and better value for their money.
Here are some insights into the Parramatta home loan market, collected 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 Parramatta: $1,500,000
- Home deposit required in Parramatta: $75,000 - $300,000 (5% - 20% of the median property value)
- Average home loan repayment for a Parramatta home: $7,412 (based on median value, 20% home deposit paid and average interest rate paid over a 30-year loan term)
Parramatta property insights 2024
Greater Western Sydney, including Parramatta, now accounts for one in eleven Australians and is expected to grow by 25% to 3.2 million people over the next decade, according to the latest NAB Horizons Special Report. The report also highlighted that house values in nearby suburbs like Auburn and Blacktown have increased by 16.1% and 15.3% year-on-year, respectively.
While property prices in Parramatta and its surrounds are rising, performance can vary significantly across different areas of Greater Western Sydney. If you’re thinking about buying in Parramatta, it’s crucial to place individual suburbs and properties under the microscope. Your broker can assist by providing detailed property reports to help guide your decision.
Top performing suburbs in Greater Western Sydney
| Suburb | Median value | Annual price growth |
|---|---|---|
Northmead | $1,640,000 | 18.8% |
Auburn | $1,300,000 | 18.2% |
Merrylands/Guildford | $1,260,150 | 16.4% |
Greystanes | $1,280,000 | 12.6% |
St Marys | $900,000 | 12.5% |
Blacktown | $996,000 | 11.6% |
Mount Druitt | $945,000 | 9.1% |
Granville | $1,119,000 | 8.7% |
Westmead | $1,671,000 | 7.7% |
Girraween | $1,263,750 | 7.4% |
Investing in property in Parramatta
For property investors in Parramatta, here are some key insights from the latest data provided by CoreLogic and realestate.com.au.
Median weekly rent (all dwellings)
$670
Current gross rental yield
3.9%
Rental growth (Sep 23 - Aug 24)
7.0%
Average days on market for property sales in Parramatta
52
Why should I pick you over other Parramatta mortgage brokers?
Parramatta is an outstanding choice for Sydney home buyers and investors seeking greater value for their money. With its own established CBD and world-class facilities, Parramatta offers many appealing features for buyers of all kinds. Given the high competition for prime properties, partnering with a mortgage broker can be a key advantage in securing the best loan options.
When the ideal property in Parramatta becomes available, you’ll want to be prepared to act quickly. And for those looking to refinance, we have a proven track record of locking in favourable terms with lenders.