Book a Call
What our mortgage brokers offer Perth home buyers
Our brokers can help buyers in Perth achieve their property goals by providing expert advice on home loan options. We’ll work closely with you to understand your needs, guide you through your choices, and handle your mortgage application with ease.
When you compare home loans on your own, you might only have time to look at a small section of the market, potentially overlooking some of the best deals available. Our expertise ensures that you find not just a competitive interest rate, but also a loan that suits your overall financial position and future needs.
At MortgageBroker, our specialists have access to over 45 lenders. We’ll help identify the most competitive options, whether you’re buying your first property in Perth or looking for a better deal on your current loan.
Perth borrowers we can help
First home buyers
With Perth property prices expected to rise by 21% over the next two years, many first home buyers may face an uphill battle. This means it’s as important as ever to work with an expert who can help you maximise your borrowing capacity and the best home loan deals.
Our brokers are here to help you achieve your goals and explore strategies to speed up the process, such as borrowing with a guarantor or using government incentives for low deposit home loans. Whatever your circumstances, we’ll walk you through every step of the application and explain any regulations specific to buying property in Western Australia.
Refinancers
If you’re a homeowner in Perth and haven’t reviewed your mortgage recently, it may be time to consider refinancing. With rising house prices, you might have built up enough equity to fund other opportunities, such as investing in property or shares, paying for renovations or covering unexpected expenses.
No matter your position, we can help you refinance your home loan to a lower rate, potentially saving you thousands in interest over the life of your mortgage. With access to rates from over 45 lenders, we’ll compare options based on your circumstances and may even find you a refinance cashback offer as a bonus.
Investors
Like Adelaide and Brisbane, Perth has been a standout performer in terms of capital growth in residential property. Our brokers are specialists in investment property loans and understand the market trends that can affect investors in Perth.
We can help you optimise your portfolio by advising on the best loan structures for your needs, whether it be principal and interest or interest-only repayments, or choosing between a variable, fixed or split rate loan. Our goal is to tailor a package that maximises your investment potential and supports your long-term financial success.
Next home buyers
Whether you’re looking to downsize or update in Perth, we can provide you with options for purchasing your next property. If you need bridging finance to enable you to buy a new home before selling your current one or want to use existing equity as a deposit, we’re here to help.
With limited property listings and shorter average times on the market, Perth buyers need to have their finger on the pulse. Partnering with a broker ensures you act quickly when the right home becomes available. Our brokers are skilled at helping both upsizers and downsizers navigate the market.
Self-employed borrowers
A Perth mortgage broker can be incredibly helpful for self-employed borrowers with a more complicated financial situation, such as not having standard income documentation to submit with their application. Our brokers work with lenders who understand these issues and accept alternative paperwork, like financial statements or tax returns, to assess your overall position.
Using a knowledgeable Perth broker gives you access to lenders who specialise in low doc home loans for self-employed individuals, increasing your chances of approval. We’ll also explain which income documents are acceptable to different lenders and handle most of the legwork, so you can focus on running your business.
Bad credit borrowers
Buying property in Perth with poor credit history can be a difficult hurdle to overcome, but it’s usually not out of reach. We partner with lenders who provide bad credit home loans for borrowers with less-than-perfect credit histories.
We can also help you in preparing your application, boosting your chances of approval. Additionally, we have access to some lenders you might not be familiar with, who offer specialised loan options that could be ideal for your situation.
How to find the best mortgage broker in Perth
There are hundreds of mortgage brokers in Perth and across Western Australia, so how do you know where to begin? Here are some tips to help you narrow down your choices.
1
Read online reviews
You’ll be surprised at how much information you can find online through reviews and ratings platforms like Google and Rate My Agent. Check for any recurring negative feedback regarding their services, professionalism or client management.
2
Ask friends and family
One of your best sources of information can be your own network of friends, family, and colleagues. Ask them about any positive experiences they've had with Perth mortgage brokers or if they can recommend someone.
3
Check how many lenders they have access to
Most brokers work with a range of lenders, but you’ll want to ensure they have at least 20 on their books. You should also consider the types of lenders they partner with. For example, if you have bad credit and the broker only has access to mainstream lenders, they might not offer the most suitable options for your situation.
4
Do they specialise in a particular area?
Some Perth mortgage brokers specialise in specific types of borrowers, such as first home buyers, refinancers or high net-worth individuals like doctors. While many brokers are generalists, you may achieve better results by choosing a broker who specialises in an area that matches your needs.
5
Ask how the broker gets paid
Brokers are legally required to act in your best interests, but it's still important to understand how they are compensated. Typically, a broker receives a commission from the lender once your loan has settled. Make sure your broker explains these details to you clearly.
6
Look out for red flags
Book a meeting with several brokers in Perth to see which ones are best suited to your needs. This is a good opportunity to spot any potential red flags, such as brokers who promise specific outcomes, are vague about the lenders they work with, or hesitate to fully explain details about certain loan products.
The best mortgage broker for Perth borrowers may not necessarily be based in Perth. What’s most important is finding a broker who can help you with the financial aspects of the transaction and secure the best deal possible. While local knowledge of specific suburbs like Fremantle, Scarborough, and Victoria Park can be helpful, what truly matters is their understanding of your needs and the lenders who can meet them.
What’s the process for using a mortgage broker in Perth?
Here’s a step-by-step guide on how using a mortgage broker in Perth works:
- Initial consultation: Schedule a meeting with the mortgage broker to discuss your financial situation and goals. During this consultation, you’ll provide details about your income, expenses, assets, liabilities, and any specific features you’d need for your loan.
- Preliminary assessment: Your broker reviews your financial details and calculates your borrowing capacity. To get a clear picture of your situation, they’ll need documents such as your two most recent payslips, up to six months of bank statements and tax returns.
- Choosing a loan: After assessing your financial situation, your broker will present you with three to five loan options tailored to your needs. They will clearly outline the interest rates, fees, and terms for each option to help you make an informed decision.
- Loan submission: Once you select a loan, your broker will assist with completing your application. They will gather and submit all required documentation to the lender on your behalf.
- Lender communication: Your broker will keep tabs on the lender to track your application’s progress, address any issues, and keep you informed. At the same time, the lender will arrange for a property valuation.
- Approval and loan offer: Once your loan is approved, the lender will issue a formal loan offer. Your broker will review the offer with you to ensure that all terms are understood and meet your expectations.
- Settlement preparation: Your broker works with the lender, your solicitor or conveyancer, and other key parties to prepare for settlement. This includes finalising all paperwork and ensuring the loan funds are ready for transfer.
- Settlement: On settlement day, the loan funds are disbursed and the property transaction is finalised. The broker ensures that everything is in order and that everything proceeds smoothly.
- Post-settlement check-in: After settlement, your broker will follow up to ensure that the loan is functioning as expected and that you are satisfied with the process. They are also available to help with any issues or questions that may arise.
Hot tip: Be upfront about your financial situation with your mortgage broker, including details such as HECS debt, BNPL accounts, personal loans, credit cards, and any previous defaults. Full disclosure enables your broker to accurately assess your financial position, identify the best loan options, and minimise surprises, which increases your chances of approval.
Perth home loan insights 2024
It helps if your mortgage broker has a solid understanding of home loan trends and insights specific to Perth. Here are some key highlights gathered from the team at MortgageBroker.com.au.
- Average home loan in Western Australia: $552,435
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Perth: $785,250 (all dwellings)
- Median house value in Perth: $818,839
- Median unit value in Perth: $561,582
- Median house deposit in Perth: $163,768
- Average time to save for a house deposit in Perth: 3 years, 10 months
Perth property insights 2024
Based on recent CoreLogic data, the median house value in Perth is $818,839, while the median unit value is $561,582. To bypass paying lender’s mortgage insurance (LMI) for these prices, you’ll generally need a 20% deposit, meaning $163,768 for Perth’s median house and $112,316 for the median unit.
As of July 2024, the average time to sell a property in Perth is only 10 days, down from 13 days in July of the previous year. Perth has seen the highest annual growth among all capital cities, with a 24.4% increase, and is projected to continue rising over the coming years.
Top 10 performing suburbs in Perth
| Suburb | Median value | Annual change (Aug 23 - Aug 24) |
|---|---|---|
| $638,651 | 31.4% |
| $703,809 | 29.7% |
| $685,328 | 29.4% |
| $721,201 | 29.2% |
| $743,944 | 28.6% |
| $719,010 | 28.5% |
| $847,812 | 28.3% |
| $871,262 | 27.7% |
| $754,344 | 27.1% |
| $805,063 | 26.7% |
Perth’s best suburbs for families in 2024
Here are six of the most family-friendly suburbs in Perth, according to online lifestyle publisher Sitchu, along with realestate.com.au’s median house price for each area.
- Dalkeith: $3,500,000
- Churchlands: $1,780,000
- Willagee: $880,000
- Swanbourne: $2,500,000
- Attadale: $1,780,000
- Rossmoyne: $1,626,000
Investing in property in Perth
For Perth property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent for all houses
$780
Median weekly rent for units
$584
Current rental yield
4.3%
Rental growth (July 23 - July 24)
12.7%
Why should I pick you over other mortgage brokers in Perth?
MortgageBroker gives you access to over 45 lenders, surpassing many other Perth mortgage brokers. Our experts are equipped to support a diverse range of borrowers with specific needs.
We specialise in securing the best outcomes for Perth property buyers, especially those who prefer not to spend time in a broker's office. Our brokers provide online consultations at your convenience, ensuring a simple and efficient process. Whether you prefer handling everything online or need a quick phone call, we're here to assist you every step of the way.
