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What our mortgage brokers offer Townsville home buyers
Looking for a great deal on your next home loan? Get in touch with a mortgage broker in Townsville for expert help. Whether you’re buying your first home or moving to a new property, we make it simple to compare home loan rates from dozens of lenders, handle the application process, and set up your loan to save you money and shorten the term.
Here’s how we can assist various types of borrowers in Townsville:
- First home buyers: We’ll guide you through the home-buying process and help you estimate your borrowing power, so you can confidently explore Townsville neighbourhoods that fit your budget. When it’s time to apply, we’ll support you throughout the process, including finding options for low deposit home loans.
- Refinancers: If you already own property in Townsville, we can help you refinance your home loan to secure a better deal. If you purchased within a year or two and have a high loan balance, refinancing could save you thousands in interest costs each year. Alternatively, if you’re looking to tap into rising property values and access your home’s equity, we’re here to explore your options with you.
- Investors: Townsville remains a hotspot for investors, and having the right financing can maximise your returns. Our team can help you compare rates from leading investment property lenders and discuss how different loan structures and features align with your investment strategy.
- Upsizers and downsizers: Navigating the property market can be stressful, but a Townsville mortgage broker can handle much of the process for you. Whether you’re planning to sell before you buy or need a bridging loan to purchase a new home before selling your current one, we’re here to make it all go smoothly.
- Complex applications: If you’re in Townsville and have a complicated situation, we’ve got you covered. We can open the door to specialist lenders who provide custom loan packages, whether you need a self-employed home loan, or if you’re dealing with bad credit.
Finding the best Townsville mortgage broker
Townsville is one of Queensland’s top-performing regional hubs, with plenty of brokers who know the market inside out. So, how do you find the best Townsville mortgage broker for you? Here are some tips to consider:
1
Do some research online
Reading online reviews from Townsville buyers can help you identify brokers who consistently deliver excellent service and results. Look for brokers with outstanding reviews from clients in similar situations to yours, whether you’re a first home buyer, refinancing or investing.
2
Ask friends and family
Chances are some of your friends or family have worked with a finance broker in Townsville before. If so, ask if they would recommend them. Asking your social network can be one of the best ways to narrow your search, especially if they’re in a similar position to you.
3
How many lenders does the broker work with?
Mortgage brokers in Townsville must be accredited by lenders to recommend their products and services. This means some brokers will have access to more lenders than others. Brokers with a network of over 20 lenders typically offer a greater selection of loan options.
4
Does the broker specialise in a particular area?
Not all mortgage brokers will have experience with lenders that cater to your specific needs. For example, some brokers may primarily focus on assisting investors and SMSF loans, and might not be up to speed on Queensland grants for first home buyers.
5
How hands-on is their approach?
How much support will you receive from your broker? For Townsville buyers who feel uncertain about navigating the home loan process, it’s worth considering a broker who is ready to dive in and assist with every step of your application and loan setup.
6
Look out for any red flags
If you have the time, consider scheduling a few meetings with a handful of Townsville brokers. During these consultations, pay attention to 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 provide.
Remember, the best mortgage broker for a Townsville buyer might not necessarily be local. Brokers from Brisbane or Cairns, particularly those part of larger firms or aggregators, often serve the Townsville area. While local expertise can be a drawcard, the most important goal is to find a broker who can get the best home loan deal for you.
What’s the process for using a mortgage broker in Townsville?
If you’re looking to use a broker in Townsville, here’s what you can expect:
- Book an initial consultation: During this meeting, the broker will ask questions to assess your financial situation and goals. It’s also a chance for you to ask questions and determine if the broker is a good fit for you.
- Preliminary assessment: Your broker will review your financial details, including income, expenses, and other debts, to calculate your borrowing capacity. They will request documents such as your most recent two payslips, up to six months of bank statements, and tax returns to gain a complete understanding of your overall position.
- Compare loans: You’ll be presented with three to five loan options based on the information you’ve given your broker. The comparison will detail each lender’s rates, fees, loan features, and any additional incentives, such as cashback offers.
- Loan application: Once you choose a loan, your broker will assist with completing your application. They will collect and submit all necessary documentation to the lender on your behalf.
- Lender communication: Your broker will coordinate with the lender to monitor your application’s progress, resolve any issues if needed, and keep you informed throughout the process.
- 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 meet your expectations.
- Settlement: After you’ve signed all the loan documents, your broker will keep you updated on the progress and the settlement date. This is when the funds are transferred to the home seller or, in the case of refinancing, to your previous lender.
- After settlement: If there’s any issues with the loan after settlement, your broker will help resolve them with the lender. You can also ask your broker any questions you may have.
- Loan review: Your broker will usually check in about 12 months after settlement to review your loan. If rates have changed or your circumstances have shifted, they can help you compare new options and work out the best next steps.
Townsville home loan insights 2024
It’s a bonus if your broker can provide some valuable insights about the mortgage market in Townsville. A broker with local knowledge can help you identify regional trends and opportunities. Here are some highlights compiled by the team at MortgageBroker.com.au.
- Median property value in Townsville: $484,059
- Average interest rate: 6.28% p.a. (owner occupier)
- Home deposit required in Townsville: $24,203 - $96,812 (5% - 20% of the median property value)
- Average home loan repayment for a Townsville home: $2,392 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30-year loan term)
Townsville property insights 2024
The Townsville market has excelled over the past year, with the median property value rising by 23.9%, easily outpacing the national growth rate of 7.1%. Furthermore, Townsville has seen a 55.8% increase in median property values compared to five years ago, according to the latest data from CoreLogic, up to July 2024.
However, performance varies across different areas of Townsville. If you’re considering buying in the region, it’s essential to research specific suburbs and properties thoroughly. Your broker can help by providing detailed property reports to guide your decision.
Some of the top-performing suburbs in Townsville
| Suburb | Median value | Annual price growth |
|---|---|---|
Castle Hill | $1,250,000 | 38.9% |
South Townsville | $535,000 | 37.2% |
Cranbrook | $417,500 | 22.1% |
Condon | $399,999 | 22.0% |
Kirwan | $460,000 | 19.5% |
Currajong | $405,000 | 15.7% |
Mount Louisa | $489,500 | 15.2% |
Heatley | $361,000 | 14.6% |
Bohle Plains | $515,000 | 14.4% |
Garbutt | $387,500 | 14.0% |
Investing in Townsville property
For Townsville property investors, here are some key insights from CoreLogic’s latest data:
Median weekly rent (all dwellings)
$522
Current gross rental yield
5.5%
Rental growth (July 23 - July 24)
9.8%
Average days on market for property sales
17
Why should I pick you over other Townsville mortgage brokers?
Townsville is a prime location in regional Queensland for both home buyers and investors, thanks to its tropical climate and coastal lifestyle. With high competition for top properties, partnering with a mortgage broker can make all the difference. We’ll help you assess your borrowing capacity, find a great loan, and navigate the application process.
When the perfect property in Townsville becomes available, you’ll be ready to act swiftly. For those considering refinancing, we have a strong track record of securing favourable terms with lenders. We’re committed to getting the best deal for you, regardless of your situation.