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What our mortgage brokers offer Wollongong home buyers
Thinking about buying a property or refinancing your home loan in Wollongong? Chat with our team to get the best rates from over 45 lenders. We’ll take care of the application process for you, so you can skip the hassle and save time.
There’s no pressure to commit — start with a friendly chat and we’ll get to know a bit about you and your financial situation. Whether you’re buying your first home or making your next move, we’re here to help.
Check out how we can assist different types of borrowers in Wollongong:
- First home buyers: Wollongong’s a great spot for first-home buyers, with more affordable prices than Sydney. We’ll help you figure out how much you can borrow, compare loans and lenders, and get pre-approved, so you’ll know exactly where you can afford to buy. With pre-approval in hand, you’ll be ready to make a confident offer on your new home.
- Refinancers: Have a property in Wollongong already? It might be time to refinance your mortgage. If it sounds like a hassle, don’t worry — we’ve got you covered. We’ll compare rates and handle the paperwork for you. Looking to tap into rising property values? We’ll help you explore your options.
- Investors: Whether you’re currently owning or planning to buy an investment property in Wollongong or the Illawarra, we can help you find the best financing deals. Our team can suggest loan options that fit your investment strategy, boosting your cash flow and tax benefits.
- Upsizers and downsizers: Buying and selling property can be a major stress. Let us make it easier. While we can’t help with moving boxes, we can handle the financial side of buying and selling, including exploring bridging loans if you need to buy before you sell.
- Complex applications: If your situation is a bit more complicated, like being self-employed or needing SMSF finance, we can connect you with specialist lenders who offer tailored solutions. We’ve got options for those with bad credit too.
How to find the best mortgage broker in Wollongong
Wollongong is a great spot for finding mortgage brokers, with everything from big national firms to local solo operators. Before you pick one, here’s what you need to keep in mind:
1
Are they properly licensed?
Make sure any broker you’re considering is licensed by ASIC (Australian Securities and Investments Commission) and is a member of professional bodies like the MFAA or FBAA. This ensures they follow industry standards and provides you with some extra protection.
2
How experienced are they?
Check out how long the broker has been around and what they specialise in. A Wollongong broker with lots of experience helping people like you — whether you’re an investor or buying your next home — will likely offer better, tailored guidance.
3
Do they have good reviews?
Look up reviews online to get a sense of the broker’s reputation. Positive feedback about their communication, responsiveness, and successful outcomes usually means they’re on top of their game.
4
How many lenders do they work with?
See how many lenders the broker has access to. More options generally mean better chances of finding a competitive rate. Also, check if they work with lenders that suit your specific needs (i.e. if you’re a business owner and need a low doc or alt doc loan).
5
Book in a chat
Set up an initial meeting to gauge their communication style and how well they understand your needs. A good broker in Wollongong will explain things clearly and make you feel comfortable. Be wary of anyone pushing you to make quick decisions.
6
Don’t limit your broker choices
The best broker for your needs might not be based in Wollongong. Sydney mortgage brokers and national firms often cover the Wollongong and Illawarra region too. Local knowledge is great, but what’s most important is finding a broker who can get you the best deal and handle your financial needs effectively.
How does using a mortgage broker in Wollongong work?
Here’s what you can expect when working with a mortgage broker in Wollongong:
- Initial chat: You’ll start with a consultation where the broker gets to know your financial situation and goals. It’s also your chance to see if they’re a good fit for you.
- Preliminary assessment: Your broker will dive into your finances, like income, expenses and debts, to figure out how much you can borrow. They’ll ask for documents like your last two payslips, up to six months of bank statements, and tax returns to get a clear picture.
- Loan options: After assessing your situation, your broker will present a few loan options (usually three to five). They’ll break down the rates, fees, features, and any extras like cashback offers from different lenders.
- Loan application: Once you pick a loan, your broker will help you fill out the application and ensure all the necessary documents are attached. They’ll submit your application to the lender.
- Lender follow-up: Your broker will keep in touch with the lender to track your application’s progress, tackle any issues and keep you updated.
- Approval and offer: When your loan is approved, the lender will send a formal offer. Your broker will review this with you to ensure everything looks good.
- Settlement: After signing the loan documents, your broker will keep you posted on the settlement process, including when the funds are transferred to the seller or your current lender if you’re refinancing.
- Post-settlement: If any issues come up after the loan is settled, 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 rates have changed or your situation has evolved, they can help you explore new options or make adjustments as needed.
Wollongong home loan insights 2024
Like other regional cities in New South Wales, Wollongong has become a hotspot for homebuyers seeking more space and better value than what the capital cities offer. Below are some key highlights about the mortgage market in Wollongong:
- Average home loan in NSW: $782,916
- Average interest rate: 6.28% p.a. (owner occupier)
- Median property value in Wollongong: $960,068
- Home deposit required in Wollongong: $48,003 - $192,014 (5% - 20% of the median property value)
- Average home loan repayment for a Wollongong home: $4,744 per month (based on median value, 20% home deposit paid and average interest rate paid over a 30-year loan term)
Wollongong property insights 2024
Wollongong’s property values experienced a significant boom, with the median value increasing by 57.7% over the past five years. In the last 12 months, growth has been more moderate, with the median property value rising by 7.0%, which is in line with the national average of 7.1%, according to CoreLogic.
Whether you’re in Shellharbour, Corrimal or Berkeley, different parts of Wollongong have seen varying levels of performance. If you’re buying in the area, it’s important to research specific suburbs and properties. Your broker can provide detailed property reports to help you make an informed decision.
Some of the top-performing suburbs in Wollongong and the Illawarra
| Suburb | Median value | Annual price growth |
|---|---|---|
Lake Illawarra | $865,000 | 15.6% |
Kiama Downs | $1,352,500 | 15.1% |
Wombarra | $1,932,500 | 15.0% |
Figtree | $1,110,500 | 13.3% |
Shellharbour | $1,258,500 | 12.4% |
Kiama | $1,515,000 | 9.2% |
Berkeley | $756,500 | 7.9% |
Mount Keira | $1,130,000 | 6.6% |
Corrimal | $1,140,000 | 5.1% |
Port Kembla | $921,250 | 4.7% |
Investing in Wollongong property
For Wollongong property investors, here are some key insights from CoreLogic’s latest data.
Median weekly rent (all dwellings)
$701
Current gross rental yield
3.6%
Rental growth (July 23 - July 24)
6.2%
Average days on market for property sales
35
Why should I pick you over other Wollongong mortgage brokers?
Wollongong has fast become one of the most popular regional centres in New South Wales, with many Sydneysiders making the move an hour or so south. With beaches, plenty of green spaces and more affordable property prices compared to Sydney, you can see why “The Gong” is such a sought-after destination.
Competition for the best houses in the Illawarra region can be fierce and any advantage you can give yourself will make life easier. Working with an expert Wollongong mortgage broker could be one such advantage. We’ll help you understand your borrowing power, find a great loan and manage the application process from start to finish.
For refinancers in Wollongong, we’re experienced at negotiating with lenders on behalf of clients. Whether you’re upsizing, downsizing, tapping into equity, consolidating debt or just looking to secure a lower rate, we can help you find a better deal. Talk to us today to learn more about how we can help.