Enlist the services of a mortgage broker to access the finance you need to buy a property in Albury.
Located on the northern side of the Murray River, Albury is a major regional city in New South Wales that comprises 11 suburbs. Located 462km from Sydney, Albury offers several tourist attractions, including the wine region around the Rutherglen and water activities around Lake Hume.
If you’re thinking of purchasing real estate in Albury, contact a local mortgage broker to source a home loan that matches your borrowing needs.
Which brokers have offices in Albury?
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Aussie Home Loans
Aussie is one of Australia's leading financial service providers, having won The Adviser’s Top Mortgage Broker award for the last 3 years. They charge no appointment fees and can meet at a time and place which suits you.
Online Home Loans
Online Home Loans is a mortgage broker service designed to help Australian borrowers find the right home loan – and do it all online.
iConnect has hundreds of loans available through more than 40 lenders in Australia to choose from to find the home loan that is right for you.
- Intouch Finance Albury
- Mills Alan Mortgage Finance
- Finance Express Home Loans
- FinMart Finance Brokers
- Mortgage Australia Group Albury-Wodonga
What are the main suburbs in and around Albury?
Source: Google Maps
Situated north of the Albury CBD, Lavington has a population of around 12,000. Featuring the Centro Lavington Shopping Centre, Lavington Swim Centre and several schools, Lavington is the second largest centre in Albury.
The median household income for Lavington residents is $826, and the median age is 39. Older couples and families represent 20.1% of residents.
Lavington has a median house value of $245,500 with average annual growth of 1.32% and a gross rental yield of 6.14%.
2. East Albury
Located just 3km east of the Albury CBD, East Albury is a residential and industrial area with a population of around 5,900. Major commercial development has also begun within the East Albury precinct.
Major facilities of East Albury include Albury Airport, Alexandra Park and Eastern Hill.
With a median weekly household income of $1,141 and a median age of 37, the largest demographic profile in East Albury is older couples and families, which comprise 16% of the population.
The median house price in East Albury is $364,500, where houses have seen 3.48% average annual growth and 4.57% gross rental yield.
3. South Albury
Situated 3km south of Albury, South Albury has a population of around 1,100 and is occupied for residential, commercial and industrial purposes.
South Albury has a median weekly income of $781 and a median resident age of 36. The majority of residents include those who have established independence (22.5%) and independent youth (17.7%).
The median house value in South Albury is $250,000, where houses have witnessed 2.05% average annual growth and 6.03% gross rental yield.
Glenroy sits north-west of Albury and has a population of approximately 2,700. Although it is a developing residential area, Glenroy is home to the Glenroy Public School and the Nail Can Hill Reserve.
The median weekly income for Glenroy residents is $1,342 and the median age is 37. Glenroy consists of older couples and families (21.4%) and established couples and families (19.6%).
The median value of Glenroy houses is $323,000, where real estate has seen 1.05% average annual growth and a gross rental yield of 5.03%.
Buying property in Albury
- Infrastructure. Major infrastructure projects underway in Albury include the $1.8 million QEII Square Master Plan, the $2.6 million Wagirra Trail and the $824,000 Youth Cafe projects, which are likely to draw people to the area and create demand for property.
- Property prices. The value of Albury houses has increased from approximately $400,000 to $455,000 from October 2014 to October 2015. Conversely, unit prices in Albury have fallen slightly from around $200,000 to $250,000 during this time.
Property prices in and around Albury
Median house prices in Lavington have risen from around $240,000 in 2014 to $260,000 in 2015.
In East Albury, median house prices have increased from approximately $340,000 in 2014 to $355,000 in 2015.
From 2014 to 2015, house prices in South Albury have increased $250,000 to $270,000.
In Glenroy, median house values have increased slightly from $320,000 to $325,000.
What will a typical mortgage cost in Albury?
With a median house price of $457,500, most lenders would require you to complete a 20% down payment of $91,500. If you then took out a loan for the remaining $366,000 at 4.5% interest over 30 years, your monthly repayments would be $1,854.47 and the total cost of the loan would be
$667,608.56 including principal and interest.
If you decided to purchase a unit at the median price of $242,400, you’d need to budget $48,480 for a 20% deposit. If you borrowed the remaining balance of $193,920 at 4.5% interest over a 30-year period, your monthly repayments would be $982.56 on the total loan amount of $353,723.10.
How is a mortgage broker paid?
Mortgage brokers receive an upfront commission when the loan is taken out and a trailing commission over the life of the loan based on the remaining loan balance.
How does a mortgage broker work?
After assessing your income, your assets, your liabilities and your home loan needs, a mortgage broker can match you with a home loan that meets all your borrowing requirements.