With help from a local mortgage broker, you can get the finance you need to buy your dream property in Ballarat.
The regional centre of Ballarat has a fascinating history that includes the gold rush days of the 1850s and the famous civil uprising at the Eureka Stockade. Today, Ballarat is a thriving regional centre just over 100km north-west of Melbourne. Its population of almost 97,000 people makes it the third most populous urban area in Victoria.
If you want to buy property in Ballarat, enlist the services of a local mortgage broker to help you find a loan that meets your needs.
Which brokers have offices in Ballarat?
- Mortgage Choice
- Smartline Personal Mortgage Advisers
- Freedom Home Loans
- Mortgage House
- Ballarat Finance Company
- Reliable Mortgage Services
What will a typical mortgage cost in Ballarat?
To buy a house in Ballarat at the median price of $387,000, a 20% deposit would be $77,400. If you were to then borrow the remaining $309,600 at 4.5% p.a. on a 30-year term, your monthly repayment amount would be $1,568.70 and the total cost of the loan over its life would be $564,731.18.
How is a mortgage broker paid?
Rather than charging a fee to borrowers, mortgage brokers make money on commissions they receive from lenders for attracting new business. Lenders pay out an upfront commission when you apply for a loan, while a recurring commission is paid calculated on the amount outstanding on your loan each year.
How does a mortgage broker work?
Mortgage brokers work to find a mortgage that meets your home loan requirements. After assessing your income and your borrowing needs, a broker will present you with a choice of loans from a panel of lenders.