A good mortgage broker can help you find the right home loan to buy property in Bendigo.
The historic goldfields town of Bendigo has a lot to offer to homeowners and investors. As Australia’s fourth-largest inland city, it offers plenty of employment opportunities and access to shopping, dining and entertainment outlets. Bendigo also boasts a fascinating history, a thriving arts scene and easy access to large national parks.
If you’re looking to buy property in Bendigo, either to live in or as an investment, you’ll need to enlist the services of an experienced local mortgage broker to help you find the home loan that’s right for you.
Which brokers have offices in Bendigo?
- Smartline Personal Mortgage Advisers
- Gadsden Finance
- Mainland Finance
- Integrity Finance
- Bendigo Leasing and Finance
What will a typical mortgage cost in Bendigo?
As the median house price in Bendigo is $385,000, many lenders will require you to have a 20% deposit of $77,000 in order to take out a loan. If you then borrowed the remaining $308,000 at an interest rate of 4.5% p.a. on a 30-year loan term, your monthly repayments would be $1,560.59. The total cost to you over the life of the loan would be $561,812.67.
How is a mortgage broker paid?
Brokers get paid in commissions from lenders when they generate new business. Brokers receive an initial commission when a loan is taken out, plus a trailing commission that is calculated based on how much money is still owing on your loan each year.
How does a mortgage broker work?
Under the National Consumer Credit Protection Act (NCCP), mortgage brokers have a duty of care to match you with a home loan that you will be capable of repaying without enduring financial hardship.
After assessing your financial situation and your borrowing needs, a mortgage broker can then offer you a selection of loans from a panel of lenders.
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