How to find a mortgage broker in Launceston

Information verified correct on October 27th, 2016

If you’re borrowing money to buy property in Launceston, find an experienced local mortgage broker who can help you choose the best home loan for your needs.Mortgage broker Launceston Feature 2

From the scenery of Cataract Gorge to its myriad dining options, Launceston has plenty to offer to tourists and residents alike. As Tasmania’s second major city, Launceston is located at the junction of the North Esk and South Esk Rivers and is home to almost 75,000 people.

If you’re looking for a home loan to finance a property purchase in Launceston, approach a trusted local mortgage broker to ensure you find a loan that satisfies your borrowing needs.

Which brokers operate or have offices in Launceston?

Broker Details No. of Lenders
Aussie Home Loans Details and Application
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.

20 Enquire
More info

Other brokers

  • Mortgage Solutions Tasmania
  • BFA Finance
  • Peter Blackwell Financial Consulting Services

What are the main suburbs in and around Launceston?

Mortgage broker Launceston Map

Source: Google Maps

1. Newnham

Located on the eastern bank of the Tamar River, Newnham lies to the north of the Launceston CBD and has a population of 5,930. It’s home to the campuses of the University of Tasmania and the Australian Maritime College.

The median weekly household income in Newnham is $865. Its two largest demographic groups are older couples and families (21.1%) and established couples and families (14.8%).

The median house price in Newnham is $235,000, annual capital growth is 3.04% and gross rental yield is 6.14%.

2. Prospect Vale

Located almost 6km south of the Launceston CBD, Prospect Vale features two schools and a small shopping centre. This developing suburb features strong road links to the Great Western Tiers area and is also the site of Country Club Tasmania.

The population of Prospect Vale is 5,020 and the median weekly household income in the suburb is $942. The two largest demographic groups in Prospect Vale are older couples and families (20.9%) and established couples and families (18.5%).

The median house price in Prospect Vale is $322,500, annual capital growth is 2.16% and gross rental yield is 5.32%.

3. Riverside

Located 4km northwest of the Launceston CBD, Riverside is Launceston’s largest suburb in terms of population. Situated on the West Tamar Highway, it features several schools, a small shopping centre and a mix of older and modern homes.

Riverside has a population of 6,072 and the median weekly household income in the suburb is $1,152. Its two largest demographic groups are older couples and families (24%) and established couples and families (20.1%)

The median price of a house in Riverside is $297,500, annual capital growth is 2.07% and gross rental yield is 5.46%.

4. Trevallyn

The north-western suburb of Trevallyn is home to the most famous tourist site in Launceston, the spectacular Cataract Gorge. The Trevallyn Dam also lies within its boundaries and the suburb is home to 4,638 people.

The median weekly household income Trevallyn is $1,214. The two largest demographic groups in the suburb are older couples and families and established couples and families, which respectively make up 22.8% and 17.4% of the local population.

The median house price in Trevallyn is $315,000, annual capital growth is 3.6% and gross rental yield is 4.95%.

Buying property in Launceston

Consider the following factors when weighing up the pros and cons of buying property in the Launceston area:

  • University of Tasmania. Planning is underway for the $200 million Inveresk campus of the University of Tasmania, which is set to be built in central Launceston. The project is part of an effort to expand Launceston’s capabilities as an education hub for the north of Tasmania.
  • Property prices. The median price for a house in Launceston is around $343,500, whereas the median value for a unit is $331,250, which is slightly higher than the capital city average.

What will a typical mortgage cost in Launceston?

The median house price in Launceston is $343,000, so buying a property at this price means you would need a 20% deposit of $68,600 in order to qualify for most home loans. If you then borrowed the remaining purchase price of $274,400 at an interest rate of 4.5% p.a. on a 25-year loan term, your fortnightly repayments would be $703.56 and the total cost of the loan would be $457,311.87.

Buying a unit at the median price of $331,250 would require a 20% deposit of $66,250. Borrowing the remaining $265,000 at the same rate and term listed above would lead to fortnightly repayments of $679.46 and a total cost of $441,645.94.

How is a mortgage broker paid?

Mortgage brokers receive an upfront commission when you apply for a loan and a trailing commission each year there is money owing on your mortgage.

Read about how mortgage brokers are paid

How does a mortgage broker work?

Mortgage brokers have a responsibility to assess your financial situation and help you find the right loan. Once they have examined your income, your expenses and the amount you wish to borrow, you will be presented with a selection of loans from a panel of lenders.

Read about how brokers work

Picture: Launceston harbour by Jes, licensed under Creative Commons Attribution-ShareAlike 2.0 Generic (image cropped)

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