The simple guide to finding a mortgage broker in Mackay

Information verified correct on December 11th, 2016

Do you need to borrow money to buy a property in Mackay? An experienced local mortgage broker can help you find the right home loan.Mortgage broker Mackay 2

Famous for its sandy beaches, tropical rainforests and access to the Great Barrier Reef, Queensland’s Mackay has a lot to offer. Located 970km north of Brisbane, this thriving regional city is the sugar capital of Australia and home to around 150,000 people.

If you’re looking for a home loan to buy property in the Mackay region, enlist the help of an experienced local mortgage broker to find a loan that suits your personal situation.

Which brokers operate or have offices in Mackay?

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
Online Home Loans Details and Application
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.

Enquire
More info
iConnect Financial Services
iConnect Financial

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.

40+ Enquire
More info

Other brokers

  • Smartline Personal Mortgage Advisers
  • Loan Market
  • Barker Neil Lending Solutions
  • Lifestyle Finance
  • Flair Financial

What are the main suburbs in and around Mackay?

Mortgage broker Mackay mapSource: Google Maps

1. Mackay

Located on the southern shores of the Pioneer River, Mackay is a thriving regional centre in central Queensland. It features several heritage-listed sites and experiences a humid, sub-tropical climate.

Mackay has a population of 4,070 and the median weekly household income is $1,173. The two largest demographic groups in the suburb are those who are maturing and have established independence (22.9%) and independent youth (19.1%).

The median house price is $292,500, annual capital growth is 1.87% and gross rental yield is 5.33%

2. North Mackay

Situated on the opposite bank of the Pioneer River to the Mackay CBD, North Mackay is home to a private hospital, a state high school and a bowls club.

With a population of 6,597, North Mackay has a median weekly household income of $1,251. Established couples and families make up 16.9% of the population, and older couples and families represent 14% of the population.

The median sale price for a house in North Mackay is $305,000, annual capital growth is 3.32% and gross rental yield is 5.11%.

3. South Mackay

Featuring many homes from the early days of Mackay’s history, South Mackay’s streets are lined with stately Queenslanders. The suburb also features important facilities such as the Mackay Airport, several schools and sporting grounds.

With a population of 7,415, South Mackay has a median weekly household income of $1,326. The two largest demographic groups in the suburb are older couples and families (18%) and established couples and families (16.5%).

The median house sale price is $300,000, annual capital growth is 2.42% and gross rental yield is 5.89%.

4. West Mackay

Located between the Pioneer River and Paradise St, West Mackay is one of the oldest suburbs in the region. It features several grand old Queenslander homes and is also home to Mackay’s Botanic Gardens.

West Mackay has a population of 6,506 and the median weekly household income in the suburb is $1,293. The two largest demographic groups in the suburb are older couples and families (18.9%) and established couples and families (16.3%).

The median price for a house in West Mackay is $339,000, annual capital growth is 2.62% and gross rental yield is 5.06%.

Buying property in Mackay

Keep the following issues in mind when deciding whether to buy property in the Mackay region of Queensland:

  • Funding boost. In December 2015, the local council announced a $3 million investment in sporting and community infrastructure in the region. The money from the Better Community Building Fund will be spread across 13 community organisations. It’s estimated to provide an economic boost of more than $14 million to the region.
  • Property prices. In the 10 years from 2005 to 2015, Mackay’s median house price has fallen from $294,500 to $257,500.

Suburb property prices in Mackay

Mackay

Mortgage broker Mackay - mackay graph

Source: APM PriceFinder

From 2014 to 2015, the median house price in Mackay fell from $380,000 to $257,500.

North Mackay

Mortgage broker Mackay - north mackay graph

Source: APM PriceFinder

From $316,000 in 2014, the median house price in North Mackay fell to $290,000 in 2015.

South Mackay

Mortgage broker Mackay - south mackay graph

Source: APM PriceFinder

From $359,500 in 2014, the median sale price for a house in Mackay dropped to $290,000 in 2015.

West Mackay

Mortgage broker Mackay - west mackay graph

Source: APM PriceFinder

From 2014 to 2015, the median house price in West Mackay fell from $360,000 to $333,000.

What will a typical mortgage cost in Mackay?

If you want to purchase a house in Mackay at the median price of $292,500, most lenders would request a 20% deposit of $58,500. If you then borrowed the remaining house purchase price ($234,000) at an interest rate of 4.5% p.a. on a 25-year loan, your fortnightly repayments would be $599.97. The total cost of the loan would be $389,981.70.

If you wanted to purchase a unit at the median price of $399,000, a 20% deposit of $79,800 would be needed to qualify for a loan. Borrowing the remaining $319,200 at an interest rate of 4.5% p.a. over 25 years would cost you $818.42 per fortnight to repay. The total cost of the loan would be $531,975.04

How is a mortgage broker paid?

Most mortgage brokers make money on commissions from lenders for directing new business their way. In addition to an initial commission when you take out a loan, a trailing commission is also paid each year. The amount of this commission varies depending on how much you still owe on your loan.

Check out our article on how mortgage brokers are paid for more information.

How does a mortgage broker work?

Under the National Consumer Credit Protection Act (NCCP), brokers have a responsibility to help you find a loan suitable to your requirements and that you can repay without having to endure financial difficulty.

Our guide to mortgage brokers offers more information about the broking process.


Picture: Mackay by eGuide Travel, licensed under Creative Commons Attribution 2.0 Generic (image cropped)

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback