Buying a home in Pakenham? Here’s how to find a local mortgage broker who can provide the expert advice and assistance you need to get the right home loan.
With strong transport links to Melbourne, a number of local schools and a thriving retail centre, Pakenham is a popular choice for home buyers looking to find a base reasonably close to Melbourne without the high property prices.
If you’re looking to buy your own home or invest in property in Pakenham, there are plenty of options to choose from. You should consider enlisting a trusted mortgage broker to ensure that you get the financing you need at a rate you can afford.
Which brokers have offices in Pakenham?
- Peter Ellis
- Robertson Wouters Finance
- Smartline (Beaconsfield)
- Loan Market (Cranbourne)
What are the main suburbs within Pakenham?
Source: Google Maps
A satellite suburb of Melbourne, Pakenham is 56km south-east of the Victorian capital. Multiple recent housing developments have seen a growth in the population of the Pakenham area, which is now home to 33,998 people.
The two largest demographic groups in Pakenham are maturing couples and families (19.3%) and established couples and families (16.8%). The median weekly household income in the suburb is $1,229.
The median sale price for a house in Pakenham in 2015 is $355,000. Average annual growth is 4.49%, gross rental yield is 4.73% and the weekly median advertised rent is $323.
2. Pakenham Upper
The family-friendly suburb of Pakenham Upper is found to the north of Pakenham. It has a population of 1,075 and a median weekly household income of $1,762.
The two largest demographic groups in Pakenham Upper are established couples and families (28.8%) and older couples and families (27.4%). Elderly families are a distant third, making up just 8.4% of the local population.
At the time of writing, no houses had been sold in Pakenham Upper during 2015, although the median sale price for 2014 was $472,500.
Found 48km south-east of Melbourne’s CBD, Officer is another family-friendly suburb. Home to five schools, it also has its own railway station.
A total of 1,760 people call Officer home, although that figure is expected to rise thanks to a new housing development. The two largest demographic groups in the suburb are older couples and families and maturing couples and families, which make up 32.7% and 17.8% of the local population respectively. The median weekly household income is $1,752.
The median sale price for a house in Officer in 2015 is $360,000. Average annual growth is 2.64%, 12-month growth is 15.72% and gross rental yield is 4.79%.
Buying property in Pakenham
You should consider the following factors if you’re looking to buy property in Pakenham:
- Active market. Statistics released by CoreLogic RP Data revealed that Pakenham was one of the most active property markets in Australia in the first half of 2015. In the year to July 2015, 946 houses were sold in the Pakenham area, second only to the 1,015 sold in Point Cook.
- Property prices. In 2005, the median sale price for houses in Pakenham was $235,000. That figure rose to $355,000 in 2015.
Suburb property prices in Pakenham
The median sale price for houses in Pakenham increased from $331,500 in 2013 to $355,000 in 2015.
Source: APM PriceFinder
The median sale price for houses in Pakenham Upper was $472,500 in 2014. At time of writing, no houses had been sold in this suburb in 2015.
Source: APM PriceFinder
The median sale price for a house in Officer increased from $308,000 in 2014 to $360,000 in 2015.
Source: APM PriceFinder
What will a typical mortgage cost in Pakenham?
The median house price in Pakenham is $354,250, which means that most lenders require a 20% deposit of $70,850 before you will be offered a loan. If you can front up with this deposit and then borrow the remaining $283,400 at 4.5% p.a. over 30 years, you’ll need to make monthly repayments of $1,435.95
The median sale price for Pakenham units is $265,000, so you’d usually need a 20% deposit of $53,000 to take out a loan. Borrowing the remaining $212,000 at an interest rate of 4.5% p.a. for a loan term of 30 years would result in a monthly repayment of $1,074.17.
How is a mortgage broker paid?
Many first-time borrowers are surprised to learn that you don’t have to pay fee to a mortgage broker in most cases. Instead, brokers make money by receiving commissions from lenders for connecting them with home loan applicants. Brokers receive an initial commission when the loan is taken out and a recurring commission based on the remaining loan balance each year.
However, if you decide to refinance your loan with another lender, the mortgage broker sometimes must pay a clawback commission fee to the original lender. This potential loss of commission means it’s in a broker’s best interests to recommend the very best loan for your requirements.
How does a mortgage broker work?
Instead of approaching a lender and only being able to choose from the home loans that one lender offers, a mortgage broker gives you access to loans from a wide range of lenders, meaning you have more flexibility and choice when it comes to finding a mortgage.
The National Consumer Credit Protection Act (NCCP) stipulates that a mortgage broker has a duty of care to act in your best interests and pair you up with a mortgage that suits your financial needs. They must also inform you of any commission they stand to receive before recommending any mortgage product to you.