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?
- Lending Mate
- Robertson Wouters Finance
- Smartline (Beaconsfield)
- Loan Market (Cranbourne)
What will a typical mortgage cost in Pakenham?
The median house price in Pakenham is $420,000. A 20% deposit would be $84,000. If you can front up with this deposit and then borrow the remaining $336,000 at 4.5% p.a. over 30 years, you’ll need to make monthly repayments of $1,702.46. The total cost of the loan will be $612,886.55
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.
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.