How to find a mortgage broker in Parramatta

Information verified correct on December 11th, 2016

Find an experienced mortgage broker who can help you find the right home loan to buy a property in Parramatta.Mortgage Broker Parramatta Feature 2

Located in western Sydney, approximately 23km from the Sydney CBD, Parramatta boasts a busy business and retail district. As one of four cities in the Sydney metropolitan area, Parramatta has a population of almost 20,000 people.

If you’d like to live or invest in this area of Sydney and you need a home loan to help you do so, an experienced mortgage broker can help.

Which brokers have offices in Parramatta?

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
  • 1300 Home Loan
  • eChoice
  • Assured Lending Mortgage Brokers
  • ARMI Finance
  • Mortgage and Asset Management Group
  • Two Red Shoes Mortgage Broker
  • Citywide Lending Parramatta
  • Sydney Home Loans

What are the main suburbs in and around Parramatta?

Mortgage Broker Parramatta Map

Source: Google Maps

1. Parramatta

Located on the banks of the Parramatta River, Parramatta boasts a bustling business district that is expected to undergo rapid expansion in the next decade. It’s also home to a large Westfield shopping centre and Pirtek Stadium, and it’s linked to Sydney by train, bus and ferry.

Parramatta has a population of 19,744 and a median weekly household income of $1,314. The two largest demographic groups in the suburb are independent youth, who make up a massive 46.8% of the population, as well as those who have established independence (17.2%).

The median sale price for a house in Parramatta is $1.003 million, annual capital growth is 9.53% and gross rental yield is 2.55%.

2. North Parramatta

Located 24km north-west of the Sydney CBD, North Parramatta is home to Lake Parramatta and the extensive grounds of The King’s School. There are also six other schools in the suburb, and North Parramatta is home to 12,593 people.

The two largest demographic groups in the suburb are independent youth (26.7%) and those who have established independence (24%). The median weekly household income in North Parramatta is $1,277.

The median sale price for a house is $965,000, annual capital growth is 7.71% and gross rental yield is 2.69%.

3. Westmead

Situated 26km west of the Sydney CBD, Westmead is bounded by the Parramatta River and Toongabbie Creek in the north and the Great Western Highway in the south. The suburb is home to large public hospitals and medical research facilities, the University of Western Sydney and several schools.

Westmead has a population of 14,171, of which 37% are independent youth and 19.5% are those who have established independence. The median weekly household income in the suburb is $1,475.

The median sale price for a house is $980,000, annual capital growth is 7.07% and gross rental yield is 2.47%.

4. Granville

Located 22km to the west of Sydney, Granville combines residential housing with a mixture of commercial and industrial sites. It’s home to strong public transport links via rail and bus, as well as half a dozen schools and a branch of the Parramatta City Library.

The population of Granville is 13,989 and the median weekly household income in the suburb is $1,086. The two largest demographic groups are independent youth (31.8%) and those who have established independence (15.6%).

The median sale price for a house is $790,000, annual capital growth is 8.38% and gross rental yield is 2.96%.

5. Wentworthville

Wentworthville is found 27km west of the Sydney CBD and is home to 10,588 people. It features two main shopping areas, four schools and strong transport links along the M4 Motorway, Great Western Highway and Cumberland Highway.

The two largest demographic groups in Wentworthville are independent youth (22%) and those who have established independence (14.9%). The median weekly household income in the suburb is $1,314.

The median house price is $918,000, annual capital growth is 8.83% and gross rental yield is 2.55%.

Buying property in Parramatta

Keep the following issues in mind if you’re thinking of buying property in the Parramatta area:

  • Development. Within the five years following 2015, experts have predicted that Parramatta will experience $8 billion of development that will transform its CBD. The Parramatta CBD is expected to boast a skyline of high-rise buildings, including what will be Australia’s tallest residential building, the Aspire Tower.
  • Property prices. In the 10 years from 2005 to 2015, the median house price in Parramatta has increased significantly from $445,000 to $1.103 million. In that same period, the median unit price has risen from $306,400 to $567,000.

Suburb property prices in Parramatta

Parramatta

Mortgage Broker Parramatta - parramatta graph

Source: APM PriceFinder

From 2014 to 2015, the median sale price for a house in Parramatta increased substantially from $888,000 to $1.103 million.

North Parramatta

Mortgage Broker Parramatta - north parramatta graph

Source: APM PriceFinder

The median house price for North Parramatta increased from $900,000 in 2014 to $1.013 million in 2015.

Westmead

Mortgage Broker Parramatta - westmead graph

Source: APM PriceFinder

From 2014 to 2015, the median house price in Westmead increased from $920,000 to $1.18 million.

Granville

Mortgage Broker Parramatta - granville graph

Source: APM PriceFinder

The median price for a house in Granville increased from $635,000 in 2014 to $850,000 in 2015.

Wentworthville

Mortgage Broker Parramatta - wentworthville graph

Source: APM PriceFinder

From 2014 to 2015, the median house price in Wentworthville rose from $775,500 to $955,000.

What will a typical mortgage cost in Parramatta?

If you wanted to purchase a house in Parramatta at the median price of $1.003 million, most lenders would require you to have a 20% deposit of $200,500. If you then borrowed the remaining $802,000 at 4.5% p.a. on a 25-year loan term, your fortnightly repayment amount will be $2,056.31 and the total cost of the loan would be $1,336,603.94.

If you wanted to purchase a unit at the median price of $560,000, a 20% deposit of $112,000 would usually be required. Borrowing the remaining $448,000 at an interest rate of 4.5% p.a. for 25 years would result in fortnightly repayments of $1,148.66 and the total cost of the loan would be $746,631.63.

How is a mortgage broker paid?

Mortgage brokers are paid commissions by lenders for generating new business. They receive an upfront commission when you take out a loan and a trailing commission each year based on the amount you still owe.

Our guide to how mortgage brokers are paid

How does a mortgage broker work?

The first thing a mortgage broker will do is assess your income, your overall financial situation and how much money you want to borrow. They can then offer you a selection of suitable loans from their panel of lenders and help you choose the one that’s right for you.

Get detailed explanation of how the broking process works


Picture: Parramatta June 2014 by Mertie, licensed under Creative Commons Attribution 2.0 Generic (image cropped)

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