A mortgage broker can help you find the right home loan to purchase your dream property in Cairns.
With its tropical climate and proximity to the Great Barrier Reef, Cairns attracts tourists from all over the world. It’s also a great place to live, with the warm weather and relaxed vibe creating an enviable lifestyle.
But if you’re looking to buy a home in Cairns — be it your first home, your next home or an investment property — you might need the expert advice and local knowledge of a Cairns mortgage broker to help you get the financing you need.
Which brokers have offices in Cairns?
- Smartline Personal Mortgage Advisers
- Loan Select
- Choice Finance Cairns
- NQ Lending
- All Lending & Finance
- Inline Home Loans
- Smarter Mortgage Solutions
What will a typical mortgage cost in Cairns?
The median house price in Cairns is $420,000. If you were looking to take out a home loan to help you purchase a house at this price, a 20% deposit would be $84,000, and you would have to borrow $336,000 to finance your purchase. With a 30-year home loan at 4.50%, your monthly repayment would be $1,702.46 and the total cost of the home loan over the 30-year term would be $612,886.55.
How is a mortgage broker paid?
Most mortgage brokers will generally help you find a home loan at no charge. Instead of requesting payment from you, they usually make money by receiving a commission from a lender. The commission usually comprises two parts: an upfront commission when the loan is taken out, and a recurring or trailing commission based on the outstanding loan amount each year.
How does a mortgage broker work?
A mortgage broker’s job is to match borrowers up with a home loan that meets all their needs. Acting as a go-between, a broker will assess your financial situation and borrowing needs to determine exactly what you need in a home loan. Then, using an aggregator to access a range of lenders, a broker will recommend suitable mortgage products from those lenders and then negotiate on your behalf to get a loan with a competitive rate and the features you want.