Find a Mortgage Broker in Melbourne

Information verified correct on December 5th, 2016

Get the money you need to buy your dream home in Melbourne with help from a local mortgage broker.Mortgage broker melbourne

Melbourne, the coastal capital of Victoria, is a city known around the world. Famous for everything from its coffee and fine dining to its obsession with sport, Melbourne regularly features on lists of the world’s most liveable cities.

More than 4.3 million people call the broader Melbourne area home. If you’d like to buy property in the region and you need to take out a home loan to do so, ask an experienced local mortgage broker to help. There are hundreds of brokers to choose from across Melbourne, so here’s how to find the right broker for you.

Which brokers have offices in Melbourne?

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 in Melbourne

  • Smartline Personal Mortgage Advisers
  • Proper Finance
  • Citiwide Mortgage Services
  • Assertive Financial Group
  • Oak Laurel

What are the main suburbs within Melbourne?

Mortgage broker in Melbourne map

Source: Google Maps

1. Melbourne

With a vibrant arts scene, excellent bars and restaurants and several great cafes, Melbourne is a great place to live for the young and young at heart. It offers everything you would expect to find in the centre of a major city and is home to 28,370 people.

The two largest demographic groups in Melbourne are independent youth (64%) and maturing and established independence (13.1%). The average median household income in the suburb is $1,230 per week.

The median unit price in Melbourne is $460,000, average annual growth is 4.58% and gross rental yield is 5.09%.

2. Reservoir

Located 12km north of the Melbourne CBD, Reservoir features a mix of older brick and weatherboard housing and new developments. It is home to Edwardes Lake, busy shopping precincts and 47,636 people.

The two largest demographic groups in Reservoir are established couples and families (17.6%) and independent youth (15.8%), while the median weekly household income in the suburb is $972.

The median house price in Reservoir is $593,500, average annual growth is 7.69% and gross rental yield is 3.09%.

3. Berwick

Situated 41km southeast of Melbourne, Berwick has a population of 44,779. The suburb is home to several schools, a number of shops and restaurants, and its own railway station.

Berwick’s two largest demographic groups are established couples and families and maturing couples and families, who respectively make up 22.7% and 17.7% of the local population. The median weekly household income in the suburb is $1,559.

The median house price in Berwick is $512,500, average annual growth is 6.11% and gross rental yield is 3.86%.

4. Glen Waverley

Located 19km southeast of Melbourne’s city centre, Glen Waverley features some of Melbourne’s more expensive real estate. The suburb is home to a diverse dining and entertainment scene, six primary schools and a population of 39,204.

The two largest demographic groups in Glen Waverley are older couples and families (19.5%) and established couples and families (16.3%). The median weekly household income in the suburb is $1,351.

Glen Waverley’s median house price is $1,200,000, average annual growth is 11.32% and gross rental yield is 1.99%.

5. Werribee

Werribee lies 30km to the southwest of Melbourne’s CBD, on the banks of the Werribee River. Following a period of rapid growth in the 1990s, this commuter suburb features a population of 37,737 and strong transport links with Melbourne and Geelong.

Werribee’s two largest demographic groups are established couples and families (20.8%) and older couples and families (18.6%), while the median household income in the suburb is $1,124 per week.

The median house price in Werribee is $334,000, average annual growth is 4.99% and gross rental yield is 4.51%.

6. Hawthorn

The leafy suburb of Hawthron sits 6km to the east of the Melbourne CBD. Popular with younger residents, it offers trendy cafes, great restaurants and all the convenience of being so close to the city.

Hawthorn’s population is 21,177 and the two largest demographic groups in the suburb are independent youth (29.9%) and maturing and established independence (16%). The median weekly household income is $1,628.

Hawthorn’s median house price is $1,550,000, average annual growth is 8.77% and gross rental yield is 2.18%.

Buying property in Melbourne

Consider the following factors when deciding whether or not you would like to buy property in Melbourne:

  • World’s most liveable city. In 2015, Melbourne was named the world’s most liveable city by The Economist. This was the fifth consecutive year that Melbourne took out this prestigious title.
  • Property prices. In the 10 years from 2005 to 2015, Melbourne’s median unit price has jumped from $314,330 to $475,000.

Suburb property prices in Melbourne

Melbourne

Mortgage broker melbourne melbourne graph

Source: APM PriceFinder

The median unit (units are much more common than houses) price in Melbourne dropped from $495,750 in 2014 to $475,000 in 2015.

Reservoir

Mortgage broker melbourne reservoir graph

Source: APM PriceFinder

From 2014 to 2015, Reservoir’s median house price increased from $535,000 to $590,000.

Berwick

Mortgage broker melbourne berwick graph

Source: APM PriceFinder

Berwick’s median house price rose from $486,500 in 2014 to $515,000 in 2015.

Glen Waverley

Mortgage broker melbourne glen waverley graph

Source: APM PriceFinder

From 2014 to 2015, Glen Waverley’s median house price increased from $970,000 to $1,221,500.

Werribee

Mortgage broker melbourne werribee graph

Source: APM PriceFinder

Werribee’s median house price increased from $307,250 in 2014 to $322,250 in 2015.

Hawthorn

Mortgage broker melbourne hawthorn graph

Source: APM PriceFinder

From 2014 to 2015, Hawthorn’s median house price increased from $1,400,500 to $1,455,900.

What will a typical mortgage cost in Melbourne?

If you buy a house in Melbourne at the median price of $2,625,000, most lenders will require a 20% deposit of $525,000 in order to approve you for a loan. If you then borrowed the remaining purchase price ($2,100,000) at an interest rate of 4.50% p.a. on a 25-year loan, your fortnightly repayments would be $5,384.36. The total cost of the loan would be $3,499,835.76.

Buying a unit at the median price of $460,000 would require a 20% deposit of $92,000. Borrowing the remaining $368,000 on the loan terms listed above would lead to fortnightly repayments of $943.55. The total cost to you over the life of the loan would be $613,304.55.

How is a mortgage broker paid?

Instead of receiving payments from borrowers, mortgage brokers are paid commissions from lenders when they attract new business for a lender. They receive an upfront commission when you take out a loan and a trailing commission every year that you still owe money on your mortgage.

However, if you choose to refinance, the broker will have to pay a commission back to the initial lender.

For more information, check out our handy page about how mortgage brokers are paid.

How does a mortgage broker work?

A mortgage broker can help you secure the financing you need to buy the property you want. After assessing your financial situation, a broker will present you with a choice of suitable loans from their panel of lenders. As part of this process, they have a duty of care to ensure that they match you with a loan that meets your borrowing needs.

Our explanatory page provides more details about the mortgage broking process.

Image: ShutterStock

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