A Penrith mortgage broker can match you with the right home loan by taking into account your borrowing needs.
Penrith sits 50km to the west of Sydney and is one of four cities within the Sydney metropolitan area. Located on the banks of the Nepean River, Penrith is one of Western Sydney’s major commercial centres and boasts strong transport links with the rest of the city.
Home buyers and property investors are drawn to Penrith for a number of reasons. Not only does it have numerous schools, nature walks, entertainment options and facilities, it also offers relatively affordable real estate compared to other parts of Sydney, NSW.
If you’re looking to buy a home or an investment in the area, read on to find a Penrith mortgage broker who can help you secure the perfect home loan.
Which brokers have offices in Penrith?
|Broker||Details||No. of Lenders|
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.
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.
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.
Other Penrith brokers
- Mortgage Choice Penrith
- 1300 Home Loan Penrith
- Above and Beyond Financial Services
- Calvary Financial Services Group
- Smartline Personal Mortgage Advisers
- Educated Finance
- Direct Access Home Loans
- Bluehouse Property Finance
- Pride Mortgage Services
- Resi Home Loans Penrith
What will a typical mortgage cost in Penrith?
The median house price in Penrith is $580,000. Assuming you take out a home loan that requires a 20% deposit of $116,000, you will need to borrow $464,000. Assuming an interest rate of 4.50% p.a. and a loan term of 30 years, this loan would require monthly repayments of $
Penrith’s median unit price is $376,000, which would require a 20% deposit of $75,200 when taking out a home loan. Borrowing the remaining $300,800 at a rate of 4.50% p.a. for 30 years would require monthly mortgage repayments of $.
What are the main suburbs within Penrith?
Source: Google Maps
1. Emu Plains
Located 58km west of the Sydney CBD, Emu Plains has an estimated population of 8,097, Emu Plains households have a median weekly income of $1,409. People aged between 45 and 54 years make up the largest chunk of the Emu Plains population (35.1%), and the suburb is popular with couples and families.
The median house price in Emu Plains is $613,500 and the median sale price for a unit is $535,000. House prices in Emu Plains have seen a quarterly growth of 4.1%.
Emu Plains is linked to Sydney by the Great Western Highway and the M4 Motorway. Schools in the area include Emu Plains Public School, Nepean Creative and Performing Arts High School, Our Lady of the Way and McCarthy Catholic College.
3. St Marys
St Marys is located 45km west of Sydney’s CBD. With a population of 10,960, St Marys has strong transport links thanks to a train station and its proximity to the M4 Motorway and Great Western Highway.
The main demographic of the groups residing in St Marys are those who are maturing (15.2%) and independent youth (14.9%). The median household income is $996 a week.
The median house price in St Marys is $575,000, and the median sale price for a unit is $410,000. House prices in St Marys have seen a quarterly growth of 11.11%.
Schools in the area include St Marys Primary School, St Marys Senior High School and Chifley College Dunheved.
2. St Clair
Located 39km west of Sydney, St Clair is home to 19,837 people, where the median weekly income is $1,670 per household.
The two largest demographic groups in St Clair are older couples and families (30.1%) and established couples and families (21.7%).
In terms of property, the median sale price in St Clair is $613,750 for houses and $520,000 for units. House prices have experienced quarterly growth of 10.28% and 12-month growth of 24.21%.
Schools in St Clair include St Clair Public School, St Clair High School, Emmaus Catholic College and Mamre Anglican School.
Cranebrook is more than 60km west of the Sydney CBD and offers views of the Nepean River in some parts. Home to the Penrith Lakes and the Sydney International Regatta Centre, Cranebrook has a total population of 14,721.
The two biggest demographic groups in Cranebrook are established couples and families (23.4%) and older couples and families (22%). The average weekly household income is $1,555.
Median sale prices in Cranebrook are $565,000 for houses and $451,650 for units. The weekly median advertised rent is $430 for houses and $400 for units, while house prices have an average annual growth of 5.49%.
Buying property in Penrith
You’ll need to take the following factors into account if you’re considering buying a house or unit in Penrith:
- Property prices. Property prices in Penrith have been trending consistently upward in recent years. In 2006, the median house price in the area was $320,000 and the median unit price was $242,000. In October 2015, those medians have risen to $592,900 and $377,000 respectively.
- Infrastructure projects. In the 2015 budget, the NSW state government announced $37 million of funding to upgrade the Western Line on Sydney’s rail network, as well as $12 million to develop the Western Sydney Sport and Community Centre.
Suburb property prices in Penrith
Median house prices in Emu Plains have risen from $448,000 in 2013 to $613,500 in 2015.
Source: APM PriceFinder
From 2014 to 2015, the median sale price for houses in St Marys jumped from $447,000 to $575,000.
Source: APM PriceFinder
Median sale prices for houses in St Clair increased from $500,000 in 2014 to $613,750 in 2015.
Source: APM PriceFinder
Cranebrook’s median house sale prices have risen from $426,000 in 2013 to $565,000 in 2015.
Source: APM PriceFinder
How is a mortgage broker paid?
In most cases, mortgage brokers will not charge you a fee for their services. Instead, lenders usually pay brokers a commission. There are two types of commissions, the first of which is an upfront commission based on the amount you borrow.
The second type of commission is called a trailing commission and is calculated based on the remaining amount on your loan each year.
How does a mortgage broker work?
A mortgage broker is a middleman who can match borrowers up with a home loan from a reputable lender. By using an aggregator to connect with major lenders, a mortgage broker can offer loans from a wide range of financial institutions.
After assessing your income, your financial situation and your borrowing requirements, a good mortgage broker will then present you with a selection of suitable home loans from a variety of lenders.
Picture: Penrith CBD by Saberwyn, licensed under Creative Commons Attribution-ShareAlike 3.0 Unported (image cropped)