How to select the right mortgage broker in Wollongong

Information verified correct on April 28th, 2017

If you’re purchasing property in Wollongong, contact a local mortgage broker who can help you start the process.Mortgage Brokers Wollongong

Located in the Illawarra region, Wollongong is 82km south of Sydney. With a population of approximately 292,190, Wollongong is the third largest city in New South Wales and the 10th largest city in Australia.

The name “Wollongong” translates to “seas of the south” in the local Indigenous language, which is representative of its geographic position on the coastal strip between the Illawarra Escarpment and the Pacific Ocean.

Buying property is a major financial decision, which is why it’s worth consulting a mortgage broker who can guide you through the process and ensure that you’re getting a competitive deal.

A mortgage broker can draw upon their local knowledge of the property market, help you determine your serviceability potential and recommend mortgage solutions that are suitable for your personal situation.

Wollongong mortgage brokers comparison

Rates last updated April 28th, 2017
Details Features
Aussie Home Loans
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. Up to 20 lenders Enquire Now More info
eChoice Mortgage Brokers
eChoice Mortgage Brokers
When you do business with eChoice you will be given your own home loan manager to help you select a loan. 25 lenders Enquire Now More info
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+ lenders Enquire Now More info
Pepper Money
Pepper Money
Pepper specialises in providing fair home loans to those who are credit impaired - from small defaults all the way up to discharged bankruptcies. Credit impaired home loans Enquire Now More info

Other brokers

  • Illawarra Mortgage Brokers
  • Mortgage Choice Wollongong
  • Smartline Personal Advisers
  • Easyplan Financial Services
  • Mortgage Wisdom
  • Gateway Financial

What are the main suburbs in Wollongong?

Mortgage Brokers Wollongong

Source: Google Maps

1. Scarborough

Sitting between the Illawarra escarpment and sea cliffs, Scarborough is a small suburb of Wollongong. With an estimated population of 346, the median household income of residents is $1,750. Scarborough is home to several beautiful coastal beaches and Scarborough Public School.

The weekly median advertised rent for a house in Scarborough is $600, and the gross rental yield is 4.29%.

The main demographic groups residing within Scarborough are maturing couples and families (28.4%) and established couples and families (18.6%).

2. Fairy Meadow

Located just 4km from the Wollongong central business district, Fairy Meadow comprises a large strip of commercial and industrial properties just off the Princess Highway.

Fairy Meadow beach and stunning views of Mount Keira make the area popular with tourists. Fairy Meadow is also within close proximity to the train station on the South Coast line, which forms part of the NSW TrainLink network.

Fairy Meadow hosts the Fairy Meadow Demonstration School, Keira Technology High School, Wollongong High School of the Performing Arts as well as the University of Wollongong’s Innovation Campus.

The median house price in Fairy Meadow is $600,000, with 5.13% annual capital growth, a weekly median advertised rent of $470 and 4.07% gross rental yield.

A unit in Fairy Meadow is valued at $378,500, with an annual capital growth rate of 3.77%, weekly advertised rent of $360 and gross rental yield of 4.95%.

The majority of Fairy Meadow residents are independent youth (17.5%) and established couples and families (15.5%).

3. Shellharbour

Located 85km south of Sydney, Shellharbour has an estimated population of 3,326 and a median household income of $1,208.

Home to iconic beaches including Shellharbour Beach and Shellharbour South Beach, the area is undergoing extensive property and retail development.

The median house price is $640,000 and Shellharbour houses have seen 3.77% annual capital growth, with a weekly advertised rent of $460 and a 3.74% gross rental yield.

A unit in Shellharbour would set you back around $420,000 on average, with 1.38% annual capital growth, weekly advertised rent of $388 and a gross rental yield of 4.80%.

The largest demographic profile in Shellharbour is established and maturing couples (23.5%).

4. Koonawarra

Situated on the western coast of Lake Illawarra, Koonawarra has a population of around 3,633 and a median weekly household income of $845.

With a median house price of $370,000, Koonawarra real estate has seen annual capital growth of 4.4% with an average weekly rent of $380 and a gross rental yield of 5.34%.

The largest demographic profiles residing within Koonawarra include older couples (22.3%) and established couples and families (21.1%).

Buying property in Wollongong

Whether you’re looking for residential or investment reasons, you should consider the following points if you’re thinking of buying real estate in Wollongong:

  • Infrastructure projects. The $19.4 million refurbishment of Crown Street Mall, the rehabilitation of the Helensburgh Waste Depot Site and the Bald Hill Reserve Masterplan are all major infrastructure and community projects that will improve the city of Wollongong for both current and future residents.
  • Property prices. As you can see from the chart below, the median sale price for houses in Wollongong has increased from around $550,000 in 2013 to approximately $680,000 in 2015.

Mortgage Broker Wollongong Graph

Source: APM PriceFinder

Suburb property prices in Wollongong


Since 2014, the median sale price for Scarborough houses has dropped dramatically from around $910,000 to $550,000 in 2015.

Mortgage Brokers Wollongong - Scarborough Graph

Source: APM PriceFinder

Fairy Meadow

The median sale price for houses in Fairy Meadow has increased from around $475,000 to $600,000 from 2013 to 2015.

Mortgage Brokers Wollongong - Fairy Meadow Graph

Source: APM PriceFinder


The median sale value for Shellharbour houses has increased from around $550,000 in 2013 to $650,000 in 2015.

Mortgage Brokers Wollongong - Shellharbour Graph

Source: APM PriceFinder


Koonawarra properties have witnessed a steep increase from $275,000 in 2013 to $380,000 in 2015.

Mortgage Broker Wollongong - Koonawarra Graph

Source: APM PriceFinder

What will a typical mortgage cost in Wollongong?

The median house price in Wollongong is $660,000 so you would need to budget $132,000 for a 20% deposit. If you took out a home loan for the balance of $528,000 at 4.5% interest over 30 years, your monthly repayment would be around $ 

Conversely, the median unit price in Wollongong is $439,000, which means that you’d need to come up with $87,800 for a 20% down payment. If you had a mortgage of $351,200 at 4.5% interest over a 30 year term, your monthly repayment would equate to $ 

How is a mortgage broker paid?

Mortgage brokers receive a commission from the lenders they work with.

The most common commissions include an upfront commission and an ongoing or “trailing” commission, both of which are based on the product type and volume of the transaction.

Learn more about how mortgage brokers are paid

How does a mortgage broker work?

Mortgage brokers in Wollongong have extensive knowledge of the property market and can draw upon their panel of lenders to source a competitive mortgage product that suits your borrowing needs.

With an obligation to exercise duty of care, brokers are required to only recommend home loans that are suitable for your personal and financial situation.

Learn more about the broker-client process

Picture: Coalcliff, Jayphen, licensed under Creative Commons Attribution 2.0 Generic (image cropped)

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