Getting a loan to buy a home in Central Coast does not have to involve relentless research, especially if you turn to a good mortgage broker.
Home to a population of more than 310,000 people in 2009, the Central Coast came into being as a standalone region in December, 2005. The population of this region is growing steadily at 1% per year, and so are the number of homes and homeowners. Some of popular areas in the Central Coast include Gosford, Erina, Woy Woy, Terrigal, Wyong, Lake Haven, and Tuggerah. This region continues to rise in popularity as a tourist destination, and it also finds favour with a number of retirees. Many people who live in the south commute to Sydney every day.
When you’re looking to buy a home in or around the Central Coast and you need a loan, you may need to get in touch not just with the big banks, but with local banks and credit unions as well. This can be time consuming, and at the end of it all, you still might not cover all your options. One option you have is seeking assistance from a professional mortgage broker. A broker can find you loans from different lenders, negotiate on your behalf, and also help you complete your loan application.
Central Coast mortgage brokers comparison
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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.
How do mortgage brokers in the Central Coast work?
Mortgage brokers working in the Central Coast, as is the case with mortgage brokers around Australia, work with big and small lenders alike, and have access to a significant number of products. As they remain in regular contact with lenders they may be able to get you competitive interest rates. This, as a result, can help you narrow down the most suitable home loan for you.
Once you decide to work with a mortgage broker, your broker starts by determining your borrowing needs as well as your ability to repay, and it’s only after this that your they will look for suitable options. Since good mortgage brokers carry all the required expertise, they can answer your questions easily. In addition, they also help you compare different aspects like interest rate, fees, charges, and features.
After you decide on a home loan, you can expect your broker to negotiate with the lender on your behalf in trying to get a lower interest rate or added benefits. Your broker can also help you with the application and keep in touch long after you apply.
How to compare mortgage brokers in the Central Coast
While there are a number of mortgage brokers working in the Central Coast, you can’t expect all of them to have access to the same products, and not all offer the same levels of service. As a result, it’s best that you search for all mortgage brokers in your city, and compare the following aspects.
- Lenders on their list. Find out how many lenders exist on a mortgage brokers list as this should give you some indication of what to expect in terms of variety.
- The cost. While a number of mortgage brokers don’t charge their clients, there are some who do, and in such cases, fees can vary from broker to broker.
- Commission. Law requires that mortgage brokers should disclose how much commission they earn when asked. Know that the commission system also varies from one broker to the next, and some brokers might try to sell you loans just to earn larger commissions.
- Customer service. Friendliness, courteousness, and timeliness can go a long way in building any business relationship, and finding these aspects can help you weed out the good from the rest.
What areas in the Central Coast are mortgage brokers available?
By comparing the mortgage brokers on this page you can find a reputable mortgage brokering company which can cater to those in the Central Coast. Your options include brokerage firms with national networks who guide you to local mortgage brokers, or you can get in touch with local brokers directly. Irrespective of where in the Central Coast you wish to purchase a home, you should have a few options of mortgage brokers.
The Central Coast comprises of two shires, Gosford and Wyong, and they boast of homes in different settings ranging from city, to rural, to hinterland, to seaside. Just what you’re looking for should have a bearing on the area you choose, and in any case, you can get professional advice from a mortgage broker.
Given below are some of the popular areas in Central Coast where mortgage brokers are available.
Image credit: By Rufusferret (Own work) [CC-BY-3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons
This suburb is less than 80 kilometres from Sydney’s CBD. The Central Coast campus of the University of Newcastle is in Ourimbah and it’s home to Central Coast’s first school, the Ourimbah Public School. It also houses a number of heritage listed buildings and historical sites.
This suburb is around 90 kilometres from Sydney. It serves as an important commercial and industrial area, and boasts of the second largest shopping centre in the region, Westfield Tuggerah.
About 95 kilometres from Sydney, Warnervale is located just west of the Tuggerah Lake. This area has witnessed the development of a number of residential estates.
This is largely a semi-rural suburb, around 85 kilometres from Sydney. It has a shopping village, a grammar school, and a state-run primary school.
Gosford is about 76 kilometres from Sydney’s CBD. This city serves as the administrative centre of Central Coast, and is New South Wales’ third largest urban area. Many Gosford residents commute to Sydney for work and study, and the area boasts of good transport links.
This coastal town and southern suburb is less than 80 kilometres from Sydney. It has a NSW TrainLink railway station that serves many commuters who travel to Sydney for work every day.
Pros and cons of using a mortgage broker
- The right kind of help. When you’re working with a mortgage broker you can be confident that you’re working with someone who knows the business. A good mortgage broker should be available to answer your questions and can know of deals that you cannot find on the open market.
- Save time. When you work with a mortgage broker, he or she does the groundwork for you. This includes finding suitable options, taking care of negotiations, and completing all your paperwork.
- Loans for people with poor credit. Certain mortgage brokers specialise in finding loans for people who suffer from less-than-desirable credit. If you find yourself in this boat, you should consider how you plan to repay the loan when you’re looking for a broker.
- Commission. Since mortgage brokers receive commissions or fees from lenders it can lead to a conflict of interest. For example, a broker might feel inclined to promote a product that pays a hefty commission, or a broker might wish to promote a favoured lender.
- Number of lenders. Some mortgage brokers have access to home loans from a rather limited number of home loan providers, and if your broker falls in this category, the options he or she presents might be limited.
Questions to ask your mortgage broker
Given that there is no lack of mortgage brokers in and around Central Coast, it makes sense to compare as many as possible before deciding to work with anyone in particular. Ask shortlisted mortgage brokers a few questions, and their answers can help you decide. Here are some questions to ask that can help you decide on a broker:
- Do you have MFAA membership? The answer to this should be yes. If it’s in the negative, you may want to move to your next option.
- Do you charge fees from clients? While most mortgage brokers in Central Coast don’t charge their clients, some do, and it is best that you’re clear about this at the very onset.
- How will you find the right loan for me? You might be surprised at what a good mortgage broker can do in finding the best possible loan for you. When you ask a mortgage broker this question, look for a thorough answer.
- How many lenders do you have on your list? The answer to this is, the more the merrier. The more lenders they work with, the wider your comparison scope and the more likely you will find the perfect loan.
- How much commission do you make? Australian law requires that your mortgage broker should share this information with you if you ask for it. This gives you an indication if your broker is recommending a product owing to its high commission.
Finding the right home loan does not have to be difficult, and if you are not sure of what the process entails, you can seek professional assistance. Finding a mortgage broker in the Central Coast is quite easy, and you can find one irrespective of where in Central Coast you live or wish to purchase a property. Given that you have more than a few mortgage brokers from which to choose, comparing them before making a decision is ideal. If you wish to compare mortgage brokers in the Central coast, use finder.com.au and start now.