A trusted local mortgage broker can help you find the right home loan to buy property in Hobart.
The capital of Tasmania, Hobart has plenty to offer to tourists and local residents alike. From the markets of Salamanca to the spectacular Derwent River, Hobart offers unique living opportunities you can’t find in any other Australian capital.
If you want to buy property in Hobart or its surrounding suburbs and you need to take out a home loan, find a local mortgage broker who can help you find the right home loan for your circumstances.
Which brokers have offices in Hobart?
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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.
- Mortgage World Tas
- Home Finance Centre of Australia
- Gloss Finance
- Integrity Innovative Loan Solutions
- Finance Designs
- Tassie Home Loans
- Simplified Mortgage Solutions
What are the main suburbs within Hobart?
A business district and one of Hobart’s key northern suburbs, Glenorchy has three major shopping centres and a range of other facilities to service the needs of the residents of the northern suburbs. It is home to several schools and sporting facilities and has a population of 10,533.
The median weekly household income in Glenorchy is $736, while the two largest demographic groups in the suburb are elderly singles (14.4%) and older couples and families (14.3%).
Glenorchy’s median house price is $240,000, annual capital growth is 2.85% and gross rental yield is 6.50%.
2. West Hobart
The hilly, inner-city suburb of West Hobart is an increasingly popular area with property buyers. Originally a working class area, its bohemian vibe has attracted new buyers.
West Hobart has a population of 5,800 and the median weekly household income in the suburb is $1,345. The two largest demographic groups in West Hobart are established couples and families (17.3%) and older couples and families (15.8%).
The median house price in West Hobart is $500,000, annual capital growth is 4.43% and gross rental yield is 4.37%.
3. Sandy Bay
Located just the south of the Hobart CBD, Sandy Bay is home to some of the city’s most sought-after real estate. It is situated on the banks of the Derwent River and is also home to the Hobart campus of the University of Tasmania.
Sandy Bay’s population is 11,156 and the median weekly household income in the suburb is $1,279. The two largest demographic groups in the suburb are independent youth (20.3%) and older couples and families (19.3%).
The median house price in Sandy Bay is $650,000, annual capital growth is 3.69% and gross rental yield is 3.84%.
One of Hobart’s northern suburbs, Claremont is perhaps best known as the site of the Cadbury Chocolate Factory. Typically classed as a blue-collar suburb, Claremont has a population of 7,681 and a median weekly household income of $874.
Claremont’s two largest demographic groups are established couples and families and older couples and families, who respectively make up 17.5% and 15.4% of the population.
Claremont’s median house price is $260,000, annual capital growth is 3.88% and gross rental yield is 6.20%.
Located 12km from the CBD on Hobart’s southern outskirts, Kingston is a pretty town surrounded by hills and just a short drive from Kingston Beach and the D’Entrecasteaux Channel. A popular home for workers who commute to Hobart, Kingston has a population of 9,759.
The two largest demographic groups in the suburb are older couples and families and established couples and families, who respectively comprise 21.1% and 15.5% of the local population. The median weekly household income in Kingston is $1,117.
Kingston’s median house price is $373,000, annual capital growth is 3.66% and gross rental yield is 5.16%.
Buying property in Hobart
If you’re thinking of buying property in Hobart, keep the following factors in mind:
- Parliament Square. Parliament Square in the Salamanca region of Hobart is undergoing a redevelopment, with the first stage scheduled for completion by the end of 2016. The first stage of the dining and entertaining precinct is the first new retail development in Salamanca for decades, with the project expected to cost a total of $150 million.
What will a typical mortgage cost in Hobart?
If you wanted to buy a house in Hobart at the median price of $500,000, you’d usually need a 20% deposit of $100,000 before you would be approved for a loan. Borrowing the remaining $400,000 at an interest rate of 4.50% p.a. for a 25-year term would result in fortnightly repayments of $1,025.59 and a total cost over the life of the loan of $666,635.38.
Buying a unit for the median price of $471,000 would require a 20% deposit of $94,200, leaving you with $376,800 left to borrow. If you borrowed this amount through a loan with the terms described above, your fortnightly repayments would be $966.11 and the total cost would be $627,970.53.
How is a mortgage broker paid?
Brokers are entitled to an initial commission when you apply for a loan, as well as a trailing commission each year based on the amount still owing on your mortgage.
Find out more about how brokers are paid.
How does a mortgage broker work?
Mortgage brokers have a duty of care to ensure that they match you with a loan that is ideal for your situation, so they will assess your finances before presenting you with a range of mortgage options.
Find out how mortgage brokers work.