Australia has one of the highest home loan costs in the world, making it difficult for the average Australian to buy a home. According to recent statistics, the average home loan size in Australia is $618,729. However, there is hope for Australians looking to purchase their dream homes. Mortgage brokers can help navigate the complex process of obtaining a home loan and finding the right lender. In this comprehensive guide, we will introduce you to some of the best mortgage brokers in Sydney, starting with Shaun Bettman and his company, Principal Mortgages.
The Best Mortgage Brokers in Sydney
Principal Mortgages and Shaun Bettman
Shaun Bettman is the founder and director of Principal Mortgages, one of the best mortgage brokers in Sydney. With over 15 years of experience in the finance industry, Shaun has helped countless homebuyers achieve their dream of homeownership. His company has a 99.2% approval rate, making it one of the most successful mortgage broking firms in Australia.
Shaun and his team are dedicated to finding the best home loan for each client. They offer a range of loan options, including fixed-rate loans, variable rate loans, and interest-only loans. Their services extend beyond finding the right loan; they also provide comprehensive financial planning and coaching to ensure clients are in the best financial position to buy a home.
Justin Doobov and Intelligent Finance
Justin Doobov is another notable mortgage broker in Sydney, and his company, Intelligent Finance, has made a name for itself as one of the top mortgage broking firms in the country. In FY21, Justin set a record on the MPA Top 100 Brokers list, with $423m in home loans written.
Justin and his team at Intelligent Finance are known for their expertise in complex lending situations. They specialize in finding lending solutions for self-employed borrowers, property investors, and individuals with unique financial circumstances. They provide personalized service and advice to ensure clients understand the lending process and are comfortable with their loan terms.
Other Notable Mortgage Brokers in Sydney
While Shaun Bettman and Justin Doobov are some of the best-known mortgage brokers in Sydney, several other professionals excel in the industry. Here are some of the other notable mortgage brokers in Sydney:
1. Phil Riches, The Lending Manager - Phil has over 10 years of experience in the mortgage broking industry and is known for his ability to find the best loan options for his clients. He specializes in assisting first-home buyers, property investors, and those looking to refinance.
2. Rick Nieuwenhoven, Mortgage Broker Sydney - Rick has over 35 years of experience in the finance industry and has been a mortgage broker for over 20 years. He offers a range of home loan options, including fixed-rate loans, variable rate loans, and low-doc loans.
3. Arran Mckenna, Black Bear Group - Arran has over 15 years of experience in the finance industry and specializes in assisting property investors and self-employed borrowers. He offers a range of loan options, including residential loans, commercial loans, and construction loans.
Overall, there are many talented mortgage brokers in Sydney who can assist with finding the best home loan options for individuals in a variety of financial situations.
Refinancing Surge in Sydney
The pandemic caused a significant upheaval in the Australian housing market, leading many homeowners and investors to turn to refinancing to avoid defaulting on their mortgages. As a result, refinancing activity in Sydney surged, with borrowers racing to take advantage of historically low interest rates.
In May 2021, record-breaking home loan values of up to $32.56bn were refinanced, marking a significant surge in demand for refinancing services. Refinancing not only helps borrowers save money on interest rates, but it can also reduce monthly mortgage payments, which can go a long way in helping them avoid defaulting on payments.
However, refinancing is not always the best option, and borrowers must take a comprehensive approach when evaluating their needs. For this reason, seeking advice from a reputable mortgage broker is essential to steer clear of any financial traps and make informed decisions about the best financing options available.
Current State of Housing Loan Commitments
According to the MPA Top Brokerages report, total housing loan commitments in Australia have hovered around the $30bn mark, with lending holding above that level in March and April 2022. However, there have been some noteworthy changes in the types of loans that borrowers are opting for.
Owner-occupier loan commitments have dropped by 12.8% from April 2021 to April 2022, as the Reserve Bank raised interest rates, making homebuyers and investors cautious. In contrast, investment loan commitments have increased by 37.1%. These figures point to a shift in the market, as more investors are putting their money into property, rather than owner-occupied homes.
With the housing market in Australia in a state of flux, it’s crucial to have access to solid financial advice to ensure informed decisions. That is where mortgage brokers come in.
Why Mortgage Brokers are Necessary Today
In today’s housing market, mortgage brokers play a crucial role in helping borrowers navigate complex financial issues related to home loans. With an experienced broker by your side, you can rest assured that you’re getting the best deal on your mortgage.
Mortgage brokers have access to an extensive network of lenders, making it easier for them to negotiate better terms and rates for their clients. They can also assist with loan applications, as well as provide advice on the various financing options available to borrowers.
Benefits of using a mortgage broker for buyers and investors include:
1. Access to a wide range of lending options.
2. Expertise in complex financial and lending matters.
3. Cost savings through lower interest rates and reduced fees.
4. Greater purchasing power with access to a broad network of lenders.
5. Save time and effort by not having to negotiate with individual lenders.
Buying or investing in a property in Sydney can be a daunting process, with the average home loan size in the city being over $618,000. Coupled with the recent shift in the market due to the pandemic, it can be challenging to navigate your way through the home loan process alone.
Fortunately, Sydney has some of the best mortgage brokers in the country, such as Shaun Bettman and his company, Principal Mortgages, who have an outstanding 99.2% approval rating. These experts can assist buyers and investors in making informed decisions about home loans and other financing matters.
In conclusion, finding the right mortgage broker in Sydney can make all the difference in your home buying or investment journey. With the right advice, you can save money, time, and effort, while avoiding costly financial pitfalls.