Unlock Your Property Potential with Our Mortgage Broker Parramatta!
Bloom Home Loans, your trusted mortgage brokerage company, located in Parramatta, NSW, is committed to finding the best loan to suit your individual needs. Despite Sydney’s rising housing costs and living expenses, purchasing and financing a home remains an essential part of the great Australian dream.
Getting the best interest rate is essential whether you’re looking to upgrade, refinance your mortgage, invest, or buy your first house, Bloom Home Loans specialises in delivering reliable mortgage broker services in Parramatta. We are committed to provide a complete mortgage solution that meets all of your needs. With fast, efficient service and expert advice, we ensure you secure a home loan that meets your needs at a highly competitive rate.
Leading Parramatta’s Mortgage Experts for Home Loans
While you’re reading, here is what we are currently seeing for properties.
Over the past 5 years the population of Parramatta, NSW has risen by 30%, this is a tremendous amount of growth and worth keeping in mind whether you’re looking to purchase your forever home or your next property investment.
In Parramatta, the average cost of a property is currently $1,574,835. We see that house prices are resilient compared to the wider market and are continuing to steadily rise. It’s also important to note that most houses sell in 30-40 days from being listed on the market, so it’s never been more important than now to seek pre-approval for your next home purchase with us!
Currently, the median price for Units is $604,245. We see that there is very strong growth in the value of units where there is a current trend for the median value of units to increase. Again it’s critical to note that when units go for sale they are being sold in under 5 weeks. Now is a fantastic time to ask us to help you with your preapproval applications so you can confidently go out and purchase your next property!
At Bloom Home Loans we care about our clients and as the licensed and local mortgage brokers in Parramatta, it is our goal to help you achieve your dream with a home loan that doesn’t cost the Earth.
Best Home Loan Specialists in Parramatta
When faced with health concerns, seeking assistance from your local GP is the wisest choice, rather than waiting for the issue to resolve itself. This principle extends to visiting a bank directly or engaging with a Parramatta mortgage broker expert. Your home loan represents a significant financial commitment, where even slight variations in interest rates can significantly impact long-term savings. That’s why engaging with a Knowledgeable mortgage broker for home loan is essential. Having a dedicated advocate to champion your financial interests is the cornerstone reason why the Finance brokers at Bloom Home Loans are the premier choice.
Local Expertise for Your Mortgage Needs
As the leading Parramatta mortgage brokerage service provider, we know how to deal with all types of scenarios, this is what we specialise in! Our happy clients range from first-time homeowners to those in land and construction, refinancing, self-employed, and PAYG and SMSF sectors. While many mortgage brokers Parramatta may specialise in specific client segments, Bloom stands out with our broad expertise and experience, capable of serving a wide spectrum of clients.
The Home Loan Mortgage Solutions
Years of experience in the field reveal that the dynamics of home loan financing are in constant flux. What distinguishes a lender today may not be the case tomorrow, given the frequent adjustments in rates and policies. Keeping on top of lender policy changes and making sure the best options are presented to meet your needs and objectives takes effort.
Some examples include:
- How your income is assessed.
- Are you the type of lender that the bank is looking for at the moment, and if not which bank wants your business right now.
- Do they offer the loan types you need for current and future needs.
- How they value your property.
- How long will the bank take to assess my application.
- Do the lenders offer special concessions based on your occupation.
- Nearly 70% of all new home loans are now done with mortgage broking experts.
- There are many reasons for this. The most important thing is that a mortgage & finance broker is legally bound to operate in your best interests. Banks do not have this obligation. Local mortgage brokers also offer you a choice. Banks are only able to offer you their products.
Get In Touch With the Best Mortgage Team
Our Licensed & experienced mortgage broker in Parramatta is dedicated to simplifying the complexities of finance and makes sure that your journey to homeownership is enjoyable and uneventful. Speak with our senior home loan broker today!
How we are paid
There is no cost for seeing professional mortgage broker experts. The lender will pay the broker a commission for introducing the client to them.
Credit Scoring
Applying for finance is a big deal. Every application for credit will remain on your credit file for 5 years. Multiple applications for credit within a short period run the risk of shredding your credit score and making it more difficult to get finance.
We are close!
Bloom Home Loans is your professional advocate and trusted mortgage home loan broker in Parramatta. We are in your corner to get the right loan for you. We live in and know the area well. Let us support you.
FAQ
- We specialise in obtaining approvals, not just pencil pushing.
We provide dedicated support to ensure your application progresses faster than most others in the industry. - Bloom Home Loans operates on a best interest duty, banks do not.
- We offer Australia wide services.
- A full member of MFAA and AFCA, we only enact the most ethical and fine tuned lending practices.
When considering a mortgage, it’s essential to understand that lenders typically allow you to borrow between 5 to 7 times your gross income. Presenting your income accurately to lenders is crucial for maximizing your borrowing potential. Factors like personal loans, credit cards, and HECS debt can significantly impact your borrowing capacity.
Different lenders have varying policies regarding overtime, bonuses, commissions, and self-employment income. Some may adopt a stricter approach, while others might be more flexible. Navigating these nuances can be complex, but at Bloom Home Loans, we specialize in understanding each element that may affect your ability to secure credit.
To help you estimate your borrowing potential, check out our Borrowing Calculator. This allows you to input your financial information and receive a clearer picture of your mortgage options.
Absolutely! We pride ourselves in knowing lender policies for our self employed clients. Some lenders will offer prime rates will an ABN as little as 6 months old. Understanding your business and
then representing this in the right way to the right lender is very important. A good Accountant will ensure you have tax effective income. A good Mortgage Broker will understand the good work your accountant has done and then represent this to the bank in the right way to increase your borrowing power.
Many years ago lenders needed you to have at least 20% deposit plus stamp duty to buy a home. As living costs and home prices increased; they released this was an unrealistic hurdle. So they allowed clients to have as little as 2% deposit but pay a one off insurance premium – Lenders Mortgage Insurance (LMI). LMI protects the lender in the event you default on the loan but you pay the
premium. LMI is normally added to the home loan. Whilst it can be a significant cost, it enables you to get into the market sooner
All lenders use independent third party valuers to assess the value if your home when a full on site inspection is required. Normally this cost is picked up by the lender. Some lenders have their own software to automatically determine the value of your home. Valuations between lenders vary significantly. Sometimes more than 20%. If a valuation is required we will order this for you.
Rather than count yourself out of being able to get finance we recommend you contact us as you may be surprised what is possible. There are specialist lenders we have relationships with that will consider your loan application even with bad credit, defaults, ATO debt and bankruptcies.
Lenders look at your Capacity to repay the loan, your Capital / how much money you have, Collateral you are offering as security for the loan, Conditions including the economic environment, loan purpose and interest and your Character to ensure you are a responsible borrower and will
repay the loan
Fixed rates are great if you are worried about what would happen when interest rates rise. They offer certainty for a period of time but this certainty may come at a cost with higher interest rates.
You will likely also be restricted from making additional repayments off your loan. Variable rates enable you to pay as much off your home as you like without penalty. You can also access these payments again via redraw if you are ahead on your scheduled payments. If rates fall you will benefit whereas If they rise your loan payments will increase. It is possible to have a split loan, where a portion is Fixed and a portion Variable.
The best loan is the one that offers certainty of approval and meets your needs now and into the future. The lowest rate may not necessarily be the best fit. Whilst a low rate may be enticing now, if the bank policies mean you cannot access it or if the loan structure is not suitable then this may not
be the best option for you
Yes. This is sometimes called “the bank of mum & dad”. Loans with no deposit may be possible if another property is offered as partial security to support the loan. It may not increase the amount you can borrow but it will reduce the risk to the lender and result in a lower interest rate. It will also save you having to pay Lenders Mortgage Insurance. It is not without risk though. The guarantors property is used to secure your loan If you default on your loan the bank may call upon the guarantor to pay the shortfall. Guarantor loans of this nature are limited but still present a risk.
If the loan term exceeds your expected working life the lender will want to know how you will pay the loan when you finish working. This is termed an exit strategy. There are various exit strategies that are considered by lenders. Some include downsizing to a smaller property after retirement, using superannuation to pay off the remaining loan or if it is an investment property you can sell it at any time
We save you time by preparing the loan application and presenting you to the most suitable lender in the best manner, request interest rate reductions on your loan, structure the loan, offer guidance on the benefit of making additional loan repayments and saving you time. When we say our home loans don’t cost the Earth, we mean it. Even a 0.50% interest difference on a $500,000 loan over 30
years will save you more than $55,000
Every lender is different. For our first meeting we recommend getting evidence of income, liabilities and ID. We will guide you on the specific requirements as we progress your application
We will make this clear once an application is lodged. Approval timeframes vary depending on the lender and complexity of your application. We monitor your application every day to ensure it never falls behind as we have seen is all too common in the industry.
How Do I Start?
We encourage you to reach out at any time! As the best mortgage broker firm our passionate
team is always ready to discuss your financial needs right away. Speak with a home loan expert today!
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