Your number one home loan brokers in Newcastle. We’ll find you a more competitive rate.
Let us help you get a competitive rate
Watson Mortgages: Newcastle’s home loan specialists
Looking to buy a house, unit, townhouse, acreage or build your very first home from the ground up? With so many home loan lenders and options available on the market, we understand that it can be difficult to determine whether or not you’re getting a competitive rate for your new home.
That’s where we come in. At Watson Mortgages, we help find a competitive product for your home loan mortgage in Newcastle, the Central Coast or the Hunter Region.
At Watson Mortgages, we help experienced and aspiring homeowners achieve their homeownership goals. Our mortgage brokers can find a competitive interest rate for your home loan — with more than 30 lenders to choose from and close partnerships with local financial planners, lawyers, and bankers, we will find a loan to suit your needs.
Contact us for more information, or book an appointment with our Newcastle mortgage brokers today. We’ll help you find a competitive loan.
Our nine-step home loan process
At Watson Mortgages, we aim to make the home loan application process as simple and streamlined as possible, which is why we’ve broken it down into nine simple steps.
- Data Collection
Once you have booked your initial meeting, we will send you a list of things to email to us before your meeting or alternatively bring with you.
- Initial Interview
We get together to discuss your needs and answer any questions you may have.
- Compare home loans
We review and negotiate competitive finance from our panel of 30 lenders and present you with options.
After you select your lender, we may require further documentation to prepare your home loan application.
Start hunting for your dream property. Pre-approval is subject to the property you find.
- Full Approval
Your preferred financial institution will prepare your home loan agreement and send it to us for review.
- Signing Documents
We meet with you to explain the home loan offer and sign.
We arrange a settlement date, liaising with your lender and conveyancer/solicitor.
- Post Settlement
We remain at your service should you have any additional needs in the future – such as top-ups, fixing, refinancing, or additional purchases.
Contact our home loan specialists for more information about this process, or book a free consultation today. We’ll help you compare home loans and find the best possible deal to match your financial circumstances.
Contact Watson Mortgages for an obligation-free consultation
Here are a few benefits of choosing Watson Mortgages for a home loan in Newcastle:
- We have more than 30 lenders to choose from, meaning we’ll find a flexible home loan to suit your needs.
- We’ll manage the whole process from start to finish. We’ll help find the right loan, communicate with lenders on your behalf, submit documents and secure a loan, then provide ongoing services and support to make the repayment process clear.
- Our services are complimentary and convenient. Our brokers can meet at your location, or we can have a more formal meeting in our office.
- We’ll find a competitive interest rate on your home loan, so you can be confident about your monthly interest payments.
- We have the experience and knowledge to provide mortgage and debt consolidation advice so that you feel supported and on top of things from day one.
Contact the team from Watson Mortgages for an obligation-free consultation today. We’re committed to achieving your homeownership goals.
Frequently asked questions
What loan is right for me?
We work with over 30 lenders with hundreds of products, so we are confident we can find a home loan to suit your needs. We will discuss with you if you would like features such as redraw, offset, fixed, interest only, principal and interest, or combination of the above. Depending on your answers we will match you with a lender and home loan product that will help you achieve your goals.
How much can I borrow?
It depends on various factors such as your income, expenses, deposit and purchase price. The first step is to book a consultation with the team from Watson Mortgages — we can flesh out the details and determine how much you can borrow and a lender to suit.
What information will I need to provide?
In preparation for your meeting with our mortgage broker, we ask that you have read the following information.
- Identification – You will need to provide 100 points of ID. The most common forms of ID are:
Drivers Licence, Photo Card (NSW), Passport, Medicare, Birth Certificated, Proof of Citizenship (if applicable)
NB – if you have been married and changed your name or have been through a divorce that has led to a name change, we will require documents that show the trail of name changes.
- Proof of Income – To determine your affordability, lenders request you provide all that apply to your circumstances:
– PAYG income earner- Your most recent 3 payslips showing 3 months earnings
– Self Employed – ATO Notice of Assessment (within the last 18mths)
– Government Income (Centrelink) – Statement from Centrelink showing FTB, Disability Pension etc.
– Child Support Income -Statement form Child Support or if a private arrangement statements showing income paid into your account
- Assets – A list of the assets you hold and may require confirmation of this later (managed funds, shares, investment property).
- Bank Statements – please provide:
– Existing home/investment loans – 6 months of statements
– Credit cards/interest-free debts – 3 months of statements
– Savings accounts – 6 months of statements
– Personal or car loans – 3 months of statements
To streamline this process we will send you an invite to use CashDeck. CashDeck is an online platform that links to your bank allowing you to send us copies of your bank statements electronically.
- Superannuation – a copy of your most recent superannuation fund. If you have multiple funds, please provide statements for all funds.
If you cannot find a statement, please obtain an approximate account balance, membership number, fund provider or risk profile.
- Insurance – Some lenders require evidence of insurance. If you have any of the following, please provide policy statements.
– Home and contents insurance
– Investment property insurance
– Income protection/ Life insurance
-Total and permanent disablement cover
– Trauma cover
- Liabilities – Any other expenses you may have such as child support.
Anything else you feel may be relevant.
What will the interest rate be?
Again, it depends on the lender and the type of home loan you go with depending on whether it is fixed, interest only, or principal and interest. With Watson Mortgages, our brokers will find loan options to help you achieve your home ownership goals. We will provide recommendations and advice, highlight the pros and cons of each loan, and guide you towards the option for which suits your circumstances.
How much of a deposit do I need?
Generally speaking, a 20% deposit is required for any loan. However, depending on the lender and your circumstances, some lenders will allow as low as 5% deposit. If the deposit is less than 20%, the lender will require Lender’s Mortgage Insurance (LMI) which will add to the overall costs.
Lender’s Mortgage Insurance is important to instill confidence in the lender. It insures the lender in the event that the borrower cannot make repayments.
What kind of questions should I ask my mortgage broker?
Our team is here to answer any and all questions you have about the home loan comparison and application process. Here are some common questions we get from our clients so that you can prepare for consultations with your mortgage broker:
- Are you licensed?What is my maximum borrowing amount?
- What type of interest rate is best for me?
- How much interest will I be charged?
- What will my loan repayments be?
- What is the comparison rate of the home loans you have suggested?
- Is this loan the best you can find?
- Can I choose another financial institution?
- Do I get charged if I make additional repayments on this loan?
- What features does this home loan come with?
- What happens after I apply for a home loan?
- Do I need to pay LMI?
Can I get a new home loan if I have a current loan?
Absolutely. If you’re planning to move into or build a new home but haven’t sold your current home yet, we might recommend a bridging loan to “bridge” the gap between properties. We will also provide a range of other recommendations and advice, ensuring you get a better deal for the relocation to come.
What kind of home loans are available?
Choosing a home loan can be challenging without experience. Multiple home loans are available on the market with various individual advantages and disadvantages, including:
- Principal and interest repayments — These loans are the easiest and most popular home loans to manage. Each repayment reduces your principal (i.e. the amount you originally borrowed) and accrued interest. Meanwhile, your new home is building equity which you can later use to invest.
- Interest-only home loans — These loans only cover the interest portion of your loan for a limited period of time. After the interest-only period has ended, you’ll need to start paying off the principal (unless you apply for another interest-only period). This option offers tax benefits for property investors.
- Variable interest rate loans — With this type of loan, your repayments will vary based on how interest rates rise and fall over time. If rates go up, so do your repayments. However, you also have the flexibility to make extra repayments at no charge to pay off your loan sooner.
- Fixed-rate home loans — The interest rate for this kind of home loan is fixed for a while (usually one to five years). You can choose another fixed-rate period or swap to a variable rate when that fixed period ends. The major benefit of fixed-rate home loans is that you will always know how much your repayments will be during that initial period.
- Split loans — These home loans are partly fixed and variable, so you get the best of both worlds. You will have two smaller loans equalling the total loan amount.
Our mortgage brokers will compare these loans and provide reliable recommendations based on your financial situation and repayment ability.