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September 10, 2021

How Much Should I Borrow For A House In Melbourne?

Are you considering buying a house in Melbourne, Australia? There are things you should keep in mind to ensure you get the best deal. The first one is the location. Where precisely in Melbourne do you want to buy the property? Additionally, do you know how much to borrow for a house in Melbourne? And lastly, do you have information on mortgage loans in Australia? These questions will help you find the right home and financing options to make your home buying more manageable.

This article is a quick guide into mortgages in Melbourne. It will help you understand how much you need to buy a house in Melbourne and where you can find the best financing options.

What Is The Average House Price In Melbourne?

You should know the average house price in Melbourne to determine how much to borrow for a house in Melbourne. According to the recent release from the Real Estate Institute of Victoria, the average house price in Melbourne is slightly past the $1 million mark. However, this is the first time the prices have gone that high, this is because the coronavirus pandemic has created a high demand for houses globally.

Additionally, the inner-east part of the city commands the highest house prices, averaging $1.34 million. On the flip side, the western suburbs have the most affordable house, averaging $598,990.

How Do House Prices In Melbourne Compare To The Rest Of The Country?

Melbourne and Sydney, the two cities that rate highest in the property market index, are the most expensive cities in Australia. However, the average property price in Melbourne is 20% more affordable than in Sydney.

Finding The Right House In Melbourne

Mortgages in Melbourne have made it easier to find the best homes without breaking the bank. However, the search involves careful consideration of various factors, such as financing options, location, size, and value.

If you already have a location in mind, that is great. However, if you are unsure, you should consider the suburbs, which offer the most affordable houses in Melbourne. Houses in Melbourne are sold through various real estate agents. To find an agent near you, go through the Real Estate Institute of Victoria website. Accordingly, you search directly through Google.

Getting Help To Buy A House In Melbourne

If you want help buying a house in Melbourne, the first thing that should cross your mind is finding mortgage loans in Australia. Secondly, you can use the service of a buyer’s advocate to find the most secure deals. Finding a solicitor and conveyancing agent is also a great idea, especially if you cannot handle the legal paperwork.

Financing A Home In Melbourne

A mortgage loan is an excellent idea if you want to buy a home. Make sure you have your finances in check before you apply for a home loan. Accordingly, you will be required to pay the deposit and settle the remaining amount in installments if your offer is successful.

Here are different options for financing your home purchase.

  • Bank Loans
  • Mortgage Brokers
  • Specialist Home Lenders

Conclusion

Are you looking for mortgage loans in Australia? At STARK Finance, we offer affordable home financing options to help you find the best home for your family. Contact us today to start your home-owning journey.