RateCity.com.au
Advertisement

Compare Home loans in Hobart

Compare Home loans in Hobart and calculate mortgage repayments - Data last updated on 17 Dec 2017

Compare Home loans in Hobart

Company
Product
Advertised rate
Comparison rate*
Monthly repayment
Real Time Rating™
Estimated upfront fees
Minimum deposit %
Offset account
Redraw facility
Go To Site
Advertisement

Home loans in Hobart

The centre of Australia’s most southern state, the city of Hobart is both the governmental and financial hub of Tasmania. It has an extensive historical influence and is therefore attractive to international and interstate tourists.

Hobart’s home loan sector and property market can fluctuate with external factors but minimal housing and development causes a demand for properties in the city. If you are looking to buy or invest in Hobart it is important to research the city and weigh up the positives and negatives carefully.

What is Hobart like?

Hobart is located on the Derwent River with properties situated on both sides of the waterway. Due to its location the city is economically reliant on marine activities, mainly, from cargo and cruise ships as well as research teams going to and from the Antarctic. The city has a mild climate with strong winds and low temperatures a feature during six months of the year.

Hobart features streets of historic homes and buildings that serve to attract tourists and further bolster the city’s economy. In addition to housing the state’s governmental bodies and parliament, Hobart is also the base for several national and multinational companies, including, Incat, Nyrstar and Cadbury’s Chocolate Factory.     

What do I need to know about Hobart’s economy and property market?

Historically and over recent decades, Hobart and the rest of Tasmania was well known for having one of the worst employment rates in the country. This is slowly improving but Tasmania is still struggling below most other states. This is reflected in the property market with generally lower property prices and low sale rates. The more affordable prices have brought investors to the city looking to capitalise on a buyer’s market. This, in turn, has created a slight property shortage with fewer properties being placed on the market than in previous years. 

How does this compare to other capital cities in Australia? 

Mainly due to its low levels of employment opportunities and industry, Hobart is less in demand than other Australian cities. Both Sydney and Melbourne have a steady economy despite external factors, where Hobart is more reliant on the performance of local industries and government policy. The city can be more closely compared to Perth and Darwin, which also suffer from the effects of isolation. 

Why should I get a home loan in Hobart?

Due to a current upturn in industry and tourism, Hobart may be a good choice for investors and first time homebuyers. Median property prices are lower than many other capital cities with many historic or character properties on offer. Hobart can be an affordable option if you are looking at purchasing a property in a capital city but don’t want to contend with the expensive prices and supply problems of either Sydney or Melbourne. The city’s home loan sector is regulated mostly by the federal government with some input from the state government and is therefore similar to other states and cities in Australia. 

What issues may I face?

If you are looking at getting a home loan in Hobart, you will have to pay similar fees and duties as in the other cities in Australia. The local council will also impose some biannual rates. Due to increasing investor interest there may be a growing shortage of properties on the market and you may have less property options in the more popular suburbs.

FAQs

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

Advertisement
Compare your product with the big 4 banks, or add more products to compare