Compare Home loans in Hobart

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 26 Apr 2019

Compare Hobart home loans

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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

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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