Home loans in Melbourne
Comparable only to Sydney, Melbourne is one of the most in demand and popular cities in Australia. The city CBD is a hub of culture, business and industry, with many national and international organisations and companies based there. The property market can be daunting, with increasing property prices and a minimal amount of properties on offer.
What do I need to know about Melbourne?
The CBD of Melbourne - which naturally has the highest demand for properties in the city - is located around the natural bay of Port Phillip. The city is one of the country’s cultural capitals with contemporary art, dance, theatre, film and television industries being based there. The city is also well known for its changeable weather conditions, with strong winds, heavy rain and hail events. Melbourne is regarded as a highly liveable city with a well-designed attractive centre.
What is the property market like in Melbourne?
Properties are always in high demand in Melbourne. Prices for properties are growing, with affordability and shortage of supply a problem for people wanting to live in the city. The affordability issues increase the closer you move to the Melbourne CBD.
Due to the city’s location on a natural bay, there is also a shortage of land for large developments and residential housing. There are also a larger proportion of units, apartments and townhouses in the city, with these types of properties being more affordable that detached houses. Rental properties are in high demand with steadily increasing rents.
What is the difference between home loans in Melbourne and other major cities in Australia?
The property market and home loan sector is regulated by the Australian Government on a national basis, therefore the process is similar when getting a home loan in Melbourne as in the other state capitals and major metropolitan centres. It is perhaps easier to access a wide variety of home loan providers in Melbourne than in some other smaller Australian towns and cities. Because of the high demand for property you will need to organise your home loan quickly, otherwise a property you want to purchase could be snapped up by another buyer.
What do I need to know about getting a home loan in Melbourne?
The home loan process in Melbourne is similar to other states with the usual stamp duty and land taxes charged by the Victorian state government. If you are looking to purchase land or to make major renovations to a property these areas are governed by the Melbourne City Council. There are many building codes, restrictions and regulations that apply when building or renovating a property in this city. In addition, application fees are also charged and should be budgeted for when applying for a home loan. It can often be beneficial to employ an agent or advisor when considering purchasing a property or making major renovations to a property as this could decrease costs and avoid legal issues.