If you want to buy property in Frankston, a local mortgage broker can help you find the right home loan for your needs.
An outer suburb of Melbourne, Frankston sits at the top of the Mornington Peninsula. The surrounding area of Frankston City sits on the eastern shores of Port Phillip Bay and is home to more than 125,000 people.
If you’re looking to buy property in Frankston and you need to take out a loan to do so, finding a mortgage broker in the area is the best way to secure a home loan that’s perfect for you.
Which brokers operate in or have offices in Frankston?
Other brokers in Frankston
- Loan House
- Select a Mortgage
- Southside Finance
- Harmony Home Loans
- Money Man
- Buyer’s Choice Home Loan Advisory Service
What will a typical mortgage cost in Frankston?
If you want to buy a house in Frankston at the median price of $521,000, a 20% deposit would be $104,200. Borrowing the remaining $416,800 of the purchase price at 4.5% p.a. on a 30-year loan term would result in a monthly repayment amount of $2,111.86. The total cost over the life of the loan would be $760,271.17.
How is a mortgage broker paid?
Most mortgage brokers are paid in commissions when they generate new business for lenders. There are two types of commissions they stand to receive: an upfront commission when you take out the loan, and a trailing commission every year there is still money owed on the loan.
How does a mortgage broker work?
The National Consumer Credit Protection Act (NCCP) details a mortgage broker’s duty of care to help borrowers find a home loan they can repay without enduring financial hardship. After meeting with you, a broker will assess your financial situation and provide you with a selection of home loan choices from a panel of lenders. Mortgage brokers also have a duty to disclose the details of any commission they will receive if you sign up for a loan.