How to select a great mortgage broker in Frankston

Information verified correct on December 7th, 2016

If you want to buy property in Frankston, a local mortgage broker can help you find the right home loan for your needs.Mortgage broker frankston feature 3

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?

Broker Details No. of Lenders
Aussie Home Loans Details and Application
Aussie Home Loans

Aussie is one of Australia's leading financial service providers, having won The Adviser’s Top Mortgage Broker award for the last 3 years. They charge no appointment fees and can meet at a time and place which suits you.

20 Enquire
More info
Online Home Loans Details and Application
Online Home Loans

Online Home Loans is a mortgage broker service designed to help Australian borrowers find the right home loan – and do it all online.

Enquire
More info
iConnect Financial Services
iConnect Financial

iConnect has hundreds of loans available through more than 40 lenders in Australia to choose from to find the home loan that is right for you.

40+ Enquire
More info

Other brokers in Frankston

  • Loan House
  • Select a Mortgage
  • Peninsula Property Finance
  • Southside Finance
  • Harmony Home Loans
  • Money Man
  • Buyer’s Choice Home Loan Advisory Service

What are the main suburbs in and around Frankston?

Mortgage Broker Frankston Map

Source: Google Maps

1. Frankston

Located 41km to the south of the Melbourne CBD, Frankston is known as the “gateway to the Mornington Peninsula”. A popular seaside spot for the people of Melbourne, Frankston features mostly detached houses and is home to 35,009 people.

The two largest demographic groups in the suburb are older couples and families (16%) and established couples and families (13.9%). The median weekly household income is $954.

The median house price is $399,750, annual capital growth is 5.56% and gross rental yield is 4.29%.

2. Carrum Downs

Found 36km south-east of Melbourne, Carrum Downs boasts three shopping centres and several parks and reserves. It’s also home to four high schools and has a population of 19,122.

The median weekly household income in Carrum Downs is $1,183. The two largest demographic groups in the suburb are established couples and families and maturing couples and families, which respectively comprise 20% and 16% of the population.

The median house price is $355,000, annual capital growth is 4.75% and gross rental yield is 4.98%.

3. Frankston South

Found 43km south-east of Melbourne’s CBD, Frankston South is home to some of the most expensive real estate in the area. Its hilly terrain allows some wonderful views over Port Phillip Bay, and it’s located close to all the infrastructure and amenities of the Frankston CBD.

The population of Frankston South is 17,612, of which 21.7% are older couples and families and 19.6% are established couples and families. The median weekly household income is $1,372.

The median sale price in Frankston South is $573,000, annual capital growth is 5.8% and gross rental yield is 3.63%.

4. Langwarrin

Located 42km from the Melbourne CBD on the city’s urban fringe, Langwarrin is home to 21,370 people. It features many peaceful walking tracks in the Langwarrin Flora and Fauna Reserve, as well as two main shopping centres and five schools.

The median weekly household income in Langwarrin is $1,384. The two largest demographic groups in the suburb are established couples and families (24.3%) and older couples and families (22.1%).

The median house price is $436,750, annual capital growth is 5.93% and gross rental yield is 4.29%.

5. Seaford

Located 36km southeast of Melbourne, Seaford has a population of 16,032. Highlights of the suburb include the coastal vegetation of the Seaford Foreshore Reserve, the native birdlife in the Seaford Wetlands, several primary schools and a range of sporting clubs.

The two largest demographic groups in Seaford are older couples and families (14.8%) and those who are maturing and have established independence (14.1%). The median weekly household income is $1,007.

The median house price in Seaford is $451,250, annual capital growth is 6.24% and gross rental yield is 4.03%.

Buying property in Frankston

Make sure to consider the following if you’re thinking of buying a house or unit in the Frankston area:

  • Train station redevelopment. The Victorian State Government recently provided $63 million of funding to revitalise the Frankston Station Precinct. The redevelopment of the area aims to deliver a safer, more modern environment and forms part of an overall plan to improve the Frankston city centre.
  • Property prices. In the 10 years from 2005 to 2015, the median house price in Frankston rose from $237,500 to $410,000. During the same period, the median unit price rise from $182,250 to $296,000.

Suburb property prices in Frankston

Frankston

Mortgage Brokers Frankston - frankston graph

Source: APM PriceFinder

From 2014 to 2015, Frankston’s median house price increased from $370,000 to $410,000.

Carrum Downs

Mortgage Brokers Frankston - carrum downs graph

Source: APM PriceFinder

The median house price in Carrum Downs increased from $346,000 in 2014 to $363,500 in 2015.

Frankston South

Mortgage Brokers Frankston - frankston south graph

Source: APM PriceFinder

From 2014 to 2015, Frankston South’s median house price increased from $555,000 to $580,000.

Langwarrin

Mortgage Brokers Frankston - langwarrin graph

Source: APM PriceFinder

From 2014 to 2015, the median house price in Langwarrin increased from $415,000 to $441,000.

Seaford

Mortgage Brokers Frankston - seaford graph

Source: APM PriceFinder

From 2014 to 2015, Seaford’s median house price increased from $443,500 to $456,500.

What will a typical mortgage cost in Frankston?

If you want to buy a house in Frankston at the median price of $399,750, you’d need to provide a 20% deposit of $79,950 in most cases. Borrowing the remaining $319,800 of the purchase price at 4.5% p.a. on a 25-year loan term would result in a fortnightly repayment amount of $819.96. The total cost over the life of the loan would be $632,974.99.

If you want to purchase a unit at the median price of $294,000, a 20% deposit would set you back $58,800. If you then borrowed the remaining $235,200 on a 25-year loan at an interest rate of 4.5% p.a., your fortnightly repayment amount would be $603.05 and the total cost of the loan would be $391,981.61.

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.

Our guide to how mortgage brokers are paid provides useful detail about the broking process.

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.

Our guide to mortgage brokers walks you through the broking process from start to finish.

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