Halfway between the city of Melbourne and the east Victorian countryside, this suburb is an easy commute to the CBD, a walk to the beach and a haven for families and singles. There’s a wide range of different housing available in Frankston, from modern beach-front mansions to more modest family homes and compact units – so there’s something for every budget.
You could save big on your next home loan by talking to one of Savvy's specialist mortgage brokers. Get the inside track on the local property market, access to hundreds of mortgage options and expert advice about applications to guide you towards home loan approval.
How does using a broker get me a cheaper mortgage?
Home loan experts can offer a bigger choice of products than if you just ask your regular bank or a couple of other lenders. That’s because they have extensive connections with loan providers all over the country and can usually compare hundreds of low-interest home loans.
Not only that, but mortgage brokers provide help and advice all the way through your home loan journey. They’ll help you choose the ideal products, qualify, and apply for your mortgage.
Can a Savvy broker find me the right mortgage option?
Yes – Frankston attracts a huge number of homebuyers and renters, which means that it's home to a diverse range of residents. Median property prices represent excellent value, bearing in mind this is a seaside town within only a 40-minute drive and hour’s train commute from Melbourne's CBD. Our brokers are adept at sourcing products and features that meet the needs of a diverse population:
- Owner-occupier options: If you’re looking for a family-friendly home in the suburbs, you can still pick one up for around $600,000. If you’re looking for something a little more compact, units fetch about $430,000 on average. Our brokers can access hundreds of low-deposit mortgage options, with fixed or variable-rate repayments, and you can even opt for split repayments if that suits your plans.
- Solutions for investors and second homebuyers: The area is the perfect combination of seaside living and city convenience, and about a quarter of the 134,000 residents are in rented accommodation. Houses bring in weekly rent of about $400, with units being around $320. A local mortgage broker can source a good choice of options for investors, including specialist investor home loans from a selection of lenders, with the option to use interest-only repayments as part of your broader investment strategy. You can also talk to a local broker if you’d like to refinance an existing investment mortgage.
- Mortgage features: A broker can help homebuyers of all types and provide innovative cost-saving features. Choose from offset accounts, which use your savings to reduce your home loan interest, or lines of credit that allow you to unlock the equity in your property for a variety of purposes. If you want to make extra repayments, you can use a redraw facility for more cost-effective general-purpose borrowing.
Can Savvy brokers find a mortgage for a first-time buyer?
Yes – sometimes buying your first home just isn’t as much fun as it should be. Getting a down payment together can prove tough, there’s a lot of information to get your head around and that’s before you can even begin looking for a cheap home loan solution.
One of the key ways our mortgage brokers help first home owners is by targeting appropriate products and providing comprehensive assistance meeting lender requirements. In short, brokers help you compare home loans you’ll qualify for. They handle everything from preparing your application and chasing up lenders until your loan is in place.
Many first-time buyers are on a tighter budget, but that’s not a reason to slog it out alone. The majority of mortgage brokers get paid by lenders, so it costs nothing to use one.
Your home loan options
Making your first big step towards buying a home? It's crucial to be across your mortgage options as a first homebuyer.
Opting for a variable interest rate on your home loan means it'll fluctuate as the market moves throughout your repayment term.
On the other hand, fixing your rate locks it in for a pre-defined period. This can bring with it greater certainty around your budget.
It's important not to set and forget when it comes to your home loan. If you find a more competitive offer, it may be worth refinancing.
If you're looking to build a new house, construction loans are specifically designed to cater to the different needs associated with doing so.
A guarantor essentially acts as a safety net for your lender, as they sign onto your loan to agree to pay it off should you become unable to do so.
Purchasing a property as an investment brings with it different specifications from a lender. It's crucial to know what your options are.
Businesses big or small may wish to purchase a property for commercial purposes, which are also different from a standard loan.
Your home loan may give you an interest-only option, which allows you to exclusively pay interest on your loan for a set period.
Just because your finances may be slightly more complicated as a self-employed individual doesn't mean you can't take out a home loan.
Some lenders may allow you to apply for a home loan with alternative documents, such as tax returns, BAS and ABN registration.