In short: GNT Finance is a Melbourne mortgage broker serving Frankston, Karingal, Seaford, Carrum Downs and Langwarrin by phone, video and e-signature. We compare lenders for first home buyers, upgraders, renovators and investors, and apply the Melbourne rules: a $950,000 First Home Guarantee cap, no duty for first home buyers to $600,000 with a concession to $750,000, and the $10,000 new-home grant. No cost to you in most cases.
Frankston is where Melbourne's south-east meets the bay and the Mornington Peninsula. It has the beach, the end of the electrified train line, a major hospital being redeveloped, Monash University's Peninsula campus and a housing market with more range than most suburbs: from renovator's weatherboards in Frankston North to hillside homes in Frankston South and Mount Eliza. It is inside Melbourne for every scheme, which matters.
Frankston housing: what you are buying
- Frankston North and Karingal: 1960s and 1970s brick veneer and weatherboard homes, the most accessible entry to the area and popular with first home buyers and renovators.
- Central Frankston and Frankston East: a mix of older homes, unit developments and townhouses near the station and the hospital.
- Frankston South and Mount Eliza: larger blocks, hillside and bayside homes at the premium end.
- Seaford and Carrum Downs: family homes along the beach and inland along the freeway, with strong demand from upgraders.
- Langwarrin: larger 1980s to 2000s family homes and some newer estates towards Cranbourne.
Lenders treat Frankston houses as standard security. Unit blocks and townhouse developments are common and generally fine; small studios near the station may hit minimum size rules with some lenders.
Schemes that matter in Frankston
| Scheme | Rule (at the time of writing) |
|---|---|
| First Home Guarantee cap | $950,000 (Melbourne capital city area) |
| First home buyer duty | Exempt to $600,000; sliding concession to $750,000 |
| First Home Owner Grant | $10,000 for a new home valued up to $750,000 |
| Help to Buy | Federal shared equity; Victorian price cap $950,000; income caps apply |
Frankston sits inside Melbourne's boundary, so the $950,000 cap applies rather than the $650,000 regional figure. That covers most of Frankston North, Karingal, Seaford and Langwarrin and a good share of Frankston South. Read our Melbourne mortgage broker page and the First Home Guarantee guide for the detail.
Worked example: a first home buyer in Karingal
Say you buy a $720,000 established three-bedroom home in Karingal as your first home.
- Duty: a partial first home buyer concession applies, because the price is between $600,001 and $750,000. Without it, duty would be $2,870 plus 6% of $590,000, or $38,270. The stamp duty calculator gives the concessional figure.
- Deposit under the First Home Guarantee: 5%, or $36,000. No LMI.
- Loan: $684,000. For illustration, at 6.00% p.a. over 30 years the repayment is about $4,101 a month.
A $590,000 unit in Frankston North instead would attract no duty at all, and the deposit would be $29,500. Read our first home buyer duty guide for how the concession scales.
Who we help in Frankston
- First home buyers using the guarantee with the duty exemption or concession. See first home buyer loans.
- Renovators buying in Frankston North or Karingal and improving. We can structure a loan with funds for the works, and a construction loan suits larger projects.
- Upgraders moving from Carrum Downs or Seaford to Frankston South, often needing a bridging loan to buy before selling.
- Hospital and university staff at Frankston Hospital and Monash Peninsula, including new arrivals on permanent residency.
- Investors targeting rental demand near the station and the hospital. See investment property loans.
How we work with Frankston clients
Our office is in Mickleham, on the other side of Melbourne, so Frankston clients work with us by phone, video and e-signature, exactly as our interstate clients do. Discovery call, secure document upload, lender comparison, electronic identity verification and e-signed loan documents, with your conveyancer handling the contract and settlement.
Nearby areas
Cranbourne, Dandenong and Berwick in the south-east, and Mornington, Somerville and the Peninsula to the south.
Frequently asked questions
Is Frankston inside the $950,000 First Home Guarantee cap?
Yes. Frankston, Seaford, Carrum Downs and Langwarrin are inside Housing Australia's Melbourne capital city area, so the $950,000 cap applies at the time of writing. Mornington and the Peninsula are also inside the boundary. Since October 2025 there is no income test and unlimited places, and the federal eligibility rules apply.
Do Frankston first home buyers pay stamp duty?
Not on a home up to $600,000, provided it is your principal residence for 12 months. Between $600,001 and $750,000 a sliding concession applies, and above $750,000 the full Victorian scale applies. Confirm the current thresholds at sro.vic.gov.au, and use our calculator for the figure at your price.
Can I borrow extra to renovate a Frankston North home?
Yes, in two ways. For cosmetic work, a lender may advance against the purchase price plus a cash-out component if your deposit supports it. For structural work, a construction loan draws funds in stages against a fixed-price building contract and is assessed on the completed value. We choose the approach that fits the scope and your deposit.
Do I need to come to your Mickleham office?
No. Frankston is a long drive from Mickleham, and every step of our process runs by phone, video and e-signature. Identity checks, document upload, lender comparison and loan signing are all electronic. You are welcome to visit, but none of our Frankston clients need to.
Talk to GNT Finance
Buying your first home in Karingal, renovating in Frankston North, upgrading to Frankston South or refinancing? We compare lenders, apply the Melbourne rules and manage the loan by phone and video. Book a free consultation or call 0426 403 703.
Written by Gorakh Timilsina
Founder, CEO & Senior Mortgage Consultant at GNT Finance. Gorakh started as a broker assistant, spent years as a senior credit officer assessing loan applications, and now helps Melbourne families get the right loan approved. English, Nepali and Hindi spoken.