In short: GNT Finance is a Preston mortgage broker based 30 minutes north in Mickleham. Preston is a gentrified inner-northern suburb of period homes, new apartments and busy auctions, so we arrange upgrader loans for Californian bungalows and Edwardians, first home buyer and investor loans on apartments near Northland and High Street, auction pre-approvals and refinances on larger loans. No cost to you for our home-loan service in most cases.
Preston Market, Northland, the High Street tram and a dining strip have turned Preston from working-class north into one of Melbourne's most sought-after middle-ring addresses. Buyers compete at auction, and the finance has to be ready before the hammer falls.
Buying in Preston: what is different
Housing stock
Preston's streets are lined with Californian bungalows, Edwardian weatherboards and interwar brick homes on 500 to 650 square metre blocks. East of Plenty Road towards Darebin Creek, the stock is more 1950s to 1970s. Along High Street, Bell Street and around Northland, apartments and townhouses provide the entry-level and investor product. Prices are well above Reservoir, with renovated period homes past $1 million, while apartments remain accessible to first home buyers.
Transport
Preston and Bell stations on the Mernda line are about 20 to 25 minutes to the CBD, tram 86 runs along High Street and tram 11 along Gilbert Road, and Bell Street links to the Eastern and Tullamarine freeways. The CBD is about 9 kilometres, or 20 to 30 minutes by car.
Schools, shops and lifestyle
Preston High School, several primaries, Parade College and Santa Maria College serve the suburb. Preston Market and Northland are the shopping magnets, High Street is the food scene, and Ray Bramham Gardens and the Darebin Creek trail are the green spaces. Preston has a long-standing Nepali and South Asian community around the market and Regent station, which Gorakh Timilsina serves in Nepali.
Loans and grants that matter in Preston
- Upgrader home loans on period homes above $960,000, where duty is 5.5% of price and the loan often exceeds $800,000. Rate negotiation and offset structure matter more than grants. See home loans.
- Auction pre-approval: most Preston houses sell at auction with no cooling-off and no finance clause. A solid pre-approval and a valuation strategy are essential; read buying at auction in Victoria.
- Apartments: first home buyers on apartments under $600,000 pay no duty and can use the First Home Guarantee; the off-the-plan concession applies until 20 October 2026.
- Refinancing larger loans, where a 0.3 percentage point improvement on $900,000 is worth thousands a year.
Worked example: upgrading to a Californian bungalow
A couple sell their Reservoir unit, clearing $300,000 after paying out the loan and costs, and buy a renovated three-bedroom Californian bungalow in Preston West at auction for $1,250,000. Combined income is $265,000.
| Item | Amount |
|---|---|
| Purchase price | $1,250,000 |
| Land transfer duty (5.5% flat, $960,001 to $2 million) | $68,750 |
| Legal, building inspection, moving costs | about $6,000 |
| Funds contributed | $300,000 plus $24,750 savings |
| Loan | $1,000,000, LVR 80%, no LMI |
| Repayment, for illustration at 6.00% p.a. over 30 years | about $5,996 per month |
| Servicing test at 9.00% p.a. | about $8,046 per month |
Their income passes the servicing test, so we negotiate the sharpest rate at 80% LVR and set up an offset account. Estimate your duty on the stamp duty calculator.
How GNT Finance helps Preston buyers
Our office at 23 Astbury Crescent, Mickleham is about 25 kilometres from Preston Market, a 30 minute drive via the Hume Freeway and the Ring Road. Gorakh meets Preston clients at their home, by video or at the office, including evenings and weekends when auctions and open homes happen.
Preston loans are larger and timelines tighter, and Gorakh's years as a senior credit officer mean the pre-approval he arranges is one you can bid on: income verified the way the lender's credit team will verify it, property type confirmed acceptable, and valuation risk understood before auction day. For apartment buyers, he knows which buildings and floor areas each lender accepts.
Nearby suburbs we also serve
Preston borders Reservoir, Coburg, Bundoora and Thomastown. We also serve Glenroy, Essendon and Melbourne CBD.
Frequently asked questions
Can I bid at a Preston auction with only a pre-approval?
Yes, most buyers do, but an auction contract is unconditional with no cooling-off, and pre-approval is not a guarantee. The main risks are a valuation below the price you paid and a change in your circumstances. We reduce both with a lender that has fully assessed your income and, where possible, a valuation before the auction.
How much deposit do I need for a $1.2 million Preston home?
To avoid LMI you need 20%, or $240,000, plus about $66,000 duty and costs. With less than 20%, LMI on a loan this size can be substantial. Many Preston upgraders reach 20% by combining sale proceeds from a previous home with savings, or by using equity in an investment property.
Are Preston apartments a good first home?
For buyers who want to live near the tram, the market and the city, yes. Apartments under $600,000 attract the full first home buyer duty exemption and can be bought with a 5% deposit under the First Home Guarantee. Check the owners corporation fees, building defects history and lender rules on floor area before signing.
Is it worth refinancing a $900,000 Preston loan?
Almost always worth checking. A 0.3 percentage point saving on $900,000 is roughly $2,700 a year in interest, and larger loans usually qualify for the best pricing. We benchmark your rate, ask your lender to match it, and only switch if the numbers justify it.
Talk to GNT Finance
Buying in Preston means moving fast with the finance already settled. Call Gorakh on 0426 403 703 or Book a free consultation and we will get your pre-approval, budget and auction strategy sorted before the next Saturday.
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.