In short: GNT Finance is a Thomastown mortgage broker based 20 minutes north in Mickleham. Thomastown's 1960s and 1970s homes on 600 to 700 square metre blocks attract first home buyers, dual-occupancy builders and investors, so we arrange first home buyer loans with the duty exemption, construction loans for a second dwelling, equity releases and investment loans, in English, Nepali and Hindi, at no cost to you in most cases.
Italian, Greek and Macedonian families bought Thomastown's big blocks in the 1960s to be near the factories; today their children are selling, and Nepali, Indian and Sri Lankan families and small developers are buying. Few suburbs in the north offer this much land this close to the city.
Buying in Thomastown: what is different
Housing stock
The standard Thomastown home is a solid three-bedroom brick-veneer or clinker-brick house from the 1960s or 1970s on a 600 to 720 square metre block, often with a big shed and a veggie patch. Many are being redeveloped into two townhouses, or a second dwelling at the rear, and new townhouses are now a large share of sales, particularly near the station. Prices are among the more affordable in the middle-ring north, which is why first home buyers priced out of Reservoir and Preston look here.
Transport
Thomastown station is on the Mernda line, about 35 minutes to the CBD. The Metropolitan Ring Road is minutes away. The CBD is about 17 kilometres, or 25 to 35 minutes by car.
Schools, shops and community
Lalor Secondary College, Thomastown Primary and St Clare's serve the suburb, with Pacific Epping and Northland both 10 minutes away. The Thomastown Recreation and Aquatic Centre and the Edgars Creek trail are the local landmarks. Thomastown and neighbouring Lalor have one of Melbourne's largest Nepali communities, and Gorakh Timilsina works with many local clients in Nepali.
Loans and grants that matter in Thomastown
| Buyer | Loan and support |
|---|---|
| First home buyer, original home under $600,000 | Full duty exemption; First Home Guarantee 5% deposit, no LMI |
| Owner building a second dwelling | Construction loan secured on the existing home |
| Investor | Investment loan, land tax planning on a high land-value block |
An owner who bought here a decade ago typically has enough equity to fund a rear dwelling or an investment deposit. Use the equity calculator and read how to use equity to buy an investment property.
Worked example: building a second dwelling behind a 1970s home
A couple own a 1972 home on a 680 square metre Thomastown block, valued at $800,000, with a $200,000 loan. They have a permit for a three-bedroom unit at the rear, contract price $450,000 including site works.
| Item | Amount |
|---|---|
| Existing loan | $200,000 |
| Construction loan for rear unit | $450,000, drawn in progress payments |
| Total loan on completion | $650,000 |
| Lender's on-completion valuation of both dwellings (estimate) | $1,150,000, LVR 57% |
| Repayment on $650,000, for illustration at 6.00% p.a. over 30 years | about $3,897 per month |
| Rent on the new unit, for illustration at $600 per week | about $2,600 per month |
The construction loan interest is deductible from the moment the unit is built to rent, so we set it up as a separate split. No stamp duty applies because they already own the land.
How GNT Finance helps Thomastown buyers
Our office at 23 Astbury Crescent, Mickleham is about 17 kilometres from Thomastown station, a 20 minute drive via the Hume Freeway and the Metropolitan Ring Road. Gorakh meets Thomastown clients at home, at the office, or by video, with evening appointments.
Gorakh's time as a senior credit officer covered exactly the applications Thomastown produces: a construction loan on a block with an existing house, an investor with three properties, or a first home buyer combining a nursing wage with factory overtime. He picks the lender that will approve. Nepali-speaking clients can go through every step in Nepali; see our Nepali mortgage broker page.
Nearby suburbs we also serve
Thomastown sits between Lalor and Reservoir, with Epping, Bundoora, Mill Park and Preston all within 10 to 15 minutes.
Frequently asked questions
Can I get a loan to build a unit at the back of my Thomastown home?
Yes. A rear dwelling on your own land is financed with a construction loan secured over the existing property, drawn as the builder completes each stage. The lender values the completed two-dwelling property and lends against that. You need a planning permit, a fixed-price building contract and enough income to service the total loan.
Do lenders treat a Thomastown townhouse differently from a house?
For a standard townhouse on its own title, no. If the townhouse shares a driveway under an owners corporation, the lender will want the OC certificate and may check the fees. Very small townhouses can face tighter LVRs with some lenders.
Is Thomastown good for a first home?
Yes, for buyers who want land and a house near a station for a mid-ring price. Original homes and older townhouses often fall under the $600,000 duty exemption, and the First Home Guarantee removes LMI. Get a building inspection on older homes, and check for unpermitted extensions, which lenders' valuers will flag.
How does land tax affect a Thomastown investment property?
Your own home is exempt, but an investment property on a 680 square metre block with a land value of, say, $500,000 attracts land tax of $1,350 plus 0.3% of the amount over $300,000, about $1,950 a year at 2024 to 2033 rates, and more if you hold other Victorian land. Factor it into your cash flow before buying.
Talk to GNT Finance
Thomastown's big blocks create opportunities, and the right finance turns them into results. Call Gorakh on 0426 403 703 or Book a free consultation in English, Nepali or Hindi, at home, by video or at our Mickleham office.
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.