The ultimate goal for many Australians is to have the freedom of owning their own home and to be able to look for a home in a specific area with features that match their lifestyle.

The fact that you are reading our website indicates that you have an interest in owning your own home and you may need to take out an owner occupied home loan.

What Are Owner Occupied Home Loans?

Owner occupied home loans are loans available for borrowers who plan to buy a house and use the house as their primary place of residence. You can take out an owner occupied home loan to:

  • Purchase an existing house;
  • Build a new home; or
  • Renovate an established house.

Enquire Online for Owner Occupied Property Purchase

Things to Consider

Before, you consider taking out an owner occupied home loan you need to ask yourself some questions. Here is a list of the key areas you need to consider:

  • Loan Size: how much should you borrow?;
  • Deposit: how much deposit do you need?
  • Interest Rates: what interest rate do you want?
  • Interest Type: do you want a fixed or variable rate, or do you want a combination of both fixed and variable?
  • Borrower Type: are you a first-time home buyer, or are you selling your current home and buying another home to live in?
  • Loan Features: do you want a redraw facility and/or an offset account?
  • Loan Fees and Charges: what stamp duty and other related costs will you incur?
  • Pre-Approval: how can you get a pre-approved owner occupied home loan?
  • First Home Owner Grant (FHOG): if you are a first-time home buyer who will process your FHOG application?

Acceptable Owner Occupied Real Estate Security

Here is a list of homes lenders/credit providers consider as acceptable real estate security when getting an owner occupied home loan:

  • Free-standing residential detached homes;
  • Semi-detached homes;
  • Townhouses;
  • Duplex houses (also called duplexes); and
  • Flats (also called home units).

Seek Expert and Professional Advice

Singh Finance is a reputed Australian finance brokerage firm. We employ a team of dedicated and professionally qualified finance brokers who are home loan experts. They will:

  • Help you in determining how much you can borrow? or you can use our handy "Borrowing Power Calculator" to calculate for yourself how much you can borrow?
  • Guide you through the owner occupied home loan process requirements;
  • Compare owner-occupied home loans to find the owner occupied home loan that best suits your individual needs and financial situation;
  • Obtain a pre-approved owner occupied home loan; and
  • Find suitable home and contents insurance for you.

Contact Us Today

For an obligation-free assessment, call on 0424 190 908 today or simply click on the "ENQUIRE ONLINE" form.

Disclaimer: This article is of a general nature only and does not constitute professional advice. I strongly recommend that you seek your own professional legal and accounting advice in relation to your particular circumstances.