Owner occupied loans | Your Finance Adviser

Owner Occupied Home Loans for Your Needs

Owner-occupied home loans are available to borrowers who plan to borrow money to buy a property to live in. Those wanting to take out an owner-occupied home loan may wish to purchase an existing home, build a brand-new property (land & construction), or renovate an established one.

When borrowing for owner-occupied property, you can borrow up to 95% inclusive of LMI. There are a few banks who can lend up to 98% inclusive LMI, but the higher interest rate will apply.

Genuine savings are essential as most lenders will want to see that you are able to save consistently and will usually require your last three to six months saving history prior to considering you for a loan.

First homeowners’ grants are offered by every state and territory government. These are cash grants available to buyers who have never purchased a home before. There are some stamp duty discounts or exemptions available too, which can save you lot of money.

Before purchasing a property, it is always important to get an idea of how much you need to borrow. How much you can borrow will depend on several factors including i.e. your income, eligibility for Homeowner Grant, what deposit is required, other loan repayments and commitments.

Sitting down with our trusted lending specialist will ensure you know which options are available to you.

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FAQS

What does owner-occupants mean?
Owner-occupants are those who own the property and live in it. They can borrow a loan on their existing property.
What are the criteria for getting an owner-occupied home loan?
A few loans are only available to the owner-occupants. Owner-occupants should have moved into the home within 60 days of closing and must be living there for at least one year to be qualified for owner-occupied loan.
What are the key features of an owner-occupied home loan?
You can borrow the amount required to build a new property, buy an existing home, or renew an existing building.
What is the owner-occupancy clause?
According to the owner-occupancy clause, the home you occupy should be your primary residence. If you wish to leave the property, you need to notify the lender beforehand the period of leaving your residence.
What is the need for lenders to verify occupancy?
Lenders want to make sure that your property is your primary residence. The reason is that they don’t want to be stuck with the hefty bill as in case of residence being falsely claimed, the mortgage insurance company can deny a mortgage insurance claim.

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