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Home Loans - Owner Occupier

Home Loans – Owner Occupied

When applying for a home loan applicants will be required to identify whether they will be living in that property or not. An Owner Occupied home loan is a loan where the owner of the property is occupying the property as their prime place of residence.

Buyers requiring a loan for an owner-occupied home loan may either want to purchase an existing home, build a new or renovate an established property or even refinance an existing loan on the property they occupy.

The number of lenders proving owner occupier home loans is significant and the range of products would be around 500, even more so buyers really need to shop around and look for the lender and product that best suits their needs.

It is important to remember a home loan is usually the biggest debt of the individual or family and hence the biggest single expense so choosing a lender or loan that is not suited to a buyer’s needs can be a mistake and become quite costly.

Types of Owner Occupied Home Loans

There are many are different types of home loans, with distinct interest rates, fees and charges as well as terms and conditions.

Some home loan types come with special packages and include off-set accounts plus banking accounts and credit cards. However, these “packaged” home loans can come with a higher rate and annual fees close to $400.

Other basic home loans provide just a minimal add on service home loan, often with a lower rate.

Budget - Can You Afford the Repayments

When considering a home loan, it is absolutely essential to determine what repayments can be afforded so that the amount of maximum borrowing can be calculated.

Lenders will focus closely on a borrower’s income and expenses and then calculate themselves if the applicant can afford the loan. Experience shows us most home loan applications are declined when the lender decides the borrower cannot comfortably afford the repayments.

Please contact us to help you work out your maximum borrowing capacity before you start shopping for a home.

For assistance in setting a budget, please check out ASIC's site Budget Planner.

What’s Involved – Home Loans Owner Occupied.

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