An owner-occupied home loan is a mortgage used to buy a property that the borrower intends to use as their primary residence. These loans usually offer lower interest rates and more favorable terms than investment property loans. Owner-occupied home loans are commonly associated with first home buyers, as they are often used to purchase a first home.
First home buyers in Australia may be eligible for government incentives such as the First Home Owner Grant (FHOG) to help them buy their first home. In some states, the FHOG can be used to offset the cost of stamp duty, which is a tax that is payable on the purchase of a property. Stamp duty can be a significant expense, especially for first home buyers who may not have a lot of savings.
When applying for an owner-occupied home loan, it’s important to compare different lenders to find the best deal. Look for a loan with a low interest rate, low fees, and flexible terms. Consider using a mortgage broker to help you find the right loan for your needs.
We can help you turn your home dreams into reality with a variety of home loan options. Get in touch today and we’ll walk you through the process.