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Owner Occupied Home Loan Frequently Asked Questions

If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.

Can you have 2 owner occupied loans?

Generally, an owner occupied home loan applies to the borrower’s primary residence and therefore an additional property will not be eligible for an owner occupied home loan.

If you currently have an owner occupied home loan, but are considering purchasing an additional home, it is likely the second home will be classed as an investment property, requiring an investment home loan.

If you’re looking to grow your property portfolio, talk to our mortgage experts at Oceania Finance. With access to a wide range of lenders, we’ll help you find the right solution for your needs. Contact us today.

Can I change my home loan from owner occupied to investment?

If you are wanting to change your current owner occupied home into an investment property, it’s best to speak with your lender or mortgage broker first. It’s likely you will need to refinance your home loan and will have new rates and terms.

Can you borrow more than the purchase price of a property?

Generally, lenders will not allow you to borrow more than the purchase price of the property. This is because lenders use the purchased property as security for the home loan.

Depending on the lender and your individual circumstances, it may be possible to borrow more than the purchase price of the property with a guarantor loan. However, it is best to speak with a mortgage broker if you are needing to borrow more than the purchase price of your property.

Our mortgage brokers have access to a wide range of lenders and are experienced in negotiating to get you the best terms for your individual needs. Contact us today to get started!

Are there owner-occupied home loan tax deductions?

While you may be eligible for tax deductions on an investment property, generally owner occupied properties are not eligible for any tax deductions. If your home is used to generate income in some way, like a home-based business, you may be eligible for certain tax deductions. However, it is best to speak directly with your accountant or the Australian Taxation Office when confirming eligible tax deductions.