Owner Occupied Home Loans

Switching an investment loan to an owner occupied loan or looking for the best competitive rates? At Rateseeker, you can use mortgage broker tools to compare rates across 30+ Australian lenders today.

No annoying sign-ups or emails required to see results. Only when you’re ready, get qualified with us and start saving today!

We can negotiate an owner occupied loan and find the best rate for your financial situation.

1.79 % P.A. 3 year fixed rate*
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2.94 % P.A. Comparison rate^

from 30+ lenders

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Rateseeker Benefits
Find the best home loan for your specific needs
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Did you know that getting an owner occupied home loan is more accessible than getting other types of loans? That’s because if the property you occupy is your primary residence, the place you call ‘home sweet home’, lenders will consider the fact that your property will be looked after compared to renting it out. If you default, a lender will also know they can sell the property and recover the money over time. With this type of loan, you can get a lower interest rate and be seen as a more reliable borrower. 

→ Learn more: Use our calculators to compare products across 30+ lenders

What are the requirements for owner-occupied home loans?

This varies depending on your choice of lender. Sometimes, lenders will loan an owner-occupied home on the condition that you don’t rent out what they consider your primary residence. 

Mortgage rules and owner occupied home loan rates vary from company to company, so it’s better to shop around first and do your research before committing to a decision. Ensure you do your mortgage loan calculations carefully, search the market to see if some companies offer special deals. Do your mortgage loan calculations carefully, and explore the market to see if some companies offer special deals for switching investment loans for owner occupied and for a period with a fixed interest rate. Doing so could save you considerable costs, and a set rate ensures you can plan your finances accordingly, knowing you won’t get an increase in your monthly repayments. 

→ Learn more: Our mortgage brokers can help you get your first home loan

Owner-occupied home loans vs investment loans

The big difference between these two mortgages comes down to what you want to do with them. If you’re buying an existing property or apartment and intend to live in it, it’s called an owner occupied property. If you plan on renting it to tenants or flip it, then it’s an investment property. 

Some people choose to live in their properties before renting them out, such as when their financial situation allows them to transition or their careers urge them to relocate elsewhere. Meanwhile, others purchase a property, rent it out and move in themselves on a later date. The bonus is that owner occupier rates are often lower than investment loan interest rates with an owner-occupied home loan. If you are looking to refinance your mortgage as an owner occupied home loan, you will need to live in the property for a set period before making the transition. You will also need to inform your lender.

How do you tell your lender? The best way is to be upfront on what you plan to do with your property. If you consider it your new primary residence, communicate your ideas and check the small print of your current loan product to see if you can do this. 

→ Need more information about a loan product? Head on over to our FAQs

Getting another mortgage with an owner occupied home loan

While there’s no reason not to, your mortgage lender may not always consider your rented property as income to qualify for a new mortgage. You need to be able to prove that you can afford two mortgages at the same time. While looking for an owner occupied loan, we can help you research the options available before committing to the final decision. 

As your financial advisors and experienced mortgage brokers, we can help you obtain a clearer understanding of the requirements for this particular type of loan. We’ll mediate with lenders on your behalf, ask the right questions, learn everything about your lifestyle and your loan goals, so we find the right loan product the first time around. At Rateseeker, you’ll reap the benefits of: 

  • Accessible, prompt service
  • Reliable support team of licenced mortgage brokers
  • Collective experience of more than 20+ years
  • Communicate with you via phone, email, online chat so you have access to us at all times
  • Clear, concise and transparent communication

Ready to work with us? Don’t hesitate to reach out today. 

Ready to seek the right loan for you?

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  2. Step 2 Compare low home loan rates
  3. Step 3 Seek approval
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We negotiate lower home loan rates from 30+ lenders

Rateseeker has access to all of Australia’s major banks, and over 30 third-party lenders. We provide tailored home loans and interest rates that suit your unique situation.

See what our customers have to say

Nick, Jason and Kevin were great with assisting us with our refinance, they kept us up to date throughout the process. Would definitely recommend them to others.

Amanda C

Happily Refinanced

My experience with Jason has been nothing but positive. I have done a refinance and purchase of a property through him. Both has transitioned smoothly with Jason providing prompt updates along the way. He is very professional, knowledgable and always available to his clients. I genuinely am grateful and thankful to Jason in helping my partner and I secure our dream home!I would definitely 100% use his services again. 10/10.

James M

Dream Home Owner

Jason was really helpful in getting us through the whole process of buying a property. He was very professional, responsive, and patient with all my questions. He is hands down the best broker! Highly recommend!

Dazee T

First Home Owner

From the beginning till the end of our settlements (purchasing and selling our properties), Nick and Jason have helped us along the journey, going above and beyond to secure our dream home. They were always available to answer our questions and provided us with great advise.

Anthony Y

Dream Home Owner

I have being using there service since 2015 and happy with their service. Nick & Jason provide great customer experience besides guiding with excellent professional advice. I highly recommend for anyone who are planning meet achieve their financial commitments like home loans.

Manojkumar D

Happily Refinanced

I highly recommend these guys! Reliable, responsive, efficient, very easy to work with! They were available after hours to accommodate our work hours. Got me and my fiancé the best rates and also went above and beyond when there was an issue with our settlement

Hillary

Dream Home Owner

FAQs about Owner Occupied Home Loans

What is an owner occupied home loan?

Owner occupied home loans allow you to borrow the amount needed to buy an existing home, build a new property or renovate an existing building. These specific types of loans are available for borrowers who plan on living in the home that the loan is required for.

Can an owner occupied home loan interest be tax deductible?

The interest on a main residence for an owner occupied home loan is not deductible. Therefore, $50,000 on the original home loan is the amount which can be looked at once the property is being used to build assessable income.

Can I have two owner occupied home loans?

You are allowed to have two owner occupied home loans, and get a mortgage on a new property as a primary residence, as long as you are planning to occupy the new property for a year. You are not required to contact your lender to inform them that you are doing so. You can keep the existing property as an investment property, and rent it out.

Can I change the home loan to owner occupied?

If you decide to occupy your investment property, you will need to notify your tenants and your lender to inform them that you’re switching from an investment loan to owner occupied property. You may have to consider paying higher interest rates, however it’s always worth asking for a rate reduction.

Why choose an owner occupied home loan?

There are many benefits with this type of loan. If you’re interested in an owner occupied home loan you may be eligible for more affordable borrowing options when you take out a mortgage, making your home less expensive from the start and lowering the risks associated with buying a home. Living in your own investment property means that you don’t have to take another mortgage to buy a home, resulting in huge savings. Home loans like these also tend to offer benefits like more competitive interest rates and lower down payments.

Why choose Rateseeker for owner occupied home loans?

Our experienced mortgage brokers have established long-standing relationships with leading banks. As a result, we may be able to negotiate with them and find the best owner occupied home loan rates on your behalf. Depending on your financial situation and lifestyle goals, our experienced team can talk to the lender in organising a lower fixed rate for you. For more information about our team of mortgage brokers and their services, head on over to our FAQs.

Meet one of our experts

Director of Rateseeker
Director Nick Chong

As a founder of Ardent Capital Group, Nick Chong brings more than 12 years of financial planning and mortgage broking experience. This, together with his strong economics background, gives him the expertise to lead his handpicked talented team of advisers.

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