What is an owner occupier home loan?
It is a type of mortgage specifically designed for individuals who intend to live in the property they are purchasing.
How do owner occupier home loans work?
Generally, owner-occupier home loans offer lower interest rates compared to investment property loans. This is because lenders perceive owner-occupied properties as lower risk due to the borrower's commitment to reside in the property.
The amount you can borrow depends on factors such as your income, credit history, and the property's value. Owner-occupier home loans usually offer flexible repayment terms, including options for principal and interest repayments or interest-only periods.
Some loans offer offset accounts, where your savings can offset the interest charged on your loan, potentially reducing interest costs. Banks can allow you to withdraw any additional repayments you have made on your loan if needed.
Lenders consider factors such as your income, employment stability, credit history, and the property's value and location when assessing your eligibility for an owner-occupier home loan.
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 100,000 | 5.60% | 56,467 |
| 100,000 | 5.70% | 57,475 |
| 100,000 | 5.80% | 58,483 |
| 150,000 | 5.90% | 89,238 |
| 150,000 | 6.00% | 90,750 |
| 150,000 | 6.10% | 92,263 |
| 200,000 | 6.20% | 125,033 |
| 200,000 | 6.30% | 127,050 |
| 200,000 | 6.40% | 129,067 |
| 250,000 | 6.50% | 163,854 |
| 250,000 | 6.60% | 166,375 |
| 250,000 | 6.70% | 168,896 |
You can make more detailed calculations using the financial calculators on our website.
Who offers the best owner occupier home loans?
It can depend on the interest rates, fees, features, loan terms, and your individual financial situation. Here are some lenders known for competitive owner-occupier home loans in Australia:
Big Four Banks:
- Commonwealth Bank
- Westpac
- ANZ
- National Australia Bank (NAB)
- Other Major Banks:
- HSBC
- Macquarie Bank
- Bank of Melbourne
- BankSA
- George Bank
- Smaller Banks and Non-Bank Lenders:
- ING
- Suncorp
- ME Bank
- UBank
- AMP Bank
- Bendigo Bank
- Australian Unity
How do I compare owner occupier home loans?
First you should research the interest rates offered by different lenders. Fixed and variable rate options are available, each with its advantages and considerations regarding repayment stability or flexibility. Assess upfront and ongoing fees associated with the loan, including application fees, valuation fees, annual fees, and discharge fees.
Determine whether the lender offers loan terms that align with your financial goals and budget. Consider features such as offset accounts, redraw facilities, flexible repayment options (e.g., interest-only periods), and the ability to make additional repayments without penalties.
It can depend on the interest rates, fees, features, loan terms, and your individual financial situation.
See the similar FAQs about Australian banks:
- Commonwealth Bank home loan approval time
- Commonwealth Bank offset account
- Commonwealth Bank wealth package eligibility criteria
- Does Bank of Melbourne propose to redraw money for a home loan?
- Does Commonwealth Bank have a redraw option for home loans?
Details of companies offering the financial services:
Australian Mutual Bank
Head office’s address: 59 Buckingham Street
Contact center: 13 61 91
Phone: +61 2 9678 2111
Mail address: PO Box 881 Haymarket NSW 1240
Web-site: https://australianmutual.bank/
Swift code: CUSCAU2S
ABN: 93 087 650 726
BSB: 611 100
Bank of Sydney
Head office’s address: 62 Pitt Street
Contact center: 61-13-95-00
Phone: 61-2-8262-9191
Mail address: 62 Pitt Street, Sydney, NSW
Web-site: http://www.banksyd.com.au
Swift code: LIKIAU2S
ABN: 44 093 488 629
BSB: 942-202
Gateway Bank
Head office’s address: 68 York St
Contact center: 1300 302 474
Phone: +61 2 9307 4200
Mail address: GPO BOX 3176 SYDNEY NSW 2001
Web-site: https://www.gatewaybank.com.au/
Swift code: ASLLAU2CGTW
ABN: 47 087 650 093
BSB: 676-000
G&C Mutual Bank
Head office’s address: 201 Elizabeth Street
Contact center: 1-300-364-400
Phone: 61-2-9307-5400
Mail address: PO Box A253, Sydney South NSW 1235
Web-site: http://www.gcmutualbank.com.au/
Financial institution code: SGE
ABN: 72 087 650 637
BSB: 659-000
G&C Mutual Bank
Head office’s address: 201 Elizabeth Street
Contact center: 1-300-364-400
Phone: 61-2-9307-5400
Mail address: PO Box A253, Sydney South NSW 1235
Web-site: http://www.gcmutualbank.com.au/
Financial institution code: SGE
ABN: 72 087 650 637
BSB: 659-000
G&C Mutual Bank
Head office’s address: 201 Elizabeth Street
Contact center: 1-300-364-400
Phone: 61-2-9307-5400
Mail address: PO Box A253, Sydney South NSW 1235
Web-site: http://www.gcmutualbank.com.au/
Financial institution code: SGE
ABN: 72 087 650 637
BSB: 659-000
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100
ING Bank
Head office’s address: 60 Margaret St
Contact center: 61-2-9028-4077
Mail address: 60 Margaret St, Sydney NSW 2000
Web-site: http://www.ingdirect.com.au/
Swift code: INGBAU2S
Financial institution code: ING
ABN: 24 000 893 292
BSB: 923-100