Know everything about Owner Occupied Home Loans before buying your Primary Residence

Owner occupied home loan is a type of mortgage that is offered by lenders and credit providers to those people who desire to buy a house and use it as their primary residence. Such loans are offered to those people who want to use the property for dwelling and not for investment purposes. Most lenders offer favourable rates to borrowers who apply for owner occupied home loans because they assume that the owners will take better care of the house than the tenants.

Owner occupied property finance is available for those people who are:

• Searching for their first home to live in and want to use it as primary residence, or

• Looking to sell their current home and buy another home to live in and use it as primary residence

Now if you are looking for an owner occupied home loan, you must know the list of homes that lenders and credit providers consider as acceptable owner occupied real estate security:

• Free-Standing Residential Detached Homes

• Semi-Detached Homes

• Terraced Housing

• Townhouses

• Duplex Homes (also called Duplexes), and

• Flats (also called "Home Units")

Now that you know about the acceptable properties, you can start managing your personal finances and begin the process of obtaining owner occupied home loan. You can take help of a professionally qualified and expert finance broker who has a thorough knowledge of the finance industry and also knows what the standard requirements are for getting an owner occupied home loan.

The finance broker will prepare a "Home Loan Checklist," to help you understand your financial limitations and he/she will help you to get a pre-approved home loan. Here is a list of what the finance broker will do. He/she will:

• Look at your overall financial position and prepare a budget for you

• Use a "Borrowing Power Calculator" to work out - how much you can borrow and how much your repayments might be

• Work out how much of a deposit you will need to get owner occupied property finance

• Advise you if you should fix your home loan for a fixed period (e.g. one, two or three years) or if you should take a variable product, or if you should take a combination of fixed and variable

• Advise you what documents you have to provide to get a home loan

• Advise you if Lenders' Mortgage Insurance (LMI) is payable

• Advise you what stamp duty and other related fees will incur

• Confirm if you are a first-time home buyer as you may be eligible for a one-off payment through the governments' First Home Owner Grant (FHOG) scheme (see www.firsthome.gov.au), and

• Obtain pre-approval for you, which will put you in a stronger negotiating position with the vendor or real estate agent

An expert finance broker will do all the work for you and make sure that you obtain quick pre-approval. So, it is ideal to employ the services of a reputed finance broker because it will save you from all the trouble of finding the best finance package for you primary residence.

Singh Finance is the answer for all your finance needs. The expert finance brokers of the firm will help you in obtaining quick owner occupied home loans as well guide you in obtaining home renovation loan for making smaller changes in your home. Call on 0424 190 908 for expert assistance.

An Easy Guide to the Different types of Homes for you to Buy

Each year, thousands of Australians buy a home or house to live in or to rent out, and lenders/credit providers are quite happy to lend the money to assist them to buy the properties. So, if you are like the thousands of Australians and you are excited about looking to buy a home or house, then you may also be aware that this can be nerve-wracking, as it will take:

• Lots of Planning

• Lots of Research, and

• Careful Budgeting

Are you about to buy a Home or House?

If you are ready to buy your home or house, you should follow this guide as you will be able fully to understand the different homes and housing options available to you to choose from:

• A free-standing residential Detached house, home or dwelling

• Semi-detached houses

• Terraced housing

• Townhouses

• Duplex homes (also called Duplexes)

• Flats (also called "Home Units.")

• Granny Flats

Different Types of Home or House

Here is a list of information for you to read and consider, which explains at a glance how each home or house is different:

A Detached house - sometimes also called a single detached dwelling, or separate house is a free-standing residential dwelling. The building has no other homes attached to it, except its garage or shed. It has only outside walls and does not share an inside wall with any other building. A detached house is occupied by just one household or family and, all maintenance and repair costs (interior and exterior) are at the owner's expense.

Semi-detached housing - consists of two houses built side-by-side as dwellings, they share a common wall. The layout of each dwelling when built is such that each house's layout is a mirror image of its twin.

A Terraced house - has a house attached either side of it (i.e. a terraced house usually consists of three or more houses all joined together in a row). Terraced houses in Australia refer almost exclusively to Victorian and Edwardian era terrace houses or replicas and they are found in the older inner city areas of the major cities. Modern suburban versions of this style of dwellings are referred to as "town houses."

Townhouses - are a medium-density housing in cities, usually but not necessarily terraced. A modern townhouse is often one with a small footprint on multiple floors. Townhouses are often found in large complexes and often have:

• High security, and

• Resort facilities (e.g. swimming pools, gyms, parks and playground equipment)

Duplex Homes - consist of a building containing only two dwellings, with one dwelling placed over the other in whole or in part, and each duplex dwelling has its individual and separate access. The two duplex homes share a common wall. For the most part, a true duplex will occupy no more ground space than an average sized house, even though the structure provides living space for two households.

Flats (also called "Home Units") - are single-floor dwellings located in a block with three floors or more. The dwellings consist of a set of rooms for living in, including a kitchen. In Australia, the term Flat was traditionally used, but the American term (Apartment) is also frequently used, as is "Unit," which is short for "Home Unit."

Granny Flats - are regularly defined as "secondary dwellings" which means they are secondary to the main property and the dwellings are located on the grounds of a single-family home. This type of dwelling is sometimes called a granny flat because it is a way of families to accommodate aging parents. The dwellings must also be self-contained. Granny flats have taken off in recent years, and if you decide to use the dwelling as an ideal situation for investment, it will give you a good rental return.

So, these are the different types of housing options available in Australia. Once you decide the type of house or home you want to buy, I suggest you to seek help of an expert finance broker for obtaining low rate home loans. He/she will understand your financial situation and guide you in making an affordable home purchase.

All the best for buying the home of your dreams! Hope you find it soon.

Buying a home is a huge financial decision. So, take the right decision with the help of Singh Finance’s team of finance experts. Contact the firm and get ready to obtain low deposit home loan.