Find answers to some of the most common questions from our members
An owner occupied home loan is a loan for personal purposes, available to home buyers who intend to live in the property the loan is taken out for. Owner occupancy applies to loans where the borrower is buying an existing home, building a new home or renovating and improving an established property they live in.
Some loans have monthly fees to cover costs or additional services available on the loan. Monthly fees are generally charged on the last day of each month. The value of the monthly fee and the charge date, are outlined in the loan conditions and your contract.
Property share means you co-own a property with family or friends, while retaining control over your own mortgage.
A pre-approval is a conditional approval for a loan. Obtaining a pre-approval before looking for a property means getting most of the paperwork for a home loan out of the way, so you know your price range and are ready to proceed when you find the right home for you.
Lender’s Mortgage Insurance (known as LMI) is an insurance that protects the lender in the event of default by the borrower. LMI is a one-off payment that usually occurs when more than 80% of the property value is borrowed by a home buyer. You can pay the cost for LMI upfront at settlement of your loan or it can be capitalised into your home loan.
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