An owner-occupied home loan is designed for people buying or refinancing the home they plan to live in. These loans typically attract lower interest rates than investment loans, but choosing the right structure — fixed, variable, split, offset, redraw — can make a significant difference to how quickly you pay off your mortgage and how much interest you pay overall.
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Frequently asked questions
What's the difference between a fixed and variable home loan?
A fixed rate locks your interest rate for a set period (usually 1–5 years), giving you certainty on repayments. A variable rate moves with market conditions — it can go down but also up. A split loan divides your borrowing across both.
What is an offset account?
An offset account is a transaction account linked to your mortgage. The balance in it offsets your loan principal, reducing the interest you pay each day. It's particularly effective for people with consistent savings.
How is the comparison rate different from the interest rate?
The comparison rate factors in most fees and charges, giving you a more accurate picture of the true cost of a loan. Always compare loans using the comparison rate, not just the headline rate.
How long does settlement take?
Settlement typically takes 30–90 days from the exchange of contracts, depending on your state and the vendor's requirements.