Factors the Affect an Owner Occupier

Are you buying an apartment for the purpose of occupying it and not just to rent it out to someone else?

If you are this type of buyer then you fall under the category of owner occupier. An owner occupier is considered to be the most common type of buyer in the market. And majority of these home occupiers are going to borrow from the various banks in Auckland.So you need to be aware that there are times your bank may not approve your mortgage application.

There are certain restrictions that banks imposed on borrowers especially if it’s about apartments. Usually, if an apartment has two bedrooms and it’s below 55 square metres, you as the borrower will need 70% finance from the bank, then you will not be able to buy that apartment. Why? It falls below the bank criteria.

My advice is to always consider your budget before you search online. Always research the restrictions of the banks and find out what building they won’t lend on. This topic is very important to those who are planning to buy an apartment.

Visit my website to watch my latest podcast about this topic: things that affect an owner occupier