Hickmott L.
Brown Hill, VIC
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Hello, we sold everything (house, etc) 4 years ago and have been living in a caravan, touring and working around Australia, henceforth the caravan is our home. We would like to upgrade to a newer model and I would like to know if we're eligible for a home loan to do this? Thank you. Kind regards, Lea Hickmott.
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Hi Lea,
Sorry to say, no! You can’t get a home loan (which is backed up by a mortgage) over a caravan/motorhome. You could potentially get a chattel Mortgage, which is similar to a car loan but you would need to meet all of the borrowing criteria in the same way as a home loan.
A good broker will have options for you to consider.
Best of luck
Scott
Thanks James for your reply. I'll look into the best rate for our future upgrade.