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.

Hi Hickmott,

You’d get a personal loan, not a home loan for the purchase.

Regards
James

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