Renovation Home Loans
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Renovation Home Loans are for those borrowers wanting to undertake a home renovation. This loan would benefit borrowers that are :
>> home owners with only a little equity in their current home, or
>> for those that want to renovate a home they intend to buy.
With a Renovation Home Loan, you can refinance your current home and also improve it. Alternatively, if you want to buy another property, you can finance that property as well as carry out renovations, an all with a single loan.
Some lenders will take into account the valuation of the home prior to the renovation and also after the renovation is completed. A home Renovation Loan is generally based on the completed value of the property after the renovation has been completed. One can generally borrow up to 90% of the value of the home at the end of the renovation. This means that if you only have a small amount of equity in the property, you may still be able to afford to get a loan to carry a renovation.
The interest rates are similar to the standard variable home loan interest rates, and so are the loan features. These loans can include options such as an offset account, redraw facility, portability and split loan. The repayments can be principle and interest or interest only.
Some Pros
-May not need much equity
-Less expensive than a personal loan
Some Cons
-Other loan options may be more suitable if there is sufficient equity an the existing loan
>> home owners with only a little equity in their current home, or
>> for those that want to renovate a home they intend to buy.
With a Renovation Home Loan, you can refinance your current home and also improve it. Alternatively, if you want to buy another property, you can finance that property as well as carry out renovations, an all with a single loan.
Some lenders will take into account the valuation of the home prior to the renovation and also after the renovation is completed. A home Renovation Loan is generally based on the completed value of the property after the renovation has been completed. One can generally borrow up to 90% of the value of the home at the end of the renovation. This means that if you only have a small amount of equity in the property, you may still be able to afford to get a loan to carry a renovation.
The interest rates are similar to the standard variable home loan interest rates, and so are the loan features. These loans can include options such as an offset account, redraw facility, portability and split loan. The repayments can be principle and interest or interest only.
Some Pros
-May not need much equity
-Less expensive than a personal loan
Some Cons
-Other loan options may be more suitable if there is sufficient equity an the existing loan
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- Request an appointment
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WHERE WE OPERATE
- Sydney Upper North Shore
- Sydney Lower North Shore
- Sydney Northern Beaches
- Western Suburbs
- Sydney Hills District
- Eastern Suburbs
- Sydney Inner West
- Sydney CBD
RESOURCES
I NEED A HOME LOAN
- Make an appointment
- Apply Now!
- Free mortgage check
-'Home loan symptoms'
- Loan pre-approval
- Home loan calculator
ARE YOU -
- A First time home buyer
- Need loan pre-approval
- Refinancing
- Buying your next home
- Investing in Property
- Using Equity in a home
- Self Employed
- Credit impaired
TYPES OF HOME LOANS
- Standard variable loans
- Basic variable loans
- Fixed interest loans
- Low Doc loans
- No deposit loans
- Credit impaired loans
- Investment loans
- Split rate loans
- Redraw
- Honeymoon loans
- Line of credit loans
- Debt consolidation loans
- Loan portability
- First home buyer loans
- All in one loans
- Line of credit loans
- Renovation loans
- Bridging loans
- Reverse mortgage loans
- Offset loans
- Construction loans
ABOUT US
- About us
- Why use us
- Privacy
- Terms of Use
CONTACT US
- Contact us
- Request an appointment
FAQ's
MY CREDIT RECORD
SITE MAP
WHERE WE OPERATE
- Sydney Upper North Shore
- Sydney Lower North Shore
- Sydney Northern Beaches
- Western Suburbs
- Sydney Hills District
- Eastern Suburbs
- Sydney Inner West
- Sydney CBD
RESOURCES
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Use of the information on this page and on this website is subject to the Terms of Use & Disclaimer which can be read by clicking here on Terms of Use and Disclaimer. Our Privacy Policy can be viewed by clicking here on Privacy Policy.
Use of the information on this page and on this website is subject to the Terms of Use & Disclaimer which can be read by clicking here on Terms of Use and Disclaimer. Our Privacy Policy can be viewed by clicking here on Privacy Policy.
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