This is the most satisfying and the ultimate in feelgood but can take longer than expected and often goes over budget.
Is it time for an upgrade or improvement of your residence? You can replace your kitchen, bathroom, add some rooms or build a swimming pool with an outdoor entertainment area. If your requirements are pretty straight forward (mainly cosmetic) not requiring structural changes, you would have no issues as long as you had at least 10% equity.
When major renovations, extensions and second story additions are required, your trusted mortgage broker can assist in finding the suitable construction home loan for you. Knock down & rebuilds are popular, a 95% loan inclusive of mortgage insurance is readily available.
Your mortgage broker may be able to make it happen for you at genuine discounted home loan rates and low home loan repayments allowing you to increase the value of your principal place of residence.
Renovating an investment property may increase your rental income, increase your tax refund and increase the value of your asset. Ask your broker this question: How can I buy another investment property if property values increase?
| Type of Loan | Interest Rate | Comparison Rate | |
|---|---|---|---|
| Advantage - 1 Year Fixed (Special) | 2.15% p.a. | 2.63% p.a. | Advantage - 1 Year Fixed | 2.24% p.a. | 2.96% p.a. | Advantage - 3 Year Fixed | 2.29% p.a. | 2.87% p.a. | Advantage - 4 Years Fixed - Investment | 3.39% p.a. | 3.33% p.a. | Advantage - 5 Years Fixed - Investment | 3.44% p.a. | 3.34% p.a. | Advantage - 4 Year Fixed - Investment - IO | 3.44% p.a. | 3.69% p.a. | Advantage - 5 Year Fixed - Investment - IO | 3.44% p.a. | 3.68% p.a. | Home Loan PLUS 80 | 5.81% p.a. | 6.47% p.a. | Home Loan PLUS 80 | 5.99% p.a. | 6.47% p.a. |
There are several major renovation loan types available that are sure to tempt borrowers. Professional mortgage brokers offer genuine assistance and the financial resources to access the renovation loan of your choice from a lender you can trust.
Variable interest renovation loans are an obvious choice, with considerations that include the duration of the loan and repayment rates. Fixed rate mortgages are another sound option.
