Renovation Home Loan

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Renovation home loans

We all love improving and renovation our homes. We offer low renovation home loan interest rates. It’s all about the rate.

About Renovation Home Loans

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 renovation home loans

Variable rate home loans

  If you seek flexibility rather than a guaranteed rate, a variable mortgage rate that is generally lower & follows the market may be right for you

Fixed rate home loans

  If you need set repayments up to 5 years to assist in budgeting at any given fixing opportunity

Construction loans – Fixed price building contract

  In order to keep repayments as low as possible during construction, our loans only require variable rate interest only repayments for the 1st 12 months. Best to engage the services of a trusted mortgage broker for direction & safety.

Split loans

  A split loan lets you make part of your fixed and the other half, variable.  Consider fixing the vacant land portion & taking a variable portion for the construction portion.

What renovation loans are available?

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.