Like to Renovate
There are numerous good reasons for choosing to renovate rather than move. For most people, the high cost of purchasing a new home outweighs the challenges of renovating.
Recent big house price increases also means many homeowners have considerable equity in their property. This can make getting a renovation loan easier and reduces the risk of overcapitalizing.
The Right Finance
When you’ve decide to renovate, finding the best loan to suit your needs is particularly important. Renovation loans could streamline the whole process and save you money. Be clear about your needs, plan for the future, and brush up on your handyman skills.
Range of Options
Homeowners can choose from a range of finance options available. Whichever one you choose will depend on the size and scope of the project and whether it is a simple kitchen update, emergency repairs, home extension or full renovation.
A redraw facility is suitable for smaller projects such as a new room or sun deck.
An equity home loan or a line of credit is suitable for medium sized projects such as kitchen or pool.
Construction loan is suitable for larger scale projects that requires council approval and the services of a licensed builder.