Thinking about updating your kitchen, modernising your bathrooms, or even adding a new room to your home? A renovation loan can help bring your vision to life, whether you're planning minor upgrades or major construction.
At Fox Home Loans we offer two types of renovation loan options:
Non-Structural Renovation Loan:
This type of loan is ideal for cosmetic or surface-level improvements that don’t alter the foundation or structure of the home. Think kitchen remodels, new flooring, bathroom upgrades, paintwork, or landscaping. Since no building plans are required, non-structural renovation loans are typically quicker to process and can be an efficient way to increase your home’s value without the complexity of large-scale construction
Structural Renovation Loan:
If your plans include major changes, such as adding a room, removing walls, extending the property, or addressing foundational issues, a structural renovation is the right solution for you. These loans accommodate more complex projects that require permits, building plans, and often licensed builders. While the process can be more involved, the long-term value added to your home can be substantial.
Define exactly what you want to renovate and how it will add value to your home. Focus on improvements that appeal to buyers if you plan to sell.
Set a realistic budget. A good rule of thumb is to allocate about two percent of your property’s value per room. Factor in all costs, including materials, labour, and unexpected expenses.
Avoid starting renovations before securing your loan and completing your planning. Proper timing ensures your project runs smoothly.
Understand the loan terms and interest rates and how they will impact your overall renovation budget. Keep in mind that loan interest adds to your total cost.
Different lenders may have varying criteria for renovation loans. Make sure you meet their documentation and eligibility requirements to increase your chances of approval.
Consider working with a mortgage broker (like Fox Home Loans) who can guide you through the process and help find the best loan options for your needs.
Careful consideration of these factors will help you manage your renovation effectively and make informed financial decisions.
Don’t wait to bring your vision to life. Explore your renovation loan options today and start planning your dream home upgrade. Give us a ring to discuss your project and find the renovation loan that’s right for you.
Home loan pre-approval is a process by which a lender reviews your financial and credit history to determine how much money they would be willing to lend you for a home purchase. Pre-approval is not a guarantee that you will receive a loan, but it does provide an indication of how much you can borrow and the terms of the loan.
To obtain pre-approval, you typically need to provide the lender with information about your income, assets, and debts, as well as your credit score. The lender will use this information to assess your creditworthiness and calculate how much they are willing to lend you.
The pre-approval process typically takes a few days to a week, depending on the lender and the complexity of your financial situation. Once you receive pre-approval, you can start shopping for homes with the confidence of knowing how much you can afford to borrow.
Enquire for Pre ApprovalA first home buyer loan is a type of home loan specifically designed for individuals who are purchasing their first home. These loans typically have features that are intended to help first-time buyers enter the property market, such as lower deposit requirements, reduced or waived fees, and government incentives.
It’s important to do your research and compare the features and costs of different loans to find the one that best suits your individual needs and financial situation. Or leave it to the experts at Fox Home Loans. We’re here to help first home buyers navigate the complex road to owning their first home.
Enquire for your First Home LoanHome loan refinance is the process of replacing an existing home loan with a new loan from a different lender or with a different loan product from the same lender. The primary purpose of refinancing a home loan is usually to obtain a better interest rate or to access different loan features or benefits.
When you refinance a home loan, you essentially pay off the existing loan with a new loan, and the terms and conditions of the new loan may differ from those of the old loan. For example, you may be able to obtain a lower interest rate, switch from a variable rate to a fixed rate or vice versa, or access features such as offset accounts or redraw facilities.
Refinance your Home LoanBefore you start the process of switching home loans, it’s important to consider why you want to make the switch. Do you want to lower your interest rate, access different loan features, or consolidate debt? Understanding your reasons for switching can help you choose the right loan product and lender.
It’s important to note that switching home loans can be a complex process, and it may be helpful to seek advice from a mortgage broker like Fox Home Loans to ensure that you are making the right decision for your individual circumstances.
Switch Home LoansAn investment property loan is a type of home loan designed specifically for individuals who are looking to purchase a property for investment purposes rather than to live in themselves. These loans are typically used to purchase a property that will be rented out, with the rental income used to help repay the loan.
It’s important to carefully consider the costs and risks associated with investing in property and to do your research to find the right investment property loan for your needs. A financial advisor or mortgage broker may be able to provide guidance and advice to help you make informed decisions about your investment strategy.
Enquire for an Investment Property LoanA renovation home loan, also known as a home renovation loan or a home improvement loan, is a type of home loan that is specifically designed for borrowers who want to renovate or improve their existing home. These loans can provide funding to cover the cost of renovations or improvements, which can be a more affordable way to upgrade a home than selling and buying a new property.
If you are considering a renovation home loan, it’s important to have a clear understanding of your renovation plans and budget, and to work with a reputable lender or mortgage broker who can help you find the right loan product for your needs.
Enquire for a Renovation Loan
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Enter some basic details in our simple online form.
Discuss your renovation loan preferences and application information.
Your Lending Specialist will discuss all details of your renovation loan pre-approval.
With our technology, you can simply sign your loan documents electronically.
Your loan funds will be available to you within one business day. It's that simple!
Enter some basic details in our simple online form.
Discuss your renovation loan preferences and application information.
Your Lending Specialist will discuss all details of your renovation loan pre-approval.
With our technology, you can simply sign your loan documents electronically.
Your loan funds will be available to you within one business day. It's that simple!
Enter some basic details in our simple online form.
Discuss your renovation loan preferences and application information.
Your Lending Specialist will discuss all details of your renovation loan pre-approval.
With our technology, you can simply sign your loan documents electronically.
Your loan funds will be available to you within one business day. It's that simple!
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The amount you can borrow for a home renovation depends on your home’s current value, your existing mortgage balance, and your credit score. Lenders typically allow you to borrow up to a certain percentage of your home’s post-renovation valuation, often around 80%.
It depends on the lender and the type of loan. While a cash-out refinance or a personal loan can often be used for a DIY project, a construction loan or other renovation-specific loans may require a licensed contractor to be involved.
Yes, in most cases, you will need a home valuation. Lenders require a home valuation to determine your home’s current value and its potential value after the renovations are complete. This helps them assess the risk and determine the maximum amount they are willing to lend you.
Don’t worry though, our team will be able to do the heavy lifting for you to get this scheduled and sorted.
A cash-out refinance allows you to take out a new, larger mortgage on your home and receive the difference in cash. You then use this cash to pay for your renovation project. This is a popular choice for homeowners who have built up significant equity and want to consolidate their existing mortgage at the same time.
Yes, most lenders will allow you to borrow additional funds to use towards new furnishings and appliances as long as the equity is available and you can service for the additional loan amount.
