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Finance your renovation 
with a construction loan

A home renovation can add to your home's value and your lifestyle. Many Australians love these projects because they can choose the home additions and improvements they want the most.

It is essential to understand that home renovations are not typically cheap during this time. With the shortage of tradespeople to help renovate your home and the increased cost of materials, you will likely need a loan to afford major home renovations.

You can use a renovation loan for several home improvements. Upgrades range from a kitchen or bathroom remodel to a new addition added onto your existing home.

Knowing what you want to renovate before applying for a renovation loan is wise. In addition to kitchen and bathroom remodels and storage rooms, a renovation loan can be used for the following:

  • Extensions
  • Adding a swimming pool
  • Home repairs
  • Energy efficient additions
  • Garden landscaping

 

Renovation Loan Australia
construction loan

What should I consider when applying for a renovation loan?

Here are a few things to consider when applying for a home renovation loan. If you plan to add value to your home through a home renovation, you should be strategic about your priorities.

Research what buyers are looking for and target those areas to renovate your properties. Another thing to remember is to not renovate too early without planning.

Always plan for what you are renovating before you apply for a loan and begin the renovation process. You should also know how much money you want to spend. You should start with two percent of your property’s value on any one room.

When renovating, it is essential to be cautious about your renovation finances. The costs can add up, along with interest rates.

 

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home loan

Speak to our mortgage brokers for your construction loan needs

A construction loan is a good idea if you are launching a renovation project, rebuilding, or knocking down a building. This type of loan is developed on the value of your property after renovation. With a construction loan, you can withdraw whatever money you need to pay your renovation bill.

These loans are sometimes interest-free for a certain amount of time. Most of the time, they will regress to principal and interest in the future. A construction loan is sometimes considered to be a second mortgage because it is in addition to your existing mortgage.

You could also refinance your current home loan to convert it to a construction loan, contingent on what works best for you and any rules your lender may have.

Apply for a Renovation Loan Today

Home Loan Options

Pre Approval

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 Approval

First Home Buyer

A 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.

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Home Loan Refinance

Home 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 Loan

Home Loan Switching

Before 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 Loans

Investment Property Loans

An 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 Loan

Renovation Loan

A 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

Some Handy Calculators

Calculate Your Borrowing Power
Calculate Your Borrowing Power

Work out how much you can borrow based on your income and expenses

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Refinance Calculator
Refinance Calculator

Discover how much you can save by refinancing or switching home loans

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Stamp Duty Calculator
Stamp Duty Calculator

All it takes is a few easy steps to find out your upfront costs

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Property Purchase Calculator
Property Purchase Calculator

Work out how much it could cost you to purchase a property

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Happy Family discussing next home loan

5 Simple Steps To Getting Your Renovation Loan

  • 1. Enquire
    1. Enquire

    Enter some basic details in our simple online form.

  • 2. Speak with an Expert
    2. Speak with an Expert

    Discuss your renovation loan preferences and application information.

  • 3. Get Pre-Approval
    3. Get Pre-Approval

    Your Lending Specialist will discuss all details of your renovation loan pre-approval.

  • 4. Sign your documents
    4. Sign your documents

    With our technology, you can simply sign your loan documents electronically.

  • 5. Get the works underway
    5. Get the works underway

    Your loan funds will be available to you within one business day. It's that simple!

5 Simple Steps To Getting Your Renovation Loan

What Our Clients Say

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Questions about renovation loans?

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