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Home renovation loans
Is it time for an upgrade or improvement of your residence? You may be considering building your dream home or fixing up an investment property to turn a tidy profit. Whatever your construction plans, a Mortgage House Home Renovation Loan is the ideal way to jump-start your project and move on to the next phase of renovation and development.
All you need to know
What type of home renovation loan can I apply for?
The advantage of Mortgage House is our access to the best home loans available. We can offer you superior renovation loan products while also investigating the best interest rates and conditions. Mortgage House Home Renovation Loans include:
Variable home loans: When you need the flexibility to alter terms or make additional repayments.
Fixed home loans: When you require stability without unwanted financial surprises.
Construction loans: If you are building a new house from the ground up.
Split home loans: Enjoy the best of both loan types with fixed and variable split loan portions.
Mortgage House renovation loans are designed for all types of developments, whether you are improving a single room or upgrading the entire property. Our home renovation loans are the affordable way to make big improvements, and can be the best way to increase your property’s value for future wealth creation.
What renovation loans are available?
There are several major home renovation loan types available that are sure to appeal to borrowers. At Mortgage House, we 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 renovation mortgages are another sound option, particularly when compared to credit cards and other high-interest products. Construction loans are a hands-on loan type that will allow you to draw funds as you need them, while only paying interest on money you have drawn down.
Split loans are becoming increasingly popular, allowing borrowers to divide the loan between fixed and variable, with just the right amount of flexibility and reliability for many people. Renovation loans needn’t be a permanent burden and are paid off within 1-5 years in many cases, allowing your family to prosper while your real estate asset increases in value. Feel free to read our mortgage tips checklist for more valuable information.
What steps do I take for getting a home renovation loan?
If you have already explored the renovation loan options available at the big banks, you may have felt discouraged about your plans. At Mortgage House, we prefer to get to know you as a person and help you achieve your goals and objectives. We are on your team to ensure you get the best renovation loan deal possible. We believe ‘there is always a way’.
Of course, there will be a lot to consider prior to borrowing, but if the right sequence is followed, and the figures add up, your renovations will get the green light. Here are a few steps worth considering:
- Confirm your budget, including present and ongoing income and expenses
- Put a contingency plan in place with money set aside for unexpected expenses
- Determine your borrowing power for a well-financed project
- Obtain pre-approval for the home renovation loan
- Present your final loan plan to Mortgage House for approval
- Commence your renovation or construction with Mortgage House backing
It really is that easy, and we also assess low-doc, no-doc and low deposit renovation loan applications. Renovation costs are often easily covered by home equity, providing a suitable loan pathway for homeowners whose assets are mostly in the form of the property. Get started by contact us today.
How much can I borrow for a home renovation loan?
Planning for the future and investigating purchasing decisions will help make long-term dreams come true. Your Mortgage House representative will provide a clear picture of your finances by calculating your home equity and borrowing power, allowing you to get renovation loan pre-approval for a targeted building approach. You may also start with our best rate mortgage calculator.
Mortgage House home loan products are designed to help customers reach their financial potential. Our lending specialists have succeeded in providing mortgage guidance and support for Australian borrowers at every stage of life. We have seen how the savings, flexibility and convenience inherent in our range of best rate home loans makes it possible for every Australian to reach stress-free home ownership.
When are home renovations a good idea?
Home loans generally last between 20-30 years, and flexibility is needed at times for adapting to changing family circumstances. Home renovations can be costly, but they can also represent a very sound investment strategy by transforming an ordinary dwelling into something special, with expanded living spaces, entertaining areas and stylish upgrades for the changing market.
Homes can quickly become too small with more children on the way, so adding another room will solve the issue while providing character and another focal point to your asset. Kids want their own space as they age, while having a larger home is also great for accommodating friends and relatives when they visit.
There are limitless reasons for undertaking a home renovation project, and with Mortgage House lenders to support your build, every stage can be financed and the renovation completed on time. Home renovation loans provide peace of mind in knowing that contractors, tradespersons and service professionals can all be paid when work is completed to your full satisfaction. More helpful information is available in our mortgage tips checklist.
How can I combine my existing home loan with my renovation project?
As a homeowner, you can be proud of the equity you have established. House values can’t increase at staggering rates forever, but those who have been paying a home loan for a decade or two will understand just how fortunate they are. Your home equity is the amount remaining on your loan subtracted from the present market value of your home. Most banks lend up to 80% of home equity, providing plenty of financial backing and allowing renovations to progress with confidence. We can explain the various solutions for using the equity in your current home loan to apply for a renovation loan.
It’s worth examining Mortgage House home renovation loan options to get the best out of your money. Your strategy might be short-term or long-term, with fixed, variable or split-interest rate considerations. Mortgage House provides a real-time mortgage comparison service, plus mortgage calculators and other tools that help you make accurate borrowing decisions. As one of Australia’s most award-winning lenders, Mortgage House knows the home ownership and renovation journey well, and we are always on hand to guide you through the best renovation loan options available.
Are home renovation loans hard to get?
The Australian lending environment remains among the world’s healthiest, even during periods of financial fluctuation. Whilst big banks may favour wealthy borrowers, Mortgage House is a lending service committed to our diverse Australian demographic. We don’t need to flex our financial muscle and are proud to make sure we always put our customers first. As long as you provide transparent information as part of your application, we can help to find the best low rate renovation loan for you.
We can help you determine your budget, identify your needs, calculate emergency funds and explore options for a home renovation loan that suits your lifestyle. We understand that some people are self-employed or contractors with low documentation, while others have a small deposit but sound borrowing history. Contact Mortgage House and one of our lending specialists will help you identify the best renovation loan available.
Should I refinance for my renovation loan?
After paying your present mortgage for many years, the loan agreement may no longer suit your needs. Refinancing your current home loan makes a lot of sense when you are transforming the very house you live in, and there are savings opportunities along the way.
For example, Mortgage House can add your car loan or personal loan to your new mortgage, bringing overall repayments down and simplifying your existence. With considered purchasing, the savings associated with your newly refinanced home loan can outweigh any fees or charges incurred. In every case, a Mortgage House lending expert is always on hand to guide you, so contact us for more information about your questions about refinancing for a home renovation loan plan.
Are renovation loans easy to arrange?
In many cases, renovation loan repayments are ultimately absorbed within the home loan once renovations are complete. If funds are required to complete your plans, a Mortgage Houses Lending Specialist can guide you through the process and establish probable timeframes for loan approval. The loan is organised according to your specific needs, with allowance for adjusting repayment rates or loan products further down the track.
Your existing home equity will add to your borrowing power, and Mortgage House can deliver solutions that will help you reach financial targets. The more you know, the more prepared you can be. Let us empower you with the information you need to create a quicker, hassle-free home renovation loan process for you.
What documents do I need for a renovation loan?
Appropriate documentation is required when applying for a loan, and Mortgage House professionals can assist you in compiling, collating and presenting a persuasive home loan application. Mortgage House offers a caring and considerate approach where customers become teammates with a shared vision. Ultimately your success is our success, so we will do what we can to help you achieve your home renovation loan goals. Creative solutions like low-doc or no-doc loans may be an option for your application. Our documentation checklist will give you an overall idea of the paperwork you will need to prepare. The best thing is you can do this online anytime, anywhere!
Every step of the loan application is overseen with Mortgage House expertise. We are in the business of providing the best deals available and pass on the savings to our customers. If you are considering a renovation project to improve your lifestyle or add value to your home, look no further thank Mortgage House, Australia’s best loved home renovation loan provider. Find more information in our mortgage tips checklist.