Renovation loans to help you improve your home

Over the past decade, Australian property owners have developed a love affair with renovating and redecorating their homes. If you need any evidence of this, then you just need to turn on the television to find a wide variety of home decoration and renovation shows. So, how do you get the funds to pay for your own home renovations? You can start with a renovation loan. Here we look at the options available for renovation loans.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Looking for a great value home loan with super fast approval?

Get Pre-Approval online & get a response in minutes with MyRate.

Over the past decade, Australian property owners have developed a love affair with renovating and redecorating their homes. If you need any evidence of this, then you just need to turn on the television to find a wide variety of home decoration and renovation shows. So, how do you get the funds to pay for your own home renovations? You can start with a renovation loan. Here we look at the options available for renovation loans.

Renovation loan options

When deciding to carry out renovations to your home, you'll first need to organise the finance. If the changes you plan to make are relatively minor, such as adding a carport or pergola, then you may consider funding the project with a personal loan. You may even use your credit card but just be aware that you'll be paying a high rate of interest. If you have adequate equity in your home, you may be able to go to your lender and increase the amount of your existing home loan in order to pay for the project that way, or swap to a home loan with a line of credit facility.

Construction loans

When your renovation involves structural changes to your existing property, then your renovation loan will likely be a construction loan. A construction loan is also considered when building a new property. In Australia, a construction loan will provide you with ongoing payments in order to pay builders and buy building materials as the construction progresses. With a construction loan, you will not receive a lump sum payment but receive funds as they are required during the course of the project. Also, the lender may require an inspection before funds are drawn down to ensure that the builder is meeting the requirements of the construction loan.

How to obtain a renovation or construction loan

Many Australian home loan lenders offer renovation & construction loans. These loans are often available at the same variable interest rate as a standard variable rate home loan. Check with your home lender on the fees and charges that apply to their construction or renovation loans and any other restrictions that may apply.

DOMDocument::loadXML(): Start tag expected, '<' not found in Entity, line: 2

Digg this Post page to del.icio.us Post page to Furl

Renovation home loans reviewed Loans to help you improve your home

Home Loan Info.com.au

Home Loans Australia

Refinancing Information

Home Loan Information

Mortgage Broker Information

Featured Home Loan Information

Mortgage brokers in Sydney

Over the past decade or so, the Sydney property market has been the hottest in the country. But while this has changed over the past year or more, one of the legacies of Sydney's recent property boom has been the explosion in the number of Sydney mortgage brokers. For Sydney home buyers, this highly competitive mortgage broker market provides an excellent opportunity when seeking the services of a Sydney mortgage broker. Here we provide some tips on how to find the best broker for your situation.

How to find your credit history

Whenever you apply for a home loan or any other form of credit for that matter, the lender will generally check your credit history before approving the home loan or credit application. Here we discuss the importance of your credit history and how you can get access to your credit history.

Investment loans reviewed How to choose the right loan for your purpose

If you want to invest in property in Australia, then you will most likely apply for a property investment loan from one of the home lenders. In the past, investment loans used to purchase investment properties charged a slightly higher interest rate than home loans for owner occupiers. However, with increased competition in the home loan market in Australia, you can now find an investment loan for a property with the same low interest rate available to owner occupiers. Here we look at investment loans for property investors.

Interest only home loans lower repayments to suit investors

Interest only home loans are popular among property investors because they allow the investor to make lower monthly repayments on the home loan. This is because unlike other home loans, repayments are made on the interest portion of the loan only. Here we take a look at interest only home loans.

Introductory home loans offer highly competitive interest rates - But whats the catch?

With the intense competition in Australia's home loan market today, home mortgage lenders are working harder and harder to capture our attention in order to win our business. One of the ways in which mortgage lenders attract our attention is by offering introductory loans with low interest rates for a period of usually between three and 12 months. Here we take a look at the introductory home loan detailing the benefits & pit falls of such an offer.