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Depending on the renovation you have in mind and your situation, different home improvement loan products may be available.
Home improvement loans (or renovation loans) can help boost return on investment. For instance, renovating your house can add a significant value to your property while making your home a more functional, sustainable, beautiful place to live.
There are a few types of loans you can use to finance your house renovation project. These include construction loans, mortgage finance and personal loans.
You can use a renovation loan for any number of improvements. However, renovating a property can be a challenging task, given there are many options. Hence, it is helpful to start by identifying what you want to fulfil – be it changes to functionality, structure, or styling.
When looking at renovation, you have a few varied options in home improvement finance. Think carefully about which type of loan could be best for your situation:
If you already have a mortgage, refinancing can often increase the limit you can spend on renovation. However, if your home loan comes with a redraw facility and you have made additional payments, you may also consider using that fund for your renovations.
It is specifically a personal loan (secured or unsecured) for sustainable and green property updates. Such loans typically offer financial incentives such as flexible repayment terms and lower rates. However, they come with a more restrictive spending plan.
A secured personal loan allows you to lend money by putting up an asset as a security. For instance, if you have a mortgage, you can leverage the equity in your home as a guarantee.
An unsecured personal loan is just a loan that you can use to finance anything you like, such as home improvements or a holiday. These loans typically come with higher interest rates and fees than secured loans because they are not secured against any asset.
A construction loan is a viable option when you are planning a major renovation on your property. This loan is slightly different to other loans as the lender typically let you access the loan in instalments to varying phases of the project. It means you must pay the interest on the drawn amount rather than the whole loan.
When comparing competing house renovation loans, analyse the following features and how well they meet your requirements:
As you get expert advice about your home improvement project, ensure you do the same with your finances. If you are doubtful what type of loan will suit your project, then let’s connect over a no-obligation phone chat or meet in person to discuss available options that work best for your circumstances.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”