If you’re wanting to make your home bigger and better, but you need a Renovation Loan North Brisbane Home Loans can help you build the house of your dreams.
With more than 90 years of combined experience in the industry we know that we can confidently offer you the best advice when it comes to finding the best value loan for you and your family.
Whether you’re looking to make small cosmetic changes or add on a few bedrooms, we’ll help you find the best rates available on the market.
Renovation Loans – How they work
Renovating a home has actually seen a large rise in enquiries over recent times, especially thanks to popular reality renovation shows on television.
But also other factors of having to sell a property have contributed to this rise in interest. Paying real estate fees, purchasing again and paying stamp duties means that most people can actually be out of pocket between $30,000 and $50,000 – so staying put and improving what you have is certainly attractive to many home owners.
The 2 main things to think about when it comes to renovation loans – the cost to do it and its end value plus serviceability.
- First things first, ask yourself the following questions:
– Can you afford to renovate?
– What can you afford?
– Can you afford $50,000 or $250,000 on top of your current home loan?
There is no point dreaming about a renovation when you don’t know what you can borrow. So get an estimate done first, talk to your broker and they can tell you what your options are. There are lenders who do construction loans better than others. Normally it can be placed on interest only if it’s a big amount until its completed and then it can change to a principle and interest loan payment option.
- Do not overcapitalise.
There is no point in spending $250,000 on a home renovation to take its end value to $750,000 if the average sale price in your area is $500,000.
A valuation is always completed once you have provided a fixed price building contract as well as plans and specifications. This is done on an on-completion basis. This gives the idea of what the property will be worth once its finished. So make sure you do your homework on your area and check there are other homes around the same end value.
Tips for those looking at Renovation Loans
- Get prepared.
- Do your homework.
- Get pre-approved.
Client Testimonial Loan for Home Renovations
At North Brisbane Home Loans, our years of experience speak for themselves with many happy clients often returning for further advice or to obtain new loans. Whether you’re looking to buy, build or renovate, the North Brisbane Home Loans team is here to help with all your loan and finance needs.
“North Brisbane Home Loans not only offered good service but they provided us with the best assistance when we were looking for finance options for a renovation loan.”Darryl Watkins, Zillmere
Renovation Loan North Brisbane
North Brisbane Home Loans is Brisbane’s leading mortgage brokers with more than 90 years’ combined experience.
We offer expert advice on a huge range of services including First Home Loans, Purchasing Your Next Home, Refinancing or Home Loans for Self-Employed. Contact us today on 07 3889 9719 or enquire online today!