Our mortgage broking team are experts at identifying the needs of our clients. They then work at matching them with a home renovation loan that allows them to turn their ideas into reality. It doesn’t matter whether you are looking for a new bathroom, kitchen, or roof repair. We can help you find and qualify for a renovation loan that meets your needs. Call us today at 1800 300 777 for a free consultation. You won’t regret it!
What Is A Renovation Loan
A loan for renovation is provided by a bank or financial institution. It helps to cover the costs of repairs or updates to a property. The funds can be used to pay for things such as roof repairs, repainting services, bathroom renovations, and more. Borrowing money for renovations is a serious commitment, so it is important to find a loan you are comfortable with. By borrowing too little, homeowners risk not being able to pay for the renovation work. On the other hand, by borrowing too much money you could end up overpaying for your home improvement project. That’s why it is crucial to seek out the help of a lending expert to secure a suitable renovation loan.
Our expert mortgage brokers can help with this process. Initially, we help clients better understand their financial position and prepare the appropriate documentation. They then help them find and qualify for a home improvement loan that fully meets their needs. Our brokers are with you every step of the way to make sure this process is as smooth as possible. You know what to do if you’re thinking about renovating your home, or would like more information on renovation loans. Get in touch with us today at 1800 300 777.
How Does It Work
Renovation loans help homeowners finance the refurbishment of an existing property. This type of loan can be used to finance a variety of home improvement projects, such as repairs, restorations, and additions. Homeowners are required to make regular repayments of the loan, at the agreed-upon rate. Renovation loans can be used to finance both small and large home improvement projects.
Main Loan Types
There are several different loan types that homeowners can apply for to put towards renovation work. These include personal loans for renovation, home renovation loans, personal loans, and home equity loans. The different loan types can be used for the same renovation projects. However, which one best suits you is dependent on your individual circumstances, which should be discussed with a mortgage broker.
What Can I Use It For
A home renovation loan can be used for a wide variety of projects. These include, but are not limited to: kitchen remodelling, bathroom renovations, roof repairs/replacement, window replacement, foundation repairs, and siding repair/replacement. It is a good idea to discuss your renovation needs with your mortgage broker. They can then help match you with the most appropriate loan type.
Home Improvement Loan Conditions
– Being an Australian citizen or permanent resident
– Being over the age of 18 years
– Having a good credit history
– Owning the property being renovated (or having a small mortgage on it)
– Demonstrating that the renovations will add value to the property.
At Break Free Home Loans, we can help you with putting together your home improvement loan application. You are now one step closer to renovating your home!
How To Get Renovation Loans
Lenders will also require that applicants have a good credit history. A bad credit history may mean that you find it difficult to secure a renovation loan. However, our lending specialists are committed to helping you find a renovation loan that fully meets your needs. Get in touch today for a free consultation.
Decide How Much To Borrow
Check Credit Score
Check Your Income
Will Renovating Add Value To My Property?
In fact, many loan applicants are even looking at personal loans for renovation work. This can be an effective way to access the funds you need. A personal loan often allows applicants to borrow a larger sum of money. However, it’s important to remember that personal loans tend to have higher interest rates than home improvement loans.
Choosing The Best Home Renovation Loan
Once they understand your needs, our expert lenders can help you choose the best renovation loan option for you. We’ll compare interest rates and fees, so you can be sure you’re getting a loan that best matches your needs.
If you’re thinking of renovating your home, then please contact us today on 1800 300 777 for a free consultation. Our team of experts will be more than happy to help you find the best loan solution for your property. Break Free Home Loans – because your home is worth it.
Do You Have Any Questions? We Are Ready To Answer
Frequently Asked Questions
How Much Can I Borrow With A Renovation Loan?
If you have a bad credit score you may find it difficult to secure a larger renovation loan. However, Break Free Home Loans specialises in finding home improvement loans for people with bad credit. In short, to qualify for a larger renovation home loan, applicants must prove they can meet its repayment conditions.
Which Bank Is Best For Renovation Loan?
Some homeowners will want the renovation work done quickly, with the loan quickly repaid. There are banks that specialise in short-term renovation loans. Other homeowners will prefer the lower monthly repayments offered by a longer-term loan. Talk to one of our mortgage brokers to find out what bank is best for your renovation loan requirements. They can then work at assessing your circumstances. A professional recommendation about which bank is most likely to lend you the money you need will then be provided.
How To Get Renovation Loan In Melbourne?
The team at Break Free Home Loans is proud to help people in Melbourne through the entire renovation loan process. We understand how important it is to have a stable, comfortable, and stylish home. That’s why we’re here to help you find a home improvement loan that fully fits your needs. Call us today at 1800 300 777 for a free consultation. With our help, your house will be looking like new in no time.