LOANS

RENOVATING MY HOME

If home buyers want to renovate as soon as they buy a property, it may be possible to borrow the necessary funds at settlement (with Mortgage Insurance if necessary) to cover the improvements, and then have the home revalued & loan reassessed when the works are completed – so that the debt to equity ratio returns to the level that no longer requires Mortgage Insurance.

Most home buyers prefer to live in a property for some time to better plan the renovations & optimise the use of space, so a second loan can be arranged for this OR a new loan which consolidates the original mortgage & improvement funds.

Renovating Tip
Keep the cost of your renovations in proportion to your property's market value. If you spend too much, your home may be worth substantially more than the average for your area or  “over-capitalised”, and if you sell your property you may not recover all your money.

For help with obtaining a renovation loan, complete the LoansInsurance.com.au Express Loan Application and a Loans Consultant will call to assist within 24 hours.