Renovation Loans

Key features

Renovation Loans are available from most lenders to improve the value of your existing property.

Adding a veranda or a pool can easily be considered based upon the current valuation of the property.

Substantial renovations such as adding an additional room, or updating a kitchen or bathroom will require detailed plans and building contracts to be supplied to the lender. The lender may then consider an ‘on completion’ valuation to the property once everything has been taken into consideration.

Advantages

Allows borrowers to upgrade their existing home to suit their needs, rather than having to sell and buy elsewhere.

Renovation Loans are at normal home loan interest rates.

Considerations

Most loan products are suitable for Renovations.

Suitable for

All types of borrowers who require home improvements, no matter how small or large the renovations are.

Renovation Loans

Institution	Actual Rate	Comparison Rate *	Institution	Actual Rate	Comparison Rate *
	7.80%	7.90%		7.80%	7.87%
	7.67%	7.80%		7.80%	7.87%
	7.70%	7.91%		7.81%	7.94%
	6.99%	7.13%		7.86%	7.99%

* Comparison rates are based on a loan amount of $300,000 over a 30 year term. Comparison rate schedules are available via each lender’s website or by contacting Compare-Homeloans. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates are effective as of 11-01-2011.

All information provided is a guide only and may not be complete for your purposes. Whilst displayed rates are regularly updated, neither Compare-Homeloans nor the Providers warrants the accuracy of any information and you should confirm it with the Provider before acting on it. Except for responsibilities implied by law which cannot be excluded, neither Compare-Homeloans nor the Provider is responsible for any loss, damage, cost or expense incurred by you as a result of any error, omission, or misrepresentation in relation to the data herein.