27 Apr 2022

Can I Borrow Money to Renovate My Home?

Applying for a Renovation Home Loan

The costs to complete renovations on Australian residential properties range from $50,000 to $75,000 on average. Most homeowners set aside some savings to fund the costs. However, they seek to finance the rest. Homeowners have several financial tools available to them, especially if their property has accrued meaningful equity. Homeowners can also apply for a Mortgage House renovation home loan.

To apply for the loan, we recommend that homeowners consider a few things. For example, estimate the costs before applying for the loan. Then, add a cushion. Most construction and renovation projects reach the finish line in Australia. However, several experience delays and unexpected costs. Through no one’s fault, the renovation can uncover rotted wood or infrastructure that requires reinforcement. 

Lenders finance 80% of the total estimated renovation costs. If homeowners hire professional builders to complete the project, most lenders raise the loan-to-value ratio to 90%. It’s also possible to use the equity in your property to secure financing. 

Once our Mortgage House evaluates your renovation plans, homeowners receive a preapproval. Homeowners receive the opportunity to finalise their plans and present them to our loan specialists one more time. If everything checks out, homeowners receive the financing. 

The advantage of becoming a Mortgage House client is that you receive access to the rest of our loan products including our car loan

Applying for a Renovation Home Loan Conclusion

Homeowners can apply for a Mortgage House renovation home loan to finance the costs. To start the process, fill out the online application or contact our loan specialists today.

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