FAQs

Funding to cover renovations is available for both houses and apartments, subject to lender approval.

The size, scope and type of works involved in renovations, including whether structural or non-structural, can determine the most appropriate funding product. Funding may be a personal loan or a construction loan.

Interest rates on funding to remodel properties is subject to individual lender guidelines which includes consideration of the applicant’s credit score and financial position.

Drawdown funding is a loan structure which enables the homeowner to access the funds needed to meet builder and trades payments when required. Interest is charged on the amount of funds accessed.

Initial pre-approval of funding is provided based on the initial lender assessment of the application and project. Final approval is subject to receipt of final council approved plans and the required documents from the builder.

Renovation loans can be personal loans with more extensive works funded with a mortgage.

House remodelling loans are typically offered at a variable interest rate.

A down payment is usually required and determines the amount that can be borrowed. The amount that can be borrowed can range up to 95% depending on the application and lender.

Lenders will request plans and contracts from a builder to be included in an application. The scope and nature of the building plans will depend on the type of building works to be undertaken.

No. Funding can be approved for owner-builder projects.

LVR is the loan to value ratio. That is the amount of the loan requested compared with the value or cost of the project to be funded.