Use Our Specialists for Affordable Home Renovation Loans

House improvement financing may be offered with a personal loan with applicants providing acceptable forms of collateral or security.

In order to be approved, homeowners need to satisfy the eligibility requirements of individual lenders. These criteria include credit profiles and scores, financial situation, deposits, and the loan to value ratio, LVR. This is the ratio of the total value of the project compared with the amount requested in the loan and variations of up to 95% exist in the lending market.

The quotes or contracts from builders and other trades are required as part of the application process. For some projects, lenders will assign their own valuers to provide a valuation of the project.

The down payment required is determined by the lender with up to 50% required for owner-builders and as little of 5% if the homeowner holds Lender Mortgage Insurance.

Applications for pre-approval for home remodel loans require a range of documentation. These include the Council approved plans or the plans that are currently awaiting Council approval and the contracts or quotes from builders with details of any variations. If the value of the project is more than $1m, a Quantity Surveyor Report is also required.

When pre-approval is received, in order to achieve final approval, applicants will need to provide the final approved plans, Builder Risk Insurance and the Public Liability insurance policy details for the builder.

Contracts and quotes should include the details of the progress payments required, where applicable. This enables the drawdown funding schedule to be established. When final approval is received, the funds are made available, and the work can commence.

Depending on the size and scope of the renovation project, valuers may be assigned by the lender to inspect and appraise the project at different stages and on completion.

The terms available for home renovation loans can vary with the applicant’s profile, the loan amount, and the specifics of the project. Your Jade broker will be negotiating with our lenders to secure a repayment schedule over terms that work with individual budgets.

To discuss the mechanics of the renovation loan that would apply to your project, speak with us to confirm details.

• Experts to guide through the mechanics of home renovation loans.
• LVR and financial position determine down payments and loan amounts.
• Individually negotiated terms and repayments.

As specialists in all areas of home lending, we appreciate that each renovation project can vary with individual requirements – from simple kitchen remodelling through to major structural changes, and the funding should also be individually tailored to suit the homeowner. Our expertise assists in simplifying what can be a complex process and in achieving the most suitable funding product from the most suitable lender.

There are a range of variations across the lending market with approval criteria, LVR and down payments approved, funding products and of course interest rates. With our access to more than 80 lenders, we have the resources to find each homeowner, the lender that best suits their project and profile.

We negotiate on rates, terms and conditions to secure the lowest rates and the most workable terms and repayment schedule. All on your behalf and while keeping you informed of the progress of your application.

Using our services enables homeowners to quickly access funding options and through our industry-level connections with lenders, access to quick approvals. When keen to get work started on what can often be a long-planned renovation, quick approval can be critical to getting the project underway, and completed, in your timeframe.

Ensure your plans are in action asap by contacting us for your financing for house renovations.

• Best interest rates from 80 Lender base.
• Specialist, personal service to negotiate rates, terms, repayments.
• Experts to handle your house remodel loan.