Renovation Home loans

Looking for a home loan for those renovations you’ve always wanted? Contact the leaders in Australian home loans to secure a renovation home loan. We have access to home loans that suit all types of renovations .

Secure home loans for renovations or construction projects!

Need an Australian renovation home loan to complete long those awaited construction plans? At Internet Home Loans, we make getting home loans for renovations in Australia easy. You don’t necessarily need detailed renovation plans and builders contracts to secure renovation home loan funds. The result of the property boom over recent years has meant in many cases a substantial increase in available equity in both owner occupied and investment properties all over Australia. You may be in a position to unlock equity for your new renovation loan. There are a number of new renovation home loan strategies for this but often an equity home loan or interest only home loan can provide an ideal solution.

Release equity to fund your renovation

Probably the best analogy for an equity home loan or an interest only home loan is to compare it to a giant credit card. Just like a credit card, you only need to make home loan repayments on money that is actually used. With an equity home loan or interest only home loan, interest repayments are normally calculated on the home loan daily balance and added at the end of the month. So, for example, you could unlock equity based on your estimated total costs but only make repayments based on each stage of completion. Most equity home loans and interest only home loans will allow you to make principle home loan repayments as well.

Organise a renovation loan

Alternatively, if there is limited equity available, you may need an actual property renovation loan or a home loan for construction. In this case complete plans, specifications and builder’s contracts will be required so that the valuation of your property can be assessed at on completion valuation. In this way, most home loan lenders will be accepting of a much higher valuation and in some cases, allow you access to up to 95% of what the projected future value of your home will be.