A Home Renovation Loan will help you conduct some minor (or even major) renovations, which can be a great way to increase the value of your property and create some equity. The problem is that most lenders do not like funding minor renovations as it is difficult for them to control the funds, and therefore don’t offer a home renovation loan.
Home Renovation Loan?
One of the issues faced by those wanting a loan for the purposes of home renovations is that banks generally require a building contract from the builder that will be doing the renovations. However, most home owners do a lot of the renovations themselves, and so supplying a contract is both impractical and impossible.
We have access to lenders that don’t require a building contract. Whether this is possible will depend on a number of factors including:
- Type of renovation you are undertaking
- Equity available in the property
- Whether you can provide invoices or quotes for some of the work to be done
In many cases we can arrange for a home renovation loan with no invoices needed for the funds to be released to your bank account (allowing you to spend on renovations at your leisure).
Contact Building Loans Australia today to see how we can help you to find the right home renovation loan.