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Building or Renovating Your Home

Planning home renovations or building a new home is an exciting time – and an expensive time. Ideally you will have savings available, but if they aren't enough you’ll need a loan.

Funding your home improvements

Basic renovations or home improvements may be funded with a normal home loan. However more serious renovations or building a new home will require a construction loan. Refer to Types of Loans for more detail on construction loans

To get a construction loan approved you will need plans, permits and a fixed building contract arranged before applying. Owner builders can also apply for construction loans without a fixed building contract, but the requirements are more stringent and the loan amount will usually be limited.

How to get started

We recommend speaking to a HOME Mortgage Broker to arrange a construction loan pre-approval before you sign a building contract. This way you will know your budget and which range or fixtures and fittings you should be choosing from.

 

 

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