Are your renovations extensive or minor?
If the renovations are extensive, such as adding a new level to your property, you may need to obtain a Construction Loan.
If the renovations are minor, such as adding a pool, pergola, kitchen or bathroom, you may need an additional loan on your existing loan or take out a personal loan.
The loan options and structures will be based on:
- Your current position
- The equity you have in your current home
- The end value of your home after the renovations are complete.
Costs associated with your renovation
Apart from the actual construction itself, additional costs that may apply include:
- Architect Services such as plans, if the renovation is extensive
- A Fixed Price Contract from your Builder
- Council Approval
- Construction Loan Costs
- Property Valuations
Your Sage Loan Services Consultant will be able to discuss which loan options are suited for you.
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Thank you Katrina - great news. I'm so glad I found you in the end only wish I had used you for all my loans and finances over the years. Thank you for your professionalism, thoroughness and especially for your patience in explaining everything to me and making me feel comfortable.