SUITABLE HOME LOANS
Renovating your Home
Finance options for your renovation
Having the right finance for your renovation is important so you know how much you can spend and work within your budget. We can help you get the most suitable finance solution for your renovation.
Home Loan Calculator
Our Mortgage Calculator and Home Loan Calculators can give you an estimate of how much can I borrow and what will my repayments be.
We have broad Expertise
Unique to Suitable Loans we have hands on residential building and construction industry experience. We understand the practical details of your renovation.
We're your trusted Advisor
You have our Mortgage Broker team behind you to support you through the Renovation financing process and beyond. We're paid by the lender, not by you. We negotiate with lenders and look after your best interests.
Options to make your Renovation dream a reality
- Would you like to upgrade your kitchen, living room, bedroom, bathroom, laundry, an extension, or knockdown re-build?
- No matter how big or small your renovation, our construction experience means we understand what you're trying to do
Using the Equity in your Home
- Equity is the difference between the value of your property and how much you owe on it
- Let's say your home is worth $500,000 and you still owe $150,000, your equity is $350,000
- Usable equity is usually 80% of the value of your home less the debt you still owe against it
- Usable equity is typically not 100% because if house prices fall the loan will be more than the value of your property!
- Let's say 80% of $500,000 = $400,000 minus your mortgage $150,000 = $250,000 usable equity
Redraw
- You may be able to redraw funds to use for your renovation if you’ve made additional repayments on your mortgage
Refinance
- You could apply for extra funds to cover the renovation by refinancing your existing Home Loan
- Renovation plans and estimated costs are beneficial when it comes to the loan amount you need
- Other benefits of refinancing your Home Loan could include getting a better interest rate and extra features you currently don't have
Construction Loan
- For small extensions through to knock down and rebuilds a construction loan can save you money
- Draw funds from the loan progressively as your invoices or progress payments arrive
- Save money and only pay interest on the building costs when the work is actually done
- Improve your cashflow
Personal Loan
- Once you have an estimated cost a personal loan is an option for smaller renovations
- Some Variable Rate Personal Loans let you make additional repayments without being charged a fee so you can pay it off sooner
- Personal loans often have a lower interest rate than credit cards