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
You may be able to redraw funds to use for your renovation if you’ve made additional repayments on your mortgage
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
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
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
Information provided on this website is general in nature and does not take into account the readers goals, objectives, or circumstances. You should consider whether the information is appropriate for you as it does not constitute advice.