Finance your home transformation
A home renovation loan brings your dream home closer
Determining the right home knockdown/renovation loan for you
With a property market on the rise, the opportunity to upgrade to a new property doesn’t always make the most financial sense. Instead we are seeing more people opt to use the equity in the current home to renovate. While others are choosing to knock down and rebuild on their existing land.
Whatever option you choose, you need a broker on your side who has the knowledge to access equity or apply for a construction loan for you. As well as someone who has knowledge of the different lenders who can help. This is where the Loan Gallery team comes in.
We’re experts in renovation finance and will help you to consider the big questions. Like how you’re going to renovate and how much you can borrow.
We’re the knock down and renovation loan experts
Choosing a renovation or rebuild involves hundreds of decisions. Here at Loan Gallery, we make choosing your finance stress-free and seamless.
Our expert mortgage brokers in Melbourne and across the country are with you to ensure you’re comfortable and informed at every stage of the process.
Renovating or rebuilding your biggest asset can be a stressful time for many, so we take great pride in being in your corner and giving you peace of mind. Keeping you informed at each stage of the process, so you feel confident every step of the way.
We get to know exactly what your unique goals are, then tailor a solution that’s just right for you. We’ll match you with the right renovation loan to get you into your dream home.
Speak to an experienced renovation finance broker today
We help identify the right loan to work for your circumstances and project. Speak to a Loan Gallery Specialist to get started.
Why choose us for knock/down renovation finance?
How a home renovation loan works
If you’re opting to knock down and rebuild or your renovation is extensive then a construction loan is the most likely option for finance. These loans for building work a little differently to how a standard home loan does. Here’s how it works.
To get an renovation loan approved you will need to have a on completion property valuation done that puts a dollar value on what your home will be worth once the renovations are complete.
This is because the banks lend money to you based on the completed value amount. This is where we can help the most, as we have great relationships with the banks so know which ones are going to allow you to borrow what you need.
We take care of all the legwork for you during the approval process so you can focus on the fun stuff like choosing the fixtures and finishes for your new space.
Once your loan is approved and your renovation or construction begins, your lender will draw down in stages to make progress payments to your builder.
This is different to a more standard home loan where the funds are put into a bank account you can access. In a renovation loan scenario, the bank manages the payments for you and sends the money directly to the builder.
Calculate your borrowing power for home renovation loan
Download our handy guide that explains everything you need to know when you're thinking about refinancing.
What else should you consider when renovating?
Speak to a Loan Gallery finance broker in Melbourne today to understand the best options for you.