Home Renovation Loans
Home Renovation Loans in Brisbane
If you’re wanting to make your home bigger and better, then you need a Home Renovation Loan and North Brisbane Home Loans can help you build the house of your dreams with the best renovation loan options.
With more than 90 years of combined experience in home loan services, we know that we can confidently offer you the best advice when it comes to finding the best value home improvement loans for you and your family.
Whether you’re looking to make small cosmetic changes or add on a few bedrooms, we’ll help you find the best rates available on the market for home improvement loans.
Loans For Home Renovation – How They Work
The interest on renovating a home has actually seen a large rise in enquiries over recent times, especially thanks to popular reality renovation shows on television.
But also other factors of having to sell a property have contributed to this rise in interest. Paying real estate fees, purchasing again, and paying stamp duties means that most people can actually be out of pocket between $30,000 and $50,000 – so staying put and improving what you have is certainly attractive to many homeowners.
The Costs of Home Renovation
The two main things to think about when it comes to renovation home loans – the cost to do it and its end value plus serviceability.
1. First things first, ask yourself the following questions:
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Can you afford to renovate a house?
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What can you afford?
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Can you afford $50,000 or $250,000 on top of your current home loan?
There is no point in dreaming about a renovation when you don’t know what you can borrow. So get an estimate done first, talk to your home loan broker and they can tell you what your options are. There are lenders who do construction loans better than others.
Normally it can be placed on interest only if it’s a big amount until it’s completed and then it can change to a principal and interest loan payment option.
2. Do not over capitalise.
There is no point in spending $250,000 on a house renovation to take its end value to $750,000 if the average sale price in your area is $500,000.
A valuation is always completed once you have provided a fixed price building contract as well as plans and specifications. This is done on an on-completion basis. This gives the idea of what the property will be worth once its finished. So make sure you do your homework on your area and check there are other homes around the same end value.
Tips for those looking at House Improvement Loans in Brisbane
Research
Before applying for a home renovation loan, do your research and compare different lenders and loan products. Find the best value home renovation loan that is tailored to your needs. Consider not just the interest rate, but also any fees and charges that may apply.
Speak to an expert
An experienced mortgage broker North Brisbane or financial advisor can help you to understand how much you can borrow for a renovation loan and what the repayment terms may be. They will also be able to assist with any paperwork or legal requirements associated with the loan application process.
Budget
Take some time to work out exactly how much money you need to cover all of the costs of your renovation project and have a realistic idea of how much you can afford to repay each month on your loan payments.
Pre-approval
It’s worth considering getting pre-approved for a home improvement loan before even starting on the renovations, as this will give you more bargaining power when negotiating with suppliers or contractors.
Read the small print
When signing up for a loan for home improvement, understand all of the fine print and take the time to read through all of the documents carefully. There must be no surprises when it comes time for repayments or if something goes wrong with your project down the track.
Get competitive rates
Don’t just settle for whatever rate is offered by one lender. Shop around and compare rates and mortgage products from different lenders. Alternatively, you can skip this step by letting a mortgage broker — that’s us! — do this heavy lifting for you instead.
Consider your financial situation
Make sure to review your finances, including income, other debts, expenses and savings before applying for a loan. Ensure you can comfortably afford your loan to renovate home and avoid any potential issues later.
Ready your documentation
Gather proof of identity like driver licences or passports, evidence of employment such as payslips, bank statements and credit history reports for yourself and anyone else involved in securing the renovation financing.
Have a realistic timeline
Take into account potential delays due to things like planning permit applications or ordering material supplies which could impact when work can begin on renovations. Create a realistic timeline prior to beginning work or making payments on any loans taken out.
Types of Home Renovation Loans North Brisbane
1. Construction loan for renovations
A construction loan for renovation is an excellent option for those looking to renovate their homes and up their resale value. It is designed to help finance the purchase and renovation of existing homes or build new homes from scratch.
How do construction loans work?
Construction loans provide borrowers with an efficient ways to fund major renovations such as additions, structural changes and repairs on their current property
Construction loans for renovations van come with higher interest rates than traditional mortgages due to their short terms before going to principle and interest payments. However, they are still often deemed as more cost effective methods in comparison with other forms alternative financing.
Borrowers receive funds upfront (paid direct to the builder) when they’re needed most (i.e., progressive drawdown), rather than waiting until all the work has been completed and then paying back a lump sum at once.
2. Personal loans for renovations
Many lenders now offer competitive and tailored personal loans that allow Australians to borrow money specifically for the purpose of renovating a home.
How do personal loans work?
The main benefit of taking out a personal loan for home renovation is that it allows you to access funding without tapping into your existing assets such as your home equity or credit tcards. This means you don’t have to sacrifice any of your current financial security by using funds from other sources that might carry additional risk with them.
It’s also relatively straightforward to apply for and set up compared to other types of lending like mortgages. This makes it easier and more cost effective for most borrowers. Some lenders even offer pre-approval options so you can shop around with confidence when shopping for materials or services related to the renovation project itself!
3. Refinance home loan for renovations
Refinancing your existing home loan can provide access to a larger amount of finance. This in turn gives you greater flexibility than other types of loans when it comes to funding your home renovation project.
How does a refinance home loan work? Hint: It makes using equity to renovate possible
In Australia, refinancing your existing mortgage allows you to consolidate multiple debts (e.g. credit cards and unsecured personal loans) into a single lower interest rate loan with convenient repayment terms.
Not only will this reduce monthly repayments in the long run, but also release some equity so that you can use them towards more desirable items such as renovating or improving your property’s value. Here at North Brisbane Home Loans, we do get many inquiries on using equity to renovate their homes.
Refinance home loans typically are variable rate loans, with payments being interest only to start with until fully completed. They also have lower rates than personal loans or credit cards. This is why this way is an attractive home renovation loan option for a lot of borrowers.
Team up with the investment property mortgage brokers at North Brisbane Home Loans
North Brisbane Home Loans is a team of experienced home renovation loan mortgage brokers that provide all the expert advice for your house improvement loan in North Brisbane, Queensland. Have a chat with the friendly team today on 07 3889 9719 or enquire online here.
North Brisbane Home Loans is Brisbane’s leading mortgage brokers with more than 90 years’ combined experience. Before the walls get knocked down, come and see us!
We offer expert advice on a huge range of services including First Home Loans, Purchasing Your Next Home, Refinancing or Home Loans for Self-Employed. Contact us today on 07 3889 9719 or enquire online today!
FAQs on Home Renovation Loans
How do I qualify for a home renovation loan?
You’ll need to have a good credit rating and sufficient income in order to qualify for a home renovation loan. Provide evidence that the renovation work will add value onto your property before submitting your application with the lender of choice. If approved then the bank will send out assessors/valuers. They will check that the proposed works are feasible and make sure that any borrowed funds are going directly towards meaningful improvement projects on your house or land.
How much can I borrow with a home renovation loan?
Generally speaking lenders will only approve loans up 80% of this figure but this could vary depending on individual circumstances/desires of both parties involved. Lenders also account for external factors such as the stability of local housing markets etc.
What documentation do I need when applying for a home renovation loan?
The minimum documentation required includes 3–6 months proof of income (pay slips), two pieces valid identification (driver’s license/proof-of-age card), current bank statement (showing net salary). Other documents including evidence of past debts may also be requested so make sure any paperwork related is available when asked for during application process .
What can I use home renovation loans for?
You can use one for common fixes like a kitchen renovation or an extension. Other things you can use it for are for bathroom renovations, addition of a swimming pool, home repairs, new exteriors, landscaping, installation of energy efficient fixtures. There are several ways to address a renovation loan – and it is best to chat with a broker first.
How long do I have to wait for me to receive my funds from my home renovation loan?
Your funds can be disbursed a business day or two after your application has been settled by your lender. The application process can take anywhere from 2-4 weeks depending on the situation to be approved
5.0 STAR REVIEWS
NBHL Brokers for Brisbane Home Loan Reviews
Immense market knowledge and very professional. He has a very good experience and knowledge on the current market. He really paid attention to every detail and updated with the info needed. Due to his timely action, we were able to buy our First Home on time. 🙂 Grateful to him and the Team.
Easy and stress free . My wife and I have used Patrick a number of times and this time was no different to other experiences with him. He was always on hand to answer any questions and put our minds at ease. Patrick’s technology based approach made getting all our documents from our existing bank accounts into a format required for reviewing was brilliant to use. Anyone considering a new loan I would highly recommend Patrick Cranshaw and his services.
Wonderful experience with Pat, Fiona and the team at NBHL. As a first home buyer, they made it simple for me to understand and were very responsive to my questions and concerns. Thank you!
Pat and his team were a pleasure to work with while we were looking for our first home. I want to pay special thanks to Jake, who truly went above and beyond for us and was always happy to answer our questions (which there were many of)
The team at NBHL have been amazing throughout our whole time with them. As first home buyers they’ve made the process a lot more easier & stress free. Huge thanks to Pat & Fiona!
Thank you Patrick, Di and team. We really appreciate all the help and information you provided us with our first home loan. NBHL made the process simple and easy to go through. You and your team were very quick to answer any queries we had and easy to get in touch with. We will definitely be using the NBHL team again in the future.I recently had the pleasure of working with Patrick again after 3 years for our refinance, and I couldn’t be happier with the experience. Patrick, Jake and the whole team were extremely knowledgeable, professional, and patient as we navigated the whole process. They took the time to understand our needs and preferences, and found us the best suited option. The use of their portals to upload information and documents is a game changer! I would also like to mention the articles in the monthly newsletters are quite in depth and have been incredibly insightful. I have highly recommend Patrick and NBHL to friends, family and colleagues. See you next time! Cheers!
Fantastic support and experience! . My partner and I loved our experience with the Brokers, they were always knowledgeable, supportive and friendly in all communications. We were a little sad to stop our regular catch ups once we had our new home!
I can not recommend Pat and his team enough!They went above and beyond to help us get our loan at the best deal and worked around the clock for usCannot thank then enough!
Pat and the NBHL team are so helpful and easy to deal with. I used them for my first home purchase a few year ago, and recently for a refinance. Both times they were responsive and proactive, and able to answer all our questions in easy to understand terms. I won't hesitate to use them again next time
Pat and his team were fantastic to deal with for the purchase of our first home. Not only were we guided to a great rate, the hassle and stress was minimised greatly! Thanks NBHL, we’re super excited to be in our first home with your assistance.
The best mortgage broker I have dealt with. My application was not straight forward due my partner is on a different visa. I did try few other brokers before I reached out to NBHL, none of them had a correct approach or answers for my situation. But Patrick and team have experience dealing with similar situation to mine, he took time explaining every single possibility and how to approach them.Any issues you come across, they will know how to handle it.Would definitely recommend to friends and family.
I can highly recommend Pat Cranshaw and his team for prompt, honest and professional advice. I very much appreciated Pat's knowledgeable advice on refinancing my home loan . Thank you and best wishes to Pat and his team.
Pat, Jake & their team are absolutely great at securing the best rate. I have been using them for many years now, and always consult them for refinancing every 1-2 years to check what is the best rate available to me. They are able to negotiate much better rates with the banks than if you go to the banks directly.
Without pre-approval, Pat and Jake allowed us to buy ourselves the house we wanted. They managed to get us financial approval with a lender perfect for us in only 6 days.We are very happy with our experience and would recommend others to use NBHL when looking for a fast and easy borrowing experience.
Highly Professional and helpful. I would highly recommend Pat and his team!! Our situation was slightly complex, however they guided us through the process and were able to achieve a successful outcome.Their professionalism and communication with us were of the highest order. I would highly recommend Pat to anyone looking for a homeloan!!
Seamless from start to finish! Pat and his team were amazing. The whole process was so easy and painless. The application process was seamless from the upload of supporting docs right through to the actual signing of loan application and mortgage docs. Pat and his team were there to support us every step of the way with regular contact and simple explanations. I can’t thank them enough.
I can’t thank the team at North Brisbane Home Loans enough for getting my home loan unconditionally approved today after an unexpected last-minute hiccup. From the very first call I had with Pat, talking me through the process and various options, to liaising with Di and Jake through the pre-approval process and then having Fiona on speed dial over the past week or so, answering all my calls and diligently working to get full approval while up against the clock - everything was done promptly and efficiently, with all communications clearly setting out what was required at every stage to make the whole process seem less daunting. Nothing was too much trouble for this friendly, helpful, calm-under-fire, amazing team. Woohoo! Thank you, thank you, thank you! Team work really does make the dream work and NBHL are the dream team. Thanks again!
This is the second time we have used Pat and the team; this most recent venture was exceptionally complicated, daunting and stressful. However Pat and Jake almost made it simple. They responded to my 1000 panicked emails with patience and clarity, never sugar coating anything. All the legalities were made transparent and easy to understand. We are so happy to say as from today, this amazing team of professionals played a very big part in bringing a very traumatic previous 18 months for our family to an end, with our new home purchase becoming unconditional literally hours ago. We can't thank them enough, it's been a long journey, but we made it thanks to them. If there was an option to pop down 10 stars, we wouldn't hesitate. Thanks, NBHL
Very helpful. Patrick was very professional and easy to deal with, and I felt that I could ask all the silly questions during the home loan refinancing process and get real answers and still be taken seriously. He took his time to explain my different options thoroughly, and made the process as smooth as possible once a decision had been made.
10/10 recommend. Pat recently helped my husband and I remortgage our home and the whole process was simple and effortless. I always felt like Pat and his team were working hard for us and we were looped in through the whole process. Would absolutely recommend 🙂
Exceptional Broker and Team - Honest, Prompt and Realistic. Highly recommend Patrick and the Team he works with. Our trusted broker that we go to repeatedly for mortgaging and refinancing. Always honest and seeks products that fit primary needs, plus offers valuable and realistic advice. The only broker we refer our friends and family to! Always in touch with us on time, made refinancing easy, friendly and upfront - every member of the Pat's team answered all our questions and laid out the steps ahead well in advance of settlement. Refinancing couldn't have gone any smoother! Only praise to share. We will continue to use Pat indefinitely.
Excellent customer service, advice and attention to detail.Have now used NBHL for re-financing our home loan and to purchase our investment property. Can highly recommend.
Luke and the team at NBHL were a pleasure to deal with throughout the entire process of buying our first home. Luke was always contactable and made the effort to answer all our queries promptly and simplify the entire journey. As first home buyers we couldn't imagine buying without the help of such a knowledgeable team that has put a great emphasis on customer care.
I am writing to express our sincerest gratitude for the exceptional assistance you provided us in navigating the complex process of securing a home loan. Your professionalism, clear communication, unwavering transparency, and adept use of technology truly set you apart.You consistently ensured that we understood each step of the home loan process. Your ability to explain complex financial terms in a simplified manner made us feel confident and empowered in making informed decisions.Moreover, your expertise in utilising technology to streamline the loan application process was truly remarkable. From secure online document submission to virtual meetings, you effortlessly incorporated modern tools into our interactions. This not only saved time but also demonstrated your commitment to staying at the forefront of industry trends, ensuring a smooth and efficient experience.Once again, thank you for everything you have done. I wish you continued success in your endeavours, and may your expertise positively impact many more individuals like myself.Well done Team North Brisbane Home Loans!!
6 years ago we used NBHL service to buy our house/land package as a first time owner in Australia. Pat, Di and the team have been really professional. Everything went so smoothly. A month ago, we contacted NBHL to discuss any possibility to buy an investment property. Luke has been awesome, and went through all the options in details. Here, again the communication was great and everything went smoothly. Highly recommended.
Hassle-free re-finance. Pat and the team from North Brisbane Home Loans made our complicated re-finance very easy. The team go out of their way to ensure a smooth loan application/transfer process. Second time with this great experience from the NBHL team, highly recommended.
Friendly, professional service for expat loan refinancing. Pat, Di and team were incredibly helpful, patient, and flexible while finding an Aussie non-resident refinancing solution for me. These days that is no easy task!They kept me informed at every stage of the process from the solution hunting, to the decision making and throughout the closing process.Their services were invaluable and I couldn’t recommend them highly enough.
I contacted Pat at North Brisbane Home Loans based on their reviews. From the minute I spoke with Pat I felt at ease with his knowledge, experience, friendliness and felt straight away that he had our best interests at heart.Pat, Di and the team at North Brisbane Home Loans are so lovely and took away a lot of the stress of the whole process by communicating regularly and by explaining in detail all answers to any questions we had. They guided us through every step of the way and now thanks to the team we are in our dream home.Thank you all so much, we are over the moon!10/10 recommend!
Pat, Di, and the team at North Brisbane Home Loans are fantastic. They supported us every step of the way in our home loan application/home buying journey, and we couldn't be happier with the service recieved. They made the process so easy for us and we will definitely use their services again. We highly recommend!
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Pat was amazing in taking us through a step by step guide on how to purchase our first home!They were extremely responsive throughout the entire process with consistent and reliable communication.Would recommend to anyone looking to get into the market with a knowledgeable Broker!Thankyou.
The most amazing service from Pat & Di at NBHL. Their expertise and patience throughout the entire process made it feel easy to buy our first home. Their guidance and support was immeasurable and we couldn’t have done it without them!Thanks to the team at NBHL for everything.
Fantastic mortgage Broker!We used Pat and his team when we originally bought our first home back in 2017, and they were so fabulous that we went back to them this year (2022) to re-mortgage and change up our home loan. They do a wonderful job - great communication and dedication to get you the best rates possible. They also fix any mistakes the bank makes for you, quickly and efficiently. Can't rate them high enough, we will definitely be going back to them in the future.
Knowledgeable, Professional and CalmBack in 2021 a colleague referred me to Patrick, we weren’t ready to buy yet but wanted to meet Pat as he had helped my colleague with his family home, plus 2 additional investment properties. My colleague was so impressed by the services offered by Pat that I had to meet him for myself! He didn’t disappointment, we decided after our first meeting on a plan and locked in to touch base again in a years time!1 year later, everything was in place and Pat helped us put everything in place and we are now proudly living in our new family home!Many healthily conversations were had, and Pat is really knowledgeable but we also appreciate his cool and calm manner.We will not hesitate to refer him and North Shore Home Loans to friends and family. We will also definitely be reaching out again when we expand our investment portfolio in the future.
We had a great experience with North Brisbane Home Loans. Our broker was Luke and he was excellent in listening to what we needed and providing us with loan options that would work for our situation. We liked the videos they provided explaining the product options and recommendations. Being able to watch the videos in our own time was helpful. Fiona was amazing in collating all our information and documents and working with the bank once we did find a house. The communication and customer service was superb. I would recommend NBHL.
The team at North Brisbane Home Loans were phenomenal from the very first point of contact. Luke was brilliant in taking us through a step by step guide on how to achieve our goals, provided us with useful resources, and was very willing to answer all questions we had as first home buyers. We had a tight settlement timeline and the team (Luke and Fiona in particular) made it appear effortless. They were extremely responsive throughout the entire process with consistent and reliable communication. We could not recommend NBHL highly enough!
My husband and I are grateful to Luke, Fiona and the team at North Brisbane Home Loans they are absolutely brilliant to deal with.We had a very pleasant experience with Luke he took the time to investigate several different scenarios to get us the best possible product and solution. Luke and Fiona were very responsive to our queries even calling after hours when necessary. While we were first time home buyers they reassured us every step of the way, confident in their advice and decision. Their patience and willingness to walk us step by step each process over the phone was greatly appreciated.Overall a very efficient and professional organisation you won’t be disappointed.
I had an absolutely amazing experience with North Brisbane Home Loans. I was able to buy my first home with the advice, help and professional guidance of Pat and his team. I was very well looked after from the minute I reached out. Everything was handled in a very friendly, professional and timely manner. Whenever I was worried, unsure or needed assurance I was replied to promptly with everything I needed to know. The team were even willing to drive to my workplace to ensure all of my documentation could be signed and submitted promptly. I cannot recommend them enough!
