Looking at improving your home? Home renovations are growing increasingly expensive with many jobs requiring significant financial investment.
Using equity in your home to top up your existing home loan can be an excellent option for funding home improvements works at very low home loan rates. Laeden’s team of experts have more than 50 years combined experience in the finance industry.
We have strong relationships with all major lenders and can quickly advise the best home improvement loan option for you.
Why Laedan
HIGHLY PERSONALISED SERVICE
You have a dedicated mortgage adviser to provide the advise the best home loan improvement options for you.
CHEAPER RATES
Our team’s extensive networks and experience in the finance sector put us in a great position to secure rates significantly below market
SMARTER STRUCTURING
All of our mortgage advisers have significant industry experience. We know what’s possible and can look out for any traps. This is particularly relevant given the complexities that can arise with major renovation work
OUR SERVICE IS USUALLY FREE
Our fees are paid by the banks for making their lives easier
What We Do
Our team will guide you start-to-finish through the process of securing a home renovation loan no matter the scale of works required.
We help with:
MINOR AND MAJOR
DESPOT
REQUIREMENTS
LOAN OPTIONS
SECURING
PRE- APPROVAL
VALUATION
REQUIREMENTS
Minor & Major (works requiring council consent) renovations
Our Process.
Pre-Approval
IN DEPTH DISCUSSION
The first step is talking with one of our mortgage advisers. Our team are highly experienced, and can typically give you an outline of what is possible from a single conversation.
COLLATE INFORMATION
We work with you to collect all relevant information needed in order to make a formal renovation loan application.
SUBMIT APPLICATION TO LENDERS
Based on our understanding of your requirements, we will carefully select appropriate home improvement loan lenders (bank or non-bank as required) to submit your application to.
NEGOTIATE & SECURE APPROVAL
We will negotiate on your behalf to obtain the best rates and desired structure (including maximising interest-only flexibility), ultimately securing approval for your renovation loan.
Post-Approval
ONBOARDING
We will oversee the financiers onboarding process for you, and answer any questions your lawyer may have with respect to the loan documentation/structure
MONITORING
We will monitor your renovation loan going forward – particularly relevant for major works where progress payments are required. Your dedicated mortgage adviser will be available to discuss your home improvement loan at anytime.
Common Questions on
Construction Loans & New Build Financing
How do renovation loans work?
How renovations loans work depend on the scale of the home improvement works being completed. Typically these are defined as minor or major works. How financiers determine whether the works are classed as major varies, however it’s safe to assume that the works are major if they require Council consent, or the value of the works being completed make up a significant portion of the value of the property.
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Renovation loans for minor works can be as simple as a top up of your existing home loan on similar terms.
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Renovation loans for major works will generally be subject to stricter valuation and compliance policies from financiers.
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Laedan’s team of experts can help you navigate renovations loans not matter the scale of the project – get in touch today.
What type of loan is best for home improvements?
This really depends on your personal circumstances – considerations need to be made for the equity available in your home, any cash you have able to commit to the works, the likely future value of your home as well as your ability to afford your total loan once renovation works have been completed. The eventual home improvement loan option you choose should be supported by expert advice given how unique each individual’s circumstances may be
Can I get a home improvement loan with no equity?
Generally speaking, no. Typically financiers have a minimum deposit requirement for all lending against housing, include renovation/home improvement loans.
What banks offer renovation loans?
All major banks offer renovations loans – for the most part ‘renovation loan’ or ‘home improvement loan’ is a term used by customers to describe the loan purpose. Internally, banks see most renovations loans as standard home loan products (with some additional complexities depending on the scale of the renovation works)
Which bank is best for renovation loans?
All major banks provide renovation loan options, however who the best bank is depends on your particular circumstances and the current rates & loan options being provided which are constantly changing.
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As your mortgage adviser, Laedan has access to all major banks meaning we will be able to secure the best banking deal for your renovation loan.