If you are looking at home renovation there are a number of finance options. When renovating, you may use Construction loans or home renovation loans, a Line of Credit, or a Redraw to secure the funds you need to build.

Home Renovation Loans are ideal for people who:

• Have grown out of their current Home but don’t want to move.
• Renovating is more cost effective than moving house.
• Resonable Current or Future equity.
• Have a Fixed Price Building Contract (if a Construction Loan)
• Want to obtain up to 100% LVR.

With Home Renovation Loans or Construction Loans you can:

• Borrow from $50,000 up to $2.5 million, for a period of 15 to 30 years
• Obtain up to 100% Loan to Value Ratio.
• Choose from a variable interest rate or a fixed rate for 1, 3, or 5 years .
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Choose a Line of Credit facility, including phone or internet, ATM and EFTPOS Access and monthly statements.
• Clean or Impaired Credit History.
• Choose a 100% Offset Account, including phone or internet, ATM and EFTPOS Access and monthly statements.
• Obtain a Low Doc or Fully Verified Loan

There are two circumstances in which you may wish to refinance you homeloan. Firstly, you may be dissatisfied with the terms of your existing home loan or the service provided by the lender. Secondly, you may be seeking an additional home or investment loan secured by another property, and it may be advantageous to combine it with your existing home loan to get the best overall deal.

You need to compare the costs of refinancing your home loan with the benefits you will obtain from the new home loan account.

The costs will include fees and charges to pay out your existing home loan and fees and charges to establish the new loan. Payout fees include Release Fees payable to the titles office, a bank administration fee for attending to the payout and discharge of mortgage, and may include penalties for early repayment.

Costs to set up a new loan may include the valuation fee, mortgage insurance premium if the Loan to Valuation Ratio (LVR) is greater than 80%, legal disbursements and stamp duty on the new mortgage.

These costs need to be compared with the savings that can be achieved over the life of your new loan. These savings are likely to be achieved by obtaining lower interest charges. The interest charges may be lower (over the life of the loan) because:-

• The new lender has a lower rate of interest;
• The new lender provides 100% benefit on its Mortgage Offset Account;
• The new lender allows you to make additional repayments at any time without penalty.

This is largely dependant on the lender and the product you choose. But as a general rule you will need at least 5% of the purchase price.

There are circumstances where less deposit can be used. As a first Home Buyer you will recieve a Grant from the Federal Government and in some cases your State Governement.

Home Loans and Investment Loans are generally the same type of product. Home Loans usually have more features which are generally not required with Investment Loans. The features you require for Home loans and Investment Loans may be Offset Facilities, Repayment Holidays, transaction accounts etc… as Investment loans are usually set and forget loans. As a general rule, Interest rates and Fees increase with the number of product features. To obtain an effective Fee interest rate and fee structure, completing a Home Loans and Investment Loans Needs Analysis should be completed to obtain the best Fee, Interest Rate, and Feature Balance for your Needs.

You can be Full-time/Part-time or Self-employed (with an ABN registered for 1 or 2 years or more). With this loan you can:

• Obtain up to 100% Loan to Value Ratio (LVR).
• Choose from a variable interest rate or a fixed rate for 1, 2, 3 or 5 years
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Choose a Line of Credit facility (up to 90% Loan to Value Ratio) , including phone or internet, ATM and EFTPOS Access and monthly statements.
• Choose a 100% Offset Account (up to 100% Loan to Value Ratio) , including phone or internet, ATM and EFTPOS Access and monthly statements.

Investment Loans and Home Loans Needs Analysis will identify:

• Proportion of Investment Loans vs Home Loans.
• Features Required for your Loan Purpose.
• Loan Types available for your purpose.
• Any possibilities of saving money from fees or interest rates.
• Income Verification Requirements including Low Doc Loans .
• Identify present or future risk.
• Opportunities for Debt Consolidation.