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Our award-winning mortgage brokers will find you the right home loan for your situation.
How much can I borrow?
You may be able to borrow up to 100% depending on the degree of renovations required, the condition of the property or who is carrying out the renovation.
- Borrow up to 100% – if the property can be rented in its current condition and has a working kitchen and bathroom.
- Borrow up to 95% – if you are doing major renovations and you have hired a contract builder.
- Borrow up to 90% – if you are carrying out minor renovations.
If the property is in bad condition then the lender may restrict your loan amount.
Why are most banks conservative about renovations?
Most banks have had trouble with renovations going wrong, in particular when a licensed builder isn’t used. For this reason, most lenders will decline your loan unless you use a licensed builder to repair or renovate your property.
In addition to this, it’s very difficult to sell a property if it isn’t complete or requires major repairs.
Why do banks prefer a contract builder?
When buyers work on the home without a professional builder, they may not do a very good job. In some cases there can even be serious defects which could be a safety hazard. It also takes a longer time for owners to renovate their homes themselves, especially if they are working a full time job.
Contract builders on the other hand are professionals so they are more likely to do a good job and finish on time. They also offer Home Warranty Insurance which reduces the bank’s risk.
When can I get the money from the bank?
Banks are slow with processing loans so it is best to apply well in advance and avoid any unnecessary disappointment and stress.
If you have lots of equity in your property you can do an easy increase in a week or two. If you have very little equity or are relying on the final valuation then you may have to wait for six weeks or more.
Do the banks pay the builder in stages like a construction loan?
If it’s a small renovation then in many cases the bank will pay the contractor / builder only when it is complete. This may cause problems as the builder may want a deposit up front. It’s best to discuss this with the bank during the approval phase.
For larger renovations the banks will normally allow you to access the loan funds after each stage of the renovation is complete and a valuer to check the work at the end to confirm it is complete.
We’ve lent more than $1 billion+ Australia-wide.
They walked us through the process step by step
We would like to say thank you to Hank from Home Loan Experts for all his help in getting us a guarantor loan.
We were really unsure if we would ever get an approval for a home loan, but Hank immediately knew the right lender to approach for our situation, and made the whole process simple…
We would definitely recommend Home Loan Experts to anyone. Thanks again to Hank and the team from Home Loan Experts for making it possible for us to own our first home.
Ianthe S & Jadobi l, Carina QLD
A very friendly, professional and helpful team
The team was very friendly, professional, helpful and went out of their way to get the right loan that was suitable for us… I recommend this service for those who find it very hard to purchase a property going directly to a bank. Thank you Home Loan Experts, you have finally given my family and me the opportunity to own a beautiful home.
Denise H, Epping VIC
A lot smoother and less stressful than having to deal with banks as an individual
Our mortgage broker was very personable and made us feel like he went above and beyond to assist us in getting our home loan. He had a great knowledge of guarantor home loans which set our minds at ease. He was happy to answer any questions even outside business hours and responded in a professional and timely manner. As a second home buyer I would recommend going through the home loan experts as this process was a lot smoother and less stressful than having to deal with banks as an individual. I would especially recommend Hoa to others.
Melissa H & Rhys B, Wynnum West QLD
Exceeded my expectations in terms of results
Throughout the process I felt confident in knowing I could rely on you and at no stage did I ever feel that trust could be an issue with you. You have exceeded my expectations in terms of results and have done this with very short notice. You are an asset to your company and a role model to your profession… I already have and will continue to recommend your services to friends and family.
Thomas M & Tanya W, Botany NSW
So easy to speak to no matter how stressful the situation
We are both so grateful to Amine for all of his hard work and great advice over the past year! It’s been such a long journey… We are starting to settle into our new home in Trentham now. It is just so beautiful and relaxing! We really love it and are so happy with our purchase. Amine was right all along – things happen for a reason! Thank you Amine for always being there for us.
Tanya & Andrew B, West Melbourne VIC
He even made a guarantor loan from our parents seem effortless!
After the roller coaster ride of going cap in hand to the bank manager, only to be turned away… we found Tony. What a refreshing change! Within a 2 week time frame, we had approval and were able to follow the normal approval process to get the loan…. With Tony’s inside knowledge on how lenders think he was able to approach the bank with an excellent case and really put us in a great position in the lender’s eyes…. We recommend Tony and Home Loan Experts strongly and will be using them for our next purchase…
Julie W & Luisa C, Waikiki WA