Is it time to renovate or upgrade your residence?
Then Mortgage Central Renovation Home Loan is the ideal way to kick-start your plans and move on to next phase of renovation or remodelling. The ultimate reason for renovating is it increases the value of your property. Renovation includes setting up swimming pool, decking, landscaping backyard, garden, kitchen refurbishment and bathrooms. The duration for home loans normally last between 20-30 years where flexibility is required at times for changing family circumstances. At Mortgage Central, we don’t need to flex our financial muscle and are proud to make sure we always put our customers first. We also evaluate renovation loan application with low-doc, no-doc and low-deposit requirements.The 3 common reasons to renovate were the following:
- 57% people plan to refresh an old or outdated room or adding new room.
- 48% wanted to add more value to the home.
- 14% of them have a growing family hence needed to alter their homes to accommodate.
Mortgage Central will assist you to consider how you’re going to revamp and how much you can borrow. Because lenders issue cash for these projects in stages, it can be difficult for you to pay for different stages of construction. This will impact on decisions such when you except for any of these realities:
- Unless you have a contract contractor, you can borrow between 80% – 85% percent for major renovations.
- Major renovations with a licenced builder-you may normally borrow up to 95% of the purchase price plus the cost of cosmetic upgrades.
- If you don’t have a builder, you can borrow 90%-95% of the purchase price plus the renovation costs.
- Destroy or rebuild without a builder-you can borrow 60% of the total cost, which includes the land and improvements.