Browse Forums Home Finance 1 Feb 13, 2010 5:53 pm Is it at all possible to still get post-renovation valuation financing? We almost no equity available in our home but we have a few things that need to be done (urgently - a new roof and guttering) and saving to pay for everything that has to be done is going to take a very long time. Does anyone have any other suggestions on what financing options we have for renovations? We were told to take out a personal loan by the bank. I really don't think that's the best suggestion, surely? We have a good income and have been offered a sizeable loan to buy another property - however for many reasons we would prefer to renovate this one. Re: Post-renovation valuation financing 3Feb 20, 2010 2:36 pm If you are using a licenced builder and your renovations will add value to the property then in most cases you can get a home loan increase based on the on completion value. It depends which lender you are with as to how this works. Note that roof repairs may not add value from a bank valuers point of view so it isn't a guaranteed approval in your case. Cosmetic improvements tend to add the most value. If you can let me know the est value of your property, amount required for repairs, amount you owe and which lender you are with then I can let you know where you stand. Might be a little much personal info for a forum so maybe msg me, up to you. It seems very clear to me that your contract states that a security account does NOT need to be established so the answer to the builder is NO. If in doubt find a contract… 1 8505 2 31344 If there have been changes, variations, during construction then the drawings should be revised, the building permit amended and the current, as built drawings given to… 2 4480 |