Browse Forums Home Finance Re: Renovating - Which Loan? 3Feb 13, 2012 6:33 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Renovating - Which Loan? 5Feb 13, 2012 7:58 pm tweety thanks for that. I was getting worried as I thought because we were renovating, we had to get a construction loan, it is good to see that we still have other options. We are basically going to knock down part of the house and create a new kitchen, laundry, bathroom, bedroom, study, wir, ensuite and larger living area. What we thought was going to be a small job has turned into something alot bigger. I am sure it will all be worth it in the end! Btw does anyone know which banks offer multiple offset accounts ? The only one that I know of is Suncorp. Thanks again Tweety They all do ( well 8/10 of the banks) From the size of your project you can get away with a simple equity release or LOC ( equity release preferred as it's cheaper in rate + much easier to pay down with the offset) A problem i can see is LVR and LMI....if you have enough equity to keep it under 80% all good....if not then you will your broker or bank manger to lodge it as an "end value valuation" to get a higher valuation. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 13482 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 4255 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 31769 |