Browse Forums Home Finance 1 Jun 07, 2012 10:53 am Hi guys, Looking at a place for ~ $300,000. it desperatly needs ~$50,000 worth of renovations done straight away. after the renovations I expect it will be worth at least $370,000. I want to know how my chances are or getting a loan for more than the price of the house? I can get finance for $350,000 but will I get it if only $300,000 is used for the house and $50,000 is used on renovations? Re: Mortgage for house & renovation 2Jun 08, 2012 5:20 pm The bank will only lend you a % of the purchase price (ie 80%? or 90 with LMI). You need to speak to the bank about %. Off topic but- If the price is $300 +$50 reno and will only be worth $370 after reno I would look elsewhere. There is no room for error. Gio over budget a little and you are behind. Doing a reno should give you at least $2 per $1 spent (I like $3 personally). So if you spend $50K on a reno and it's worth $370 in the end you'd need to buy it for $270K. Re: Mortgage for house & renovation 3Jun 20, 2012 8:44 am Are you using any other property as security? Some lenders will lend you up to 95% of the purchase price plus the renovations. If you have equity in other property then possible borrow the entire amount subject to the combine LVR's Hello Josh, This is Irving from PRIMA, we are a manufacturer of the staircase, railings, kitchen cabinets, windows, doors from China. If you have requirement to purchase… 0 5419 Coming back to your old stomping grounds, huh? Renovations on a budget can be quite the journey. It's like giving your house a new lease on life. The twist of not knowing… 1 3457 Assuming the structure of your cabinetry is good then I would DIY everything as follows: - replace your counter tops entirely, - replace all drawer runners with soft close… 1 4774 |