Buying a new property today incurs significant fees and charges including stamp duty and legal fees. Then there are the costs attached to selling your current home.
Hundreds of thousands of dollars could go towards a
property change-over. This money is sometimes better applied on improving your
Renovation loans are becoming an increasingly popular with people who need more space or want to upgrade their existing home. Renovating can also boost the value of your property before selling, to capitalise on a surging Australian property market.
If you would like to :
Build a new house or townhouse
Buy land with the view of constructing a home on it;
Renovate or extend your existing property
You would need to apply for a construction loan.
If you are doing minor works such as a kitchen facelift, or
bathroom retiling you may wish to apply for a line of credit against your
property and use the funds to cover the cost of the this work.
After completing a renovation or an extension it is always a good idea to get your lender to revalue your home and request access to the created equity through a line of credit increase.