You may have run out of space or your house might be in an urgent need of an upgrade. If you’re at the point where your home no longer meets your needs then you face one of life’s big decisions: to renovate or relocate.
If the challenges of renovation appear insurmountable (due the condition of the house including the wiring, structural flaws and the ever present concern of over capitalising) or you’d like to move to a new area (to be nearer the children’s school for example) then the options to relocate (upgrade) or, if you love your location but cant stand your house, to knock-down/re-build are worth considering.
Residential Property Loans
At Connolly Finance, we have access to a range of home loan products – whether you are a first home buyer, upsizing or downsizing, looking to invest, or simply wanting to refinance, we can help find a loan to suit your needs.
Mortgage loans can vary considerably, such as the size of the loan, maturity of the loan, interest rate and method of paying off the loan, so it’s always a good idea to speak with a mortgage broking professional to determine the loan that is right for you. We have access to over 25 lenders which means that we can help find the most appropriate loan, with the right features for your particular needs
To see how we can help, give us a call on 03 9591 8000 today!
Whilst there are a myriad of loans available for consideration, here are some that are of the most relevance to a Property Upgrader:
- Bridging Loan
- Construction Loan
Once you have built up a sufficient deposit and we have established your borrowing capacity with a range of banks, its then up to you to decide on a property. Phase two of the process is to formally arrange finance. The main issue with arranging your finances is to identify the right home loan with the required flexibility and most attractive interest rates. The features that would most likely assist you could include the basic repayments options, namely interest only or principal and interest (P&I), but could also include features such as flexible repayments, the capacity for additional repayments, Repayment redraw facilities, repayment holiday’s and mortgage offset accounts. Before you embark on the process of selling/upgrading or demolishing/rebuilding, there are some of the key issues to consider, including:
- The costs of selling your home
- The costs of buying a new home or
- The costs of building or renovating on the existing site