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Construction and Renovate

What is a Construction Loan?

A Construction Loan is for borrowers wanting to build a residence. Some construction loans allow you to use the mortgage to purchase the land first and then construct a residence on it within the given timeframe (normally 2 years).

Mortgage House also offers land only loans which allow you to purchase just the block of land, without having a building contract or council approved plans.

Aimed solely at borrowers building a residence, the Mortgage House Construction Loan features an interest only repayment structure during the construction process (with up to 2 years finance of the land before construction), and principal and interest repayments after construction has completed.

Read more on how the Construction Loan works...

Construction Loans:

Click on one of the Construction loans below for further details

Can I Use My Equity To Renovate?

Yes. If you have equity in your home, you may be able to use it to fund renovations to your home, subject to a home loan approval.

What is Equity?

Equity is the value of a property minus the owner's outstanding mortgage balance. (eg, Your house is valued at $500k and the outstanding mortgage balance is $350k. Therefore the equity available in your home is $150k)

How it Works?

The easiest way to access the funds is by attaching a Line of Credit facility to your mortgage. A line of credit facility allows you to borrow money, in a separate pool, up to a specified limit. The funds will be made available to you in your Line Of Credit account and you access them as required. Effectively, you will draw down the funds as you need them and subsequently only pay interest on the funds you have accessed.

Read more on how an Equity Home Loan can finance your Renovation...