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Renovation Loan A Renovation Loan is usually made to finance enhancements made inside an existing home. Due to the high expenditures involved in purchasing a new home in Australia, many existing homeowners are choosing to renovate. People mostly renovate their house to improve their quality of life and in order to add value to their existing home. Once you figure out what you want to renovate, it is important to make a financial plan. At PFG Home Loans we show you the best way to fund the alteration of your home. Renovations do not include structural changes to the property, and are usually of a cosmetic nature. Examples of renovation include cosmetic items such as minor repairs, landscaping, footpaths, painting, carpet, tiling and furnishings:
Construction Loans Some people prefer to build a house rather than buying an existing house because they can design the house according to their requirements, and can live in a new house. They also receive several advantages as an owner occupied property or as an investment property. They may also be able to save some money by paying stamp duty only on the purchase of the land. A construction advance is different to those that apply to a renovation advance. Construction will involve structural alterations to the property Examples of construction include extensions or additions to the security property, garages, permanent out buildings and in-ground swimming pools:
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