Frequently Asked Questions

While not strictly required, obtaining pre-approval for a home loan is highly recommended for several reasons:

• Understanding your budget: Pre-approval helps you understand how much you can borrow, based on your financial situation.

• Competitive advantage: Pre-approval demonstrates to sellers that you're a serious buyer, which may give you a competitive edge.

• Speeding up the process: Pre-approval can expedite the loan approval process, making the overall home-buying process faster.

• Rate locking: Some lenders allow you to lock in an interest rate, which protects you from potential rate increases.

• Problem-solving: Pre-approval allows you to address any credit or financial obstacles upfront, minimising delays during the final approval process.

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To get a pre-approval for a home loan, please contact us here.

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A construction loan is a specialised type of mortgage designed to fund the construction of a new property or the major renovation of an existing one. Unlike traditional mortgages, where the entire loan amount is disbursed upfront, a construction loan provides funds in stages as construction progresses.

There may be several ways to finance your renovation project, depending on your needs and the scale of the project:

• Home equity loan: Borrow against the current value of your home, usually up to 80% of its value, before any renovations.
  

• Construction loan: Like a home equity loan but considers the final value of your home after renovations.

• Line of credit: Ideal for ongoing or long-term renovations, offering a revolving credit line with interest paid only on the funds used.

• Homeowner mortgage: Spread renovation costs over an extended period, suitable for major transformations.

• Personal loan: Suited for minor renovations, typically capped around $30,000, but with higher interest rates than home equity loans.

For more details and personalised loan advice, contact us here.