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Meet the team - SCF logo
Call Us (07) 5437 9073

Renovation Loans
in Sunshine Coast

Renovation Loans: Your Guide to Financing Your Dream Home

Are you planning a renovation on the Sunshine Coast but unsure of how to finance it? With experience and expertise in the industry, we have helped countless clients secure the funding they need to make their renovation projects come to life. We understand the unique challenges and opportunities of renovating on the Sunshine Coast.

Whether you’re looking to renovate your existing home or purchase a fixer-upper, let’s turn your renovation dreams into reality. With our in-depth knowledge of the Sunshine Coast market, we can help you find the right renovation loan options for your project and budget.

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What Are Renovation Loans?

Renovation loans are types of loans that are specifically designed to finance home renovation projects. This type of loan allows homeowners to borrow money to cover the costs of their renovation, including materials, labour and other associated expenses.

The amount that can be borrowed and the interest rates charged on renovation loans will depend on a variety of factors, including the borrower’s credit history, income and the value of the property. In general, renovation loans are a flexible and convenient way for homeowners to finance their renovation projects and improve the value of their homes.

Renovation loans can be secured or unsecured and they come with different terms and conditions depending on the lender. Some lenders may require that the borrower uses their home as collateral to secure the loan, while others may offer unsecured options that do not require collateral.

Benefits

  • Can help finance home renovation projects
  • Often have lower interest rates than credit cards
  • Can offer flexible repayment terms and loan amounts
  • Can improve the value of the property and increase equity
  • Can be used for a variety of renovation projects

Challenges

  • May require collateral like home equity
  • Can have strict eligibility requirements
  • May require detailed renovation plans and estimates
  • May involve additional fees and charges
  • May have longer approval and processing times
  • Can increase overall debt and financial risk

Borrowing Money For Building: Renovation Loans Australia

Planning a renovation can be exciting, but finding the right financing can be a challenge. If you’re unsure about where to start or what your options are, borrowing to renovate can feel overwhelming. We understand how important it is to have access to the right loan to make your renovation dreams a reality.

There are many options for loans to renovate a house, but what are they? Let’s match you with the right loan for your renovation! At Sunshine Coast Financial Solutions, we can help you get the right type of renovation loan for your financial needs and goals.

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Types Of Renovation Loans

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Refinance Your Home Loan

If you currently have a mortgage on your property, refinancing can be a viable option to fund your renovation project. This involves replacing your existing mortgage with a new one that includes the cost of your renovation. Refinancing can offer several advantages, such as accessing additional funds and potentially securing a lower interest rate.

Traditional home loans, typically secured by the property, can be used for renovation projects in this way. An advantage of refinancing your home loan to fund your renovation is they generally offer longer repayment terms and lower interest rates compared to unsecured options like credit cards or personal loans.

home equity

Home Equity Loan

If you have built up equity in your home, you may be able to use a home equity loan to finance your renovation. This type of loan allows you to borrow against the equity you’ve built up in your home, and typically offers a fixed interest rate and a lump sum of money that can be used for renovations.

Choosing between a refinance option and home equity loan can seem confusing, but chatting with our home loan experts will give you peace of mind for which will suit your personal circumstances better. Our in-depth knowledge of home loans, refinancing and renovation loan finance means you have trusted experts finding you the right solution for each and every building project you take on.

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Unsecured Personal Loan

Unsecured personal loans do not require collateral, but they may have higher interest rates and more stringent eligibility requirements. This type of loan can offer flexibility for financing renovations as it does not require your home as collateral, or any asset, to secure the loan. Usually quick application turnaround timeframes are a benefit of unsecured loans along with no restrictions or proof needed on how the money from the loan is being spent. The clear advantages and disadvantages must be taken into consideration for your personal circumstances to decide if an unsecured loan is the right choice for your renovation.

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Secured Personal Loan

Secured personal loans require collateral, such as a car or other valuable asset, to secure the loan. Because the loan is secured, the interest rates on secured personal loans are generally lower than unsecured loans. For some renovators, they are happy to secure a loan with a valuable asset that is not their home, but others will be uncomfortable with the notion of losing their car or other important asset if they default on loan repayments. Deciding whether a secured personal loan is right for you requires careful consideration and professional advice from a broker like the knowledge team at Sunshine Coast Financial Solutions is advised.

Construction Loan for Renovations

A construction loan is specifically designed to finance renovations or construction projects for your home. Unlike a standard home loan, a construction loan for renovation is usually structured as a short-term loan and is paid out in a series of payments as the renovation or construction progresses. This is known as a “draw” system, where the lender releases funds in stages as the project reaches certain milestones.

This type of renovation home loan can be beneficial for homeowners who are undertaking major renovations that require a significant amount of money. They may have more stringent eligibility requirements compared to standard home loans, and lenders may require detailed renovation plans and estimates before approving the loan.

Construction loans for renovation typically have higher interest rates compared to traditional home loans due to the higher risk associated with the loan.

6 Tips on how to get a renovation loan with less difficulty

1

Improve your credit score

  • Pay bills on time
  • Reduce credit card debt
  • Dispute any errors on credit reports
2

Research Your Options

  • Compare loan offers from multiple lenders
  • Speak to a mortgage broker - we can research for you
3

Get loan pre-approval

  • Know your borrowing power
  • Increase your negotiating power with lenders
  • Streamline and speed up the approval process when you need it
4

Demonstrate to lenders that you have a clear plan

  • Put together a detailed renovation budget and timeline to show your chosen lender
5

Work with a reputable lender

  • As your broker, we can match you with the right lender for your needs and will ensure they are renovation loan specialists if needed.
6

Provide collateral if needed

  • Collateral might include home equity (most common) but could also include savings accounts, investments, car or other valuable assets.
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Financing Options For Different Renovation Projects

The type of renovation you plan can impact the type of loan you need and its terms. Here’s a breakdown of some common renovation projects and loan considerations:

  • Kitchen Renovation: Kitchens often offer a high return on investment. Loans for this can range from smaller personal loans to larger home equity loans, depending on the scope of the project.
  • Bathroom Renovation: Similar to kitchens, bathroom renovations can boost property value. Loan options are generally the same as for kitchen renovations.
  • Full home renovation: Gutting and renovating a full house requires a much larger loan than one or two rooms will need. Options include home equity loans or construction loans.
  • Energy Efficiency Upgrades: Upgrading to energy-efficient appliances, windows or insulation can make your home more comfortable and potentially increase its value. You might qualify for specialised energy-efficiency loans with lower interest rates. Chat to us about what options are available currently when you contact us for an appointment.
Renovation loans can be used for kitchen, bathroom, laundry or full home upgrades with the help of a mortgage broker

Important Financial Planning For Your Renovation Project

Before diving into a renovation project, it’s crucial to carefully consider the financial implications:

  • Return on Investment (ROI): Not all renovations provide an equal return. Research typical ROI for different projects in your area to make informed decisions.
  • Renovation Costs vs. Moving Costs: Sometimes, renovating may be more cost-effective than moving to a larger or updated home. Weigh these options carefully.
  • Avoiding Common Renovation Loan Mistakes: Be wary of overborrowing, not accounting for unexpected costs or choosing the wrong type of loan for your project.

Legal and Regulatory Considerations for Your Renovation

Navigating the legal and regulatory aspects of home renovations is essential:

  • Contractor Licensing & Insurance: Ensure your contractor is properly licensed and insured to protect yourself from potential issues.
  • Building Permits & Regulations: Research local building codes and obtain necessary permits before starting any major renovations.
  • Body Corporate Rules & Restrictions: If you live in a property with a body corporate, review their rules regarding renovations to avoid potential conflicts.
Loans for home renovation can have financial, legal and regulatory considerations.

How to apply for renovation loan - ask here!

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FAQs on Renovation Loans

The maximum amount you can borrow for a renovation loan will depend on various factors, such as your credit score, income, and the value of your home.

Yes, most lenders allow you to pay off your renovation loan early without penalty.

Yes, renovation loans can be used for a wide range of renovation projects, such as kitchen or bathroom remodeling, adding a new room, or installing new flooring.

Yes, you can use a renovation loan to finance DIY renovations, but it’s important to carefully consider the costs and risks associated with DIY projects.

The fees associated with a renovation loan may include application fees, valuation fees, legal fees, lending establishment fees, loan discharge fee (if you complete your loan repayments within the first 12 months), and ongoing fees, such as account-keeping fees.

The amount of equity you need in your home to qualify for a renovation loan will depend on the lender and the type of loan you choose. Generally, you will need to have at least 20% equity in your home.

Yes, you can use a renovation loan to finance renovations for a rental property, but the loan terms and conditions may differ from those for a primary residence.

The documents you will need to provide to apply for a renovation loan may include proof of income, bank statements, tax returns, and details of your renovation plans.

If your renovation costs exceed the loan amount, you may need to seek additional financing or adjust your renovation plans.

Yes, you can use a renovation loan to pay for landscaping or outdoor renovations, such as adding a deck or patio.

If you sell your home before you have paid off your renovation loan, you will need to use the proceeds of the sale to repay the loan.

What our Clients Say

Sunshine Coast Financial Solutions - Mortgage Broker
Excellent
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Chelsea Rogers
Would highly recommend Chris and his team for any of your financial needs. They've helped us several times over the years secure finance for our different ventures. Thanks so much SCFS!
Renae Michel
Chris and the team have helped us a number of times with financing our home and refinancing. Always such a pleasure to work with and such an easy process. I couldn't recommend them enough. Thanks once again for all your help 🙂
Dave S
I contacted SCFS for mortgage inquiries. I can not express how helpful Daryl and Shanina have been. The stress was taken out of application process and very competitive loan rate found. Extremely happy with the service and would recommend to anyone daunted by the loan and buying process.
michael angelides
Always keeping us up to date with any changes, and negotiating the best rates, very comforting
Quentin Hunter
Words can’t describe how happy we are with the service SCFS have provided. I have been with Chris and his team since 2014 and they have never let me down.
From - Refinancing, investing to SMSF advice!
Thanks again SCFS
Sarah Lear
Very helpful, efficient and great to deal with. Can’t fault them
Melissa Zahra
Very efficient and streamlined process with outstanding communication.
Indi Lf
Really good help from SCF to find our dream home
Thank you so much
Kelly
I had the pleasure of working with SCF Solutions for my home loan refinancing, and I couldn’t be more impressed with the service provided. From start to finish, the staff at SCF solutions was extremely knowledgeable, professional, and responsive. They took the time to understand my financial goals and walked me through every step of the process, ensuring I understood all my options.

Thanks to their expert guidance, I was able to secure a much better rate than I initially expected. SCF Solutions made what could have been a stressful process feel seamless, and I truly appreciated their transparency and attention to detail. I highly recommend their services to anyone looking to refinance or navigate any aspect of home financing!
Shannon Miller
Amy Taylor
Highly recommend Chris, Shanina, Adam and team - they have continued to offer us excellent support and assist every step of the way. Appreciate their down-to-earth and relatable approach in helping us refinance and set up for the future. Look forward to continuing to work with them moving forward.
Virginia Hamilton
Jennifer Morton (Jennifer A Morton)
As per usual, Chris and his team (this time it was Adam) has been just awesome in assisting us with our mortgage. This time, we refinanced. The ease and flow of SCFS is substantial. They make you feel good, relatable and it seems like any issue or question, they can almost solve it all! Highly recommend these guys, as we have over and over and over. Not to mention, we have used these guys 3 times now, and found them AFTER a bad experience with another broker.
Emma Fox
Thanks SCFS team for assisting with our refinance requirements. Absolutely outstanding service. Highly recommend!
Mandy Ruhle
Chris and the Team are amazing. This is the second time we have used them and cannot fault their service. They really support you through the whole process and no question is too silly. Thanks guys!!
Kez Sua
Darly is an absolute Champion.
He was very professional, and very easy to work with, darly did not make us feel we were just a number, he genuinely cared about our complex situation and he worked very hard to help find the right home loan refinance with his “do not give up attitude “
I highly recommend Darly.
Marie Kelleher
Peter and l were very pleased with Sunshine Coast Financial Solutions and would recommend them to anyone needing to use such a service. Daryl was friendly and helpful and kept us informed at all.times. we give Sunshine Coast Financial.Solutions a 10 out of 10.
Many thanks,
Peter and Marie.
John Stevenson
Absolutely outstanding service. Our needs to re mortgage were far from simple yet SCF Solutions didn’t give up and persevered. Saying they went above and beyond would be an understatement. Would highly recommend their services again and again. Thanks
Cassie Morris
My husband and I just bought our second property with the guidance of SCFS. Chris, Adam & Shanina are all incredible at what they do which made the finance side of our purchase simple. They are always willing to go above and beyond for their customers and answer any question, no matter how small. We wouldn't use any other mortgage broker for our finance needs. Highly recommend!
Anthony Fox
Excellent experience with our finance requirements. Would highly recommend.
Liam Kelly
We are completely satisfied with, and trust this company to have our best interests at heart, so much so that we have recommended them to others who have then went on to do business with them.
Sara Williams
We called Chris out of the blue and wondering if there was a clever way to secure finance for a dream house. Chris was friendly, approachable and straight away was able to offer solutions for our situation. He and Adam kept us up to date, were so easy to deal with and genuinely felt like they were on our side working with us for the best outcome. We have been very impressed and would highly recommend Chris, Adam, Shanina and the rest of the team for any finance needs. Thank you team for all your help.
stephen waterson
Amazing crew to deal with. Always prompt and helpful. Their communication was outstanding and it was an absolute pleasure to deal with everyone involved.
Don’t hesitate to put your trust in these guys. They are very professional and very good at what they do. 10/10
Emma Hagan
Deanna Chelepy
Always a pleasure dealing with Daryl and team. Always prompt, efficient and helpful working towards best outcomes for us. It is greatly appreciated. Thanks team!
Hayden McKelvey
Highly recommend Adam at SCSF he made the whole loan process hassle free and their communication during the entire time was excellent.
araiza ariza
Thanks to SCF for their unwavering support throughout our home loan journey. As first-time homeowners, the process felt overwhelming at times, but the team ensured that every step was covered and guided us toward the best loan option. They were incredibly attentive to every detail, always ready to clarify anything we needed. Working with them made us feel supported every step of the way. A special thank you to Chris, Adam, and Shanina for their exceptional help.
Michelle Mazlin
Chris has been amazing in helping me secure a huge decrease on my home loan interest rates. There is absolutely no way I could have achieved that without his advice. No only is he knowledgeable but incredibly friendly and an absolute pleasure to deal with. If I could give 6 stars I would 😊
Asha Kay
I highly recommend Chris and his team! They have helped me twice in the last 3 years and I cannot thank them enough!
Ryan Jones
SCFS are brilliant. Chris and the team have been exceptional every step of the way and have really made things easy for us. Super efficient and generous with their time. Highly recommend!
Ashley Schmerl
Exceptional communication and highly efficient. Slightly complex case with one applicant PAYG and another being paid through owned businesses. Able to provide clear advice and guide us through the process when other brokers (including a bank directly) made it far more difficult. Approved within 2 days.
Sophia Tapp
The whole team at SCF Solutions always exceed our expectations. everything is always taken care of in such a professional and punctual matter, and they always have your best interest at the forefront of any transactions. Would highly recommend their service. 10/10
Sarah Foster
I've been using Sunshine Coast Finance for a number of years over which time they have taken care of the finance for 3 properties. I can't recommend them enough.
Helen Hawksworth
Great! They got the deal done and over the Christmas break. Really good communicators and appreciated the initial Zoom meeting at a busy time and the continued easy, fast responsiveness.
Cheryl Southwell
Adam is fantastic from beginning til the end. No question or multiple phone call was a problem. Comunication and organising documents was timely. We are very grateful for helping us get our Loan. I give Adam and the team from SCFS 5 🌟
Tam
Great to deal with. Good communication and understood our situation and helped us achieve our goal. Made things so much simpler.
Jessica Wilson
Chris and Daryl were a pleasure to deal with - attentive and on the ball. Both Extremely knowledgeable, they helped me select the right bank that would suit my individual needs. Thank you!
Daynah Lawrence
Once again, Chris and his team have gone above and beyond to achieve our goal. It was a stressful round this time, but the team worked their magic again. Special mention to Adam, this is the first time dealing with him, and he worked quickly, kepted us well informed the whole way and communication was excellent. Thank you again SCFS, you know we will be returning customers.
Joanne Sansom
Can highly recommend Chris and his team at Sunshine Coast Financial Solutions. Chris always provides a prompt and professional service, nothing is ever too much trouble and always goes above and and beyond. Chris is extremely down to earth and explains things in simple terms. Thanks Chris for all your help you have provided and will most definitely continue to use you and recommend you.
Jess paton
Cannot recommend SCF enough!!!

2 years ago i reached out to the team hopeful to put a plan in place thinking we could purchase in a few years, only to find we were closer than we thought possible.

The staff provided the info and game plan we needed.
The process rolled so smoothly when we touched base a couple of months later. The team at SCF all played their part to make the process seamless and worry free.
We are now the proud home owners of a house in an area we dreamed of Sunny Coast

Fast forward to a few weeks ago I contacted SCF and the team were yet again proactive and efficient with coming up with a solution to our request which again happened sooner than imagined and were able to refinance to reach our desired outcome come .

Thanks so much Sunshine Coast Financial Solutions!
Jessie Binns
The team at SCFS helped us to buy our first home and we couldn’t be more impressed with the service. Chris, Adam and Shanina were extremely knowledgeable and always available when we had questions, and they worked with us to find a finance solution that was tailored to our needs. We are so grateful for their services + would definitely work with them again in the future!
Kerry Fulluck
Would highly recommend Adam, Chris and the team. Efficient, professional and excellent communication. Thank you
Donnie Dee
Very pleased, efficient, transparent and supportive! Thanks Guys.
Min Jung
Working with Chris and Adam from Sunshine Coast Financial Solutions has been a breeze! They made the whole mortgage process super easy, offering great advice and always being there to answer any questions. Their expertise and friendly approach took the stress out of it all. Highly recommend them!
john maxwell
Always had a good service from Chris and his team. They’ve sought out the best deal for our family. Highly recommended.
Mick Hills
⭐⭐⭐⭐⭐
We had an excellent experience with Adam from SCF Solutions! He made the entire application process smooth and stress-free, showing an incredible level of knowledge and professionalism throughout. Adam’s expertise really stood out as he navigated us through a tricky financial situation with ease, finding a solution that worked perfectly for us. We couldn’t be happier with the outcome and highly recommend Adam and the team at SCF Solutions to anyone looking for expert financial assistance.
Emelia Morrell
Huge thank you to the team at SCF! Chris, Daryl and Shanina made purchasing our first home an absolute breeze and put our minds at ease with their expertise! Definitely recommend them to anyone! 🌟🌟🌟🌟🌟
Andrew Rogers
The service and experience the team provides, has been amazing, professional and smooth, Chris, Daryl and Shanina have been a absolute pleasure to work with during what should be a stressful time but completely took all of the stress and guess work out of the experience. I highly recommend the team and look forward to working with them again in the future. A+++++++…
Andrew Pearson
Chris and Daryl were fantastic from start to finish. Chris worked through multiple options with us over 12 months and when we finally found our perfect first home, he and the team were there to provide expert advice to get us over the line. The process was simplified and we felt confident in the teams hands.
Sally Rogers Keating
Always an amazing experience! Supportive, knowledgeable and professional. Nothing is too much for Chris and his team. Always happy to provide assistance in anyway possible. Special thanks to Adam & Shanina! I look forward to working with the SCFS team for all my future financial needs.
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At Sunshine Coast Financial Solutions, we have a team of professional finance brokers who are able to provide the exact information you need. We’re here to work for you and your future endeavors

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