Renovation Loans

in Sunshine Coast

Shopping For Renovation Loans On The Sunshine Coast?

Are you planning a renovation on the Sunshine Coast but unsure of how to finance it? We can help make your dream home a reality. 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. Whether you’re looking to renovate your existing home or purchase a fixer-upper — we have room for you!

Ready to work with a Sunshine Coast mortgage broker?

Talk to us if you need help with getting a home renovation loan.
couple fixing their home with renovation loans

Borrowing money for renovations

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 get to the nitty-gritty of renovation loans.

What is a renovation loan?

A renovation loan is a type of loan that is 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

Challenges

What we can do for you

At Sunshine Coast Financial Solutions, we can help you get the right type of renovation loan for your financial needs. Below are your options for construction loans:

Standard Home Loans to renovate

You can use a traditional or standard home loan to finance home renovation projects. These types of home loans for renovations are typically secured by the property being renovated and can offer longer repayment terms and lower interest rates compared to unsecured loans or credit cards.

home equity

Refinance Home Loan

If you currently have a mortgage on your home, you may be able to refinance your mortgage to take advantage of lower interest rates and access additional funds. A refinance loan allows you to replace your existing mortgage with a new one that includes the cost of your renovation.

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.

Personal Loan for home home renovation

A personal loan for home renovation is a type of unsecured loan that is designed to finance renovation projects for your home. Unlike a home equity loan or refinance loan, a personal loan does not require collateral, such as your home equity, to secure the loan. Instead, the loan is based on your creditworthiness and income.

One advantage of a personal loan for home renovation is that the funds can be used for a wide range of renovation projects, such as remodeling your kitchen or bathroom, adding a new room, or installing new flooring. It also typically offers a faster application and approval process compared to other types of loans.

However, personal loans can have higher interest rates and shorter repayment terms compared to home equity or refinance loans.

home equity

Unsecured Personal Loan

Unsecured personal loans do not require collateral, but they may have higher interest rates and more stringent eligibility requirements.
home equity

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.

Construction Loan for renovations

A construction loan is specifically designed to finance renovation 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

2

Research your options

3

Get a home loan pre-approval

4

Demonstrate to lenders that you have a clear plan

5

Work with a reputable lender

6

Provide collateral if needed

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

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Thanks heaps to Adam & Shanina for all your help & knowledge with refinancing our home loan. They went above & beyond to find us the best rate that suited our needs. Excellent communication & both Adam & Shanina made the whole process super easy. Would highly recommend SCF Solutions!
Adam and the team were extremely helpful and efficient and always super responsive. Highly recommend
Our fourth time having the pleasure of dealing with Chris and his amazing team. It just gets easier every purchase! The communication was fantastic, we were updated throughout the process and felt confident that we were getting the best interest rate possible. Thank you again SCF Solutions, I can see why you’re winning so many awards. I will be referring you into our friends and family.
Highly recommend Chris and his team, as the are very responsive and gets the job done. Thank you guys for all your support through the past few years. Looking forward to work with you again in the future....Marie
We had such a great experience with this business. Chris Daryl and Shanina were all so thorough and helpful with our recent house purchase. From pre approval through to completion we really felt reassured that they had everything under control and it all went so smoothly.Highly recommend.
Very proffesional and courteous staff , always a pleasure to deal with.Chris goes above and beyond to make sure you get the outcome your looking for and has delivered for us every time
Adam was highly attentive, professional and extremely calm in a process that causes stress from every other angle! Thank you to Adam and the team for assisting us in our first home!
Fast responsive and great to work with thanks Adam👍
These guys are fantastic, down to earth and always do their best to get it over the line for us! Highly recommend
We just worked with Adam at SCFS, and we couldn't be happier. Our mortgage situation was a bit tricky, but Adam and the SCFS team were there every step of the way. Adam was super quick to respond and always up for a call to clear things up.As first-time buyers, we really appreciated Adam holding our hands through the whole process. The team was proactive in finding the best solutions for us and handled any issues before they became problems.We highly recommend Adam and SCFS for anyone needing mortgage help. They made the whole thing smooth and stress-free. 10/10 recommend!
We have been working with Chris and his team for some time now and he and Adam have recently secured a home loan for my partner and I on our recent purchase. Chris and Adam have made the process super easy and took the time to methodically consider all possible options for us. Have also appreciated SCFS’ pragmatic approach. Thanks Chris and Adam for another great outcome!
I’ve recently had the pleasure of working with the team at Sunshine Coast Financial Solutions to secure a new mortgage. Throughout the entire process, communication was clear, professional & friendly. I was kept up to date and was well informed every step of the way. I wholeheartedly recommend Sunshine Coast Financial Solutions to anyone in need of expert mortgage advice & assistance.
This is the 3rd time we have used SCFS, this time for an investment property and refinance overall.Chris advised us to what our best options were taking into account taxable nature of investment and how best we structure between that and our owner occupied.The team at SCFS found us a much better rate overall and have infact reduced our monthly payments.Chris and team (Adam, Darryl, Shanina) keep you updated every step of the way and make the process seamless and easy even when we have had more complicated lending requirements.We have had the pleasure of referring several of our friends to SCFS who have been equally impressed. We are based in NSW, and absolutely no issues being in a different state.If you are after a personal service, and one that continues to proactively manage the best deal for you ongoing this team will look after you.
Very helpful team with excellent communication throughout the whole process. Would definitely use again and highly recommended!
The team was friendly and very easy to deal with. They made the process of getting a loan easy by walking us through every step.
The experience we had with Sunshine Coast Financial Services was incredible. They were professional, knowledgeable and reassuring from the start of our house purchasing journey right to the finish.Apart from all the team, we were lucky enough to have Daryl Hermann assisting us.He was so positive, helpful, encouraging and always happy to answer any questions that I had and there was plenty….Thanks to SCFS we are now the proud owners of a home we could only have dreamt of.Without a shadow of doubt I would highly recommend anyone looking to purchase a home to give these guys a call.I know I certainly will when I choose to purchase another property.
Easy to deal with, happy with the results
Very supportive, available, thorough and professional- highly recommend.
My partner and I were super keen to get into the property market and reached out to Chris and his team as a result from reading these outstanding reviews and they did not disappoint. The team have been nothing but transparent throughout every process of building our first home and answered all our questions in record time. Thank you for your continuous support! Anyone needing assistance needs to look no further then SCFS! If I could put 10 stars I would.
Just wanted to thank Chris Wilson and Tracey Butler for looking after me again with my home loan. My fixed rate is expiring soon. Weeks ago Chris contacted me to discuss my options, the process and a plan of attack.Tracey diligently stepped in right on cue and executed the plan with a superb outcome. A better than expected interest rate, not just for now but for the future of my home loan. I couldn't be happier.This team makes you feel like they step into their customers shoes as if it was their own home loan. They strive to do everything they can for their customers and in such a friendly and professional manner. Thank you again Chris and Tracey.
Efficient, helpful and honest advise. Highly recommend
What a treat it was to work with Chris and his team, they are extremely professional and we're able to find me a much better deal on my home loan. I'm now saving thousands each year! I couldn't recommend him highly enough 👍
Sunshine Coast Financial Solutions worked magic for this first home buyer. The home-buying process is very daunting for newcomers, when searching for your dream home it's hard to know the usual steps and who to trust. Chris and Adam from SC Financial Solutions provided professionalism and attention to detail each step of the way, helping to relieve stress and bring peace of mind knowing we were in safe hands throughout this life changing decision. I'll recommend SC Financial Solutions to everyone searching for an award-winning knowledgeable, reliable and responsive brokerage team.
This new homeowner is thrilled to leave a review for Chris and his colleague Adam at Sunshine Coast Financial Solutions. These mortgage wizards worked their magic on a loan for me, comparing all leading banks of Australia, with a great result. Their efficiency and advice meant I could make a fast and easy settlement. Chris and his team have made our first home buying experience so much easier.If you need a mortgage, I couldn’t recommend enough🌞🏡 Sunshine Coast Financial Solutions 🌞🏡
Excellent service, fast and efficient. I have been using the SCFS team for years and recommend them to anyone for finance solutions. You lean back and relax while they do the hard work and find you the best deal. Very happy 😊
Today is approval day something I did not think I would be doing in this day and age with how life has been but thanks to the team at SCFS it's all been made possible and easy couldn't recommend a greater team, will definitely be using them for my next few houses
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.
On behalf of my wife and I, We highly recommend Chris and his team for your financial needs. They made our process feel smooth and enjoyable, and we will definitely be returning in the future for their services.
My husband and I have worked with Daryl for a while now and the experience has been nothing but beyond exceptional. The work he puts in to help us is incredible. We would be lost without his expertise and guidance. We couldn’t recommend Sunshine Coast Financial Solutions more highly.
It was the first time for me to buy a house. I really had no idea how complicated it is. The Sunshine Coast Financial Solutions team support was amazing; they took care of everything and negotiated a very convenient interest rate. The communication was also fantastic. Great result with a minimum effort. Highly recommended
Absolutely amazing service. From start to finish the communication was 100%. We were kept up to date throughout the entire process and always felt supported. Daryl was so easy to talk to, responded to every question we had and I cannot thank him enough, we really appreciate all that he did for us. I will not hesitate using their service again in the future and have passed on their details to friends! Thankyou again for everything!
Excellent professional and friendly service, excellent communication, kept us informed throughout process. Highly recommend
The team at scfs are awesome. Thank you so much for making my home refinance a breeze. I've been asked by few people now, how I got this so quickly. I said "my broker is the gun". Thank you so much Chris, Shanina, Adam, Daryl and Tracey, for all your hard work, and dealing with me. Definitely 5 stars👍
I highly recommend Chris and his team @ SCF Solutions to anyone going through a divorce or any other life transition that involves financial decisions.Chris’s expertise, practical approach, and easy-going nature provided the clarity I needed to make informed decisions about my financial future. Chris’s open and honest manner empowered me with a strong understanding of my financial position and lending capability which eased the burden associated with the division of the matrimonial home. He treated me like a priority and provided valuable guidance and support every step of the way as I navigated through an emotionally challenging time.Communication during critical times in the process such as loan approval and settlement was outstanding, even when this fell over the Christmas/New Year period. Someone from his team was always available to answer any questions or concerns and provide reassurance when needed.Second time I have engaged Chris over the past 8 years, and I can proudly say I will remain a lifelong customer!If you want the best possible mortgage to suit your specific financial situation then you can’t go past Chris and his team.
Chris and his staff members are always very helpful and informative.
Another brilliant experience with the SCFS team. Excellent from start to finish - thanks so much Chris and the team 👍
Excellent, thank you
My partner and I had Jo and Shanina from SCF help us with our home loan, everything was quick and effortless which is what we wanted. Highly recommend them!We also just had a 1 year review from Tracey and she ensured we were still getting the best rate 🙂
Chris and his team have helped me again to buy a property which was a stress free and quick process. I have complete trust in Chris and would highly recommend his business.
Chris and the team have been very helpful throughout the process keeping me informed every step of the way.SCF saved me lots of money from my current loan and will keep an eye on it from now on.Well done team
Adam and the team made our process super easy and they were very helpful. Would definitely recommend them ☺️
Chris and his team made financing our new home purchase a smooth process that left nothing to chance. With his support we were able to confidently bid on and secure our dream home and he made sure we had the very best deal we could achieve in record time.Chris coached us through each step and was always available to answer our questions and provide guidance when we needed it.Overall his team is professional, friendly, helpful and always approachable.We couldn't have achieved the result we did without his help and we would definitely use his services again.We can thoroughly recommend Sunshine Coats Financial Services and Chris Wilson to anyone looking to arrange their finance. You won't be disappointed!
Chris & the team have been fantastic from start to finish. Patient, professional & supportive throughout the whole property purchasing journey. They have gone above and beyond to help me into a property, I am very happy with my experience from start to finish. I can’t speak highly enough of their transparent and professional approach.
Once again, Chris and the team at SCF have provided us with excellent service. They are professional, efficient and always available to answer questions and concerns. We would highly recommend them.
I recently purchased my home using the SCF Solutions for my financial needs, and I must say that I had a fantastic experience. The person who handled all my transactions on my behalf, Daryl Hermann, was extremely meticulous and efficient. His attention to detail and promptness in completing all the necessary tasks left me truly grateful. I highly recommend SCF Solutions for anyone in need of financial services. Thank you, Daryl, and the entire team at SCF Solutions for your outstanding support!
Chris and his team were absolutely fantastic.Clear and transparent from the start, SCF made the experience of buying our home seamless.Highly recommend SCF for your lending solutions.
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