eChoice Home Improvement Loans
There are a few types of home renovation loans that providers offer. These loans can range in size to suit people who would like to build a new house to those that may want to renovate their kitchen. As you will see there are three main types of home improvement loans. These loans may suit different people and different project but all loans offer flexible features so that each loan can be tailored to you.
eChoice Home Loan Comparison Service
Compare all the home loans from over 30 home loan providers. Get your refinancing and first home buying questions answered.
- Interest Rate of 6.55%
- Comparison Rate of 6.55%
- Application Fee of $0
- Maximum LVR With LMI: 90%
- Minimum Borrowing: $0
- Maximum Borrowing: $0
Types of eChoice Home Improvement Loans
There is no consensus among service providers on what types of loans are offered for home improvements. Some banks may offer home improvement loans while other banks may offer you another form of loan to do the improvements. The loans offered are listed below:
- Construction loans. These types of loans are for large scale renovations. Large scale renovations are generally ones that require council approval and a licensed builder to carry out the work. The construction loans have the advantage over home loans in that you can call on the funds when they are needed and interest is only charged on the amounts that have been withdrawn.
- Home equity loans. Generally for medium sized projects, home equity loans allow you to borrow against the equity of your house to fund the renovations. Usually in the form of a line of credit, the home equity loan allows you to quickly gain approval and eliminates the requirement for a deposit.
- Redraw facility. Usually for smaller projects, redraw facilities are loans which allow easy access to your funds and can be drawn upon as you need too. When paying of a redraw facility they have the advantage of being very flexible by allowing additional payments to be made. This can save you money on interest charges.
Why Do Home Improvements?
A person’s circumstance can change very quickly. There could be a new child on its way or a family member may need to stay for an extended period of time. But instead of renovating your home to make room for these new changes you could potentially use the equity in your home to put a deposit on another home. Here are some reasons that renovating your home may be better than purchasing a new home:
- High cost of buying a new home. With house prices becoming higher renovating your home can be an alternate option to buying a new home. By deciding to renovate you don’t have to pay those additional costs such as stamp duty and conveyancing. Furthermore, with the high prices of homes you may actually find yourself in just as much debt as when you first bought your original house. In many cases the high costs of buying a new home far outweighs the challenge of renovating your current home.
- Improve the value of your current home. When you renovate you may add a new room, new bathrooms and upgrade your current features. All these additions are thereby added to the total value of the property. By adding these new features to your current home you are increasing the value of your original investment while building the extra space that you may need.
Making the decision to do home improvements should not come lightly. Home improvements can take up a lot of time and money but the benefits can outweigh the challenge and cost of the alternative options. With the added benefits of renovating, the great flexibility and rates on the renovation loans renovating your home and increasing your equity has never seemed easier. You can find out more about how to access the equity in your home for improvements, by contacting Home Loan Finder now.
Related posts:
- eChoice Home Equity home Loans
- eChoice Construction Loans
- eChoice Bridging Home Loans
- eChoice Split Rate Home Loans
- eChoice No Deposit Home Loans
- eChoice Fixed Rate Home Loans
- eChoice Standard Variable Rate Home Loans
- eChoice Interest Only Home Loans
- eChoice Basic Home Loans
- eChoice Second Home Loans
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded the 2011 Non bank Lender of the Year this feature-packed loan rewards customers with a bonus rate drop of 0.25% after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
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