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Growealth

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23.01.2022 How to refinance to renovate Refinancing your assets to renovate a property is a significant decision that will hopefully improve your standard of living or add substantial value to your property. Refinancing isn’t as straightforward as you might expect. The type of renovation proposed goes a long way to dictating the loan required. ... If the wrong loan is chosen, you could be left with a pile of unexpected debt. See more

22.01.2022 How to pay off your home loan faster and save big bucks Reducing the life of your loan isn’t difficult; there are many simple things you can do to cut years off your mortgage. Here are some tips that will help you be mortgage-free sooner than planned.... Small extra repayments One of the most obvious ways to pay off your home loan quicker is to make extra repayments. Depositing lump sums, such as a tax return or work bonus, will always be beneficial. However, it doesn’t always take large amounts or windfalls to make a substantial difference. Planning for regular, small cash injections can have a great impact over the life of a loan. Let’s say we give an extra $50 a fortnight on a $500,000 loan, that saves you $32,000 of interest over the life of the loan which in turn will save you just over two years. That’s only $25 a week.

19.01.2022 Construction loans If you speak to us, we will be able to determine which loan will give you the options you seek. This advice is essential, as a poorly planned construction loan could cost you more down the road. Consumers should ask their broker, ‘What type of loan am I eligible for?’, because if you don’t get your construction loan right, you may be jeopardising your bank security. ... While these specific options can be discussed with us, if they aren’t suitable, there may be other options available to you. Speak to us to make your grand renovation plans a reality. See more

14.01.2022 Construction loans Construction loans are suitable for structural work in your home, for example, if you’re adding a new room or making changes to the roof. Construction loans give homeowners the opportunity to access larger sums of money, with the amount dependent upon the expected value of the property after renovations are completed. The advantage of a construction loan is that the interest is calculated on the outstanding amount, not the maximum amount borrowed. ... This means you have more money available in your kitty, but only pay interest on the money you choose to spend. For this reason, we may recommend that you apply for just one loan, but leave some leeway in your borrowed kitty. See more

08.01.2022 Know your budget Before considering refinancing, you need to have a clear idea of your budget. If you underestimate your budget, you run the risk of getting knocked back from your lender. I know a lot of homeowners who have estimated a budget of say $100,000 to do renovations, only to discover it will cost a lot more.... This means you may have to reapply for the loan, which banks generally don’t like. Be conservative with your projection. If you think you need $100,000, it is better to apply for $150,000 just in case, if you can afford it. The key is stick to your budget. See more

04.01.2022 Construction loans When applying for a construction loan, council approval and a fixed price-building contract are required, we can assist with to reduce the paperwork and stress. Your lender will appoint an assessor to value your construction at each stage of the renovation. This will happen before you pay your instalment. ... When construction is complete, speak to us as you may be able to refinance back to the loan of your choice. Depending on the client, they can use other properties to get a construction loan. See more