BUILDING OR RENOVATING LOANS
Building or renovating your home is an exciting experience. There are some great reasons to choose to construct your home. When you’ve decided building or renovating is the way to go, give us a call and we’ll take care of the home loan part.
Thinking of renovating?
It’s on the house!
Use the equity in your home to improve your home! Depending on the amount of equity in your home, by refinancing to a lower rate home loan, your monthly commitments may not even need to increase.
With little or no increase in your mortgage repayments Assured Home Loans’ “It’s on the House” program is ideal for people who want to improve their home and lifestyle without over-extending their budget.
Reasons you should build your next home
By building you can customise the home to your taste
Unlike buying an established home, if you build you can customise the home exactly to your needs and desires. Your bedroom can be bigger or you may like a bigger bathroom with a relaxing spa. You can have that extra study room or exercise room you dream of or even high ceilings. When you build, the sky’s the limit. Carpet, windows, more walk in robe space for clothes and shoes, kitchen cupboards, laundry sink, chrome door handles, modern light fittings….everything is completely up to you.
Building a home can be cheaper than buying an established home
Fees for building a home are cheaper than when buying an established home. The main saving is with Transfer Stamp Duty & Registration Fees paid on the purchase price of property. When you’re constructing a home, you only pay the stamp duty & registration fee associated with the purchase price of the land, whereas with an established home, you pay it on the total value. For example, let’s say you are looking at an established home costing $350,000 or a Construction where land is worth $200,000 and build is $150,000. The total Transfer Stamp Duty & Registration Fees for the established home is $15,989, whereas for the land it is $8,014 = a saving of $7,975, which could be used to cover the cost of some ducted air-conditioning.
No one has ever lived there before you
Wouldn’t it be great to know when the first time you sleep in your new home that no one has every lived there before. There’s something special about creating family memories in a new home built by you.
Your Construction Home Loans
Assured offers a wide range of home loans suited to home builders and renovators.
Interest Only Home Loan
An interest only mortgage will help you maximise the cash flow on your property.
Standard Variable Rate Home Loan
A Standard Variable rate mortgage is traditionally the most popular type of home loan offering plenty of useful features and flexibility. The rate goes up and down depending on the market. A variable rate home loan can be linked to an offset account, helping to reduce your overall interest.
Standard Fixed Rate Home Loan
Fixed rate mortgages offer you the security of a fixed rate (which means set repayments) for a given period. This means you have the peace of mind when it comes to budgeting, knowing that your repayments aren’t going to change on you for the term you have selected. Fixed rates can range from 6 months to 10 years.
Basic Variable Rate Home Loan
A basic variable rate mortgage is simple to understand and easy to use and is ideal for borrowers who are looking to make minimum payments and require less flexibility than a standard variable rate loan.
Line of credit
A line of credit allows you to only pay interest on the money you actually utilise. These products allow you to utilise the equity in your property. You can use these funds for any personal purpose and like a credit card, any principal repaid is available to redraw.
Low Doc Loan
A Low Doc loan (low documentation) requires a declaration and BAS statement. They usually come with a higher interest rate. Assured offers a broad range of low doc loans, which are ideally suited to self-employed people unable to provide evidence of income.