We are looking at a new loan for renovating and know if it’s possible to fix the rate while the renovations are being done. If not, would a lender agree on locking in a 2 or 3 year fixed rate now so when the renovations are complete our loan is fixed at todays rates - the renovation will finish around March next year
I do have a couple lenders who have a great fixed rate product, which can help achieve what you are looking at doing. These lenders offer fixed rates, that are flexible and you can even make additional repayments with no restrictions.
Any other lender you would most likely fix the refinance portion now and leave the remaining at variable and fix when finished renovating. Rate will be what ever the applicable fixed rate will be when renos are completed.
Please let me know if you'd like more information on the first option I have mentioned.
0425 354 821