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Bec T.
Bec T.
Haberfield, NSW
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My husbands a builder and we want to extend our home loan to renovate but for the bank for some reason is taking forever to approve. We are thinking of refinancing but first wanted to see if other banks will look at our loan and building plans?

7 years ago

Responses

Bec, Hello. Thank you for your question. There are many different ways that Banks will treat your request which will essentially come down to the size and significance of the renovations that your are undertaking. If you have informed the Bank that you are making significant structural changes, then your Husband would be viewed as an Owner Builder and would come under some pretty strict controls that can be in place for Owner Builders. There are some Lenders that could be more flexible with how you can withdraw equity from your property for worthwhile purposes, however it will depend on the value that you are requesting and the overall value of the home as it stands now.
Also keep in mind that should you wish to change Lenders and have already started the renovations, this could detract from the Valuation and impact a Lenders decision also. Lenders do not like half completed properties. Please give me a call and once I understand your situation in more detail I could give you some advice.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)

Comments

Hi Ken - thank you for your advice. We didn't think of your last point so it looks like we have to stay with the bank. regards Bec

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