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ANZ: Find the Right Finance For Your Renovations
ANZ Bank
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Is it time to consider renovating your home? Whether you need to add a new room or simply update your kitchen, taking on a renovation project is a big commitment, but one that can increase the value of your home and therefore help to build your wealth in the long term.
When considering your renovation options, bear in mind there are a number of financing solutions available from various banks and lenders. One solution is a Supplementary Loan from ANZ.
With an ANZ Supplementary Loan, you can use the equity in your home to fund a number of projects, including home renovations. You can borrow up to 95% of the value of your home, with Lenders Mortgage Insurance required if you borrow more than 80% of your property's value.
ANZ Supplementary Loan is available to eligible home owners who borrow a minimum of $5,000 for variable rate loans and $10,000 for fixed rate loans. The loan may be drawn down in stages, over 12 months for a variable rate loan and 4 months for a fixed rate loan.
The term of an ANZ Supplementary Loan reaches up to a maximum of 10 years, however your loan term will depend on the scope of your home renovations or other reason for lending.
If you decide to use an ANZ Supplementary Loan to finance your home renovations, remember to budget for the added cost of fees. The Loan Approval Fee for this product is $350. If you choose to redraw on the variable rate option, there is a minimum redraw of $2,000 required, with a fee of $25 per transaction.
Extra repayments can be made towards a variable rate Supplementary Loan, while there is a limit to the amount you are able to make in additional repayments for the fixed rate option. If you pay more that the restricted amount on a fixed rate Supplementary Loan, ANZ may charge you a $300 early repayment fee.
ANZ offer other options to help you to finance your home renovations, including an ANZ Equity Loan and ANZ Redraw facility. The options available from ANZ, and other lenders, depend on the scope and timing of your renovations. Find out which solution is likely to suit your renovation project by speaking with your financial broker.
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