Renovation – NRG Finance

Renovate with confidence

Whether you’re redoing the kitchen or adding an extension, we’ll get you the right loan for your project.

We will find the right solution for you

Financing an investment build differs from an owner-occupier build, with unique factors to consider. We can help you get the funding you need to enhance your property’s value and comfort, all with flexible repayment options.

Start Planning

When considering home improvements, weigh the pros and cons of DIY versus hiring professionals.

While DIY can save money, it might not always deliver high-quality results if you lack the necessary skills and tools, so hiring reputable tradespeople may be worth the investment. Before starting, familiarize yourself with local building codes and permit requirements by contacting your local council.

Additionally, set a realistic budget to avoid overspending, especially if you plan to sell soon; understanding local property values will help ensure your renovation costs are justifiable.

Loan Types

TOP UP

You can borrow additional funds on your existing home loan without taking out a separate loan – saving time and paperwork.

PERSONAL LOAN

Personal loans are ideal for smaller renovations and with a variable rate loan you can make additional repayments to help pay it off sooner without any fees.

RENOVATION LOAN

This will allow you to draw funds from the loan as your invoices arrive – It saves you money, as you only pay interest on the progress payments made until the loan is fully drawn.

Frequently asked questions

Can I make additional payments during the construction phase?

Yes, many construction loans offer the flexibility to make additional payments. This can reduce the principal balance earlier and potentially lower the amount of interest paid over the life of the loan

How long do i have to complete the renovation?

The timeline for completing construction can vary by lender but generally, construction must start within 12 months of the loan closing and be completed within 24 months. This timeframe allows for the various stages of building and potential delays.