Giving your house a renovation often delivers the dual benefit of an aesthetic update and a boost in the value of the property. There are a few ways you can finance a renovation with Australia’s Defence Bank, be it a lick of paint or a large extension.
Speak with a home loan consultant today to discuss your options.
For renovations on the smaller side, it’s easy to take advantage of the six-month low introductory rate on our Defence Bank Foundation credit card. With the funds available straight away you can get renovating sooner. This competitive interest rate card also boasts a low annual fee, a fast application process and 24/7 fraud protection monitoring.
If you already own a house or are looking to renovate, our Smart Mover line of credit home loan gives you access to a stream of credit built on the equity in your property. A popular option for those with an eye to update their home, a line of credit built into your mortgage can offer the flexibility to start any size renovation, any time that suits you.
Find out more about our Smart Mover Line of Credit home loan.
Do you have a particular renovation in mind? Have you obtained quotes for the work? Have you included the cost of window treatments, floor coverings and the like? If you’re ready to go then increasing your current home loan might be a an option.
A fuss-free personal loan is another good way to fund a project at home, with a loan amount and repayment term that suits your personal circumstances. With a competitive low rate, fast application process and free redraw facility, talk to one of our friendly staff to assess your requirements.
Sometimes the tried and true ways work best, and that’s never more true with making the most out of your savings to renovate your home. If you’re in a position to give it time, we have some great ways to boost what you’ve stashed away with competitive interest savings accounts and term deposits.
With variable interest rates, your repayment amount may increase or decrease in line with changing interest rates. With a fixed interest rate, you have the certainty of both the interest rate and repayment amount staying the same for the fixed period.
You need to have at least 5% genuine savings plus enough funds to cover fees and charges.
Where you have less than a 20% deposit, lenders mortgage insurance (LMI) or, if you are eligible, a Home Guarantee Scheme will be required. Speak to a lender to find out more.
Eligibility for a DHOAS certificate is organised directly through the Department of Veteran Affairs (DVA). Once you have your DHOAS certificate, our lenders can help find the best product for you.