Whether you’re a first time renovator or a seasoned “professional” financing your renovations and keeping your costs in check has impact when it comes to the success of your project. Knowing where to start with financing your renovations can be a daunting thought. It pays to do your homework and seek advice from our lending specialists to see what is best for you.

There are a number of ways to finance your renovations. These include:

  1. Borrow enough money to cover renovations when you take out your mortgage – or, refinancing your mortgage to borrow enough to cover your renovations.
  2. Keep your savings in an offset account attached to your mortgage so you can save money off your interest repayments and access funds to pay for your renovations when needed.
  3. Apply for a personal loan to finance your renovations.
  4. Apply for a credit card to finance your renovations.

Whether it’s a bathroom revamp or a multiple bedroom extension you’re after, our lending experts are ready and waiting to help you find the best way to finance your home renovations.

How we can help you get more out of your renovation

Family Guarantee

Heritage's Family Guarantee loan is a way for immediate family members, like parents, to help you purchase a home without them actually providing the cash for a deposit.

Reverse Mortgage

If you own your home and are over 60, a reverse mortgage can turn your home into a cash asset. Unlike some other reverse mortgage loans you don't have to sell your home - the title remains in your name.

Home & Contents Insurance

Ensure you have your house and its contents insured. This type of insurance covers accidental loss or damage to your building and/or the contents inside.

Life Insurance

As we travel along life’s highway, it’s difficult to tell what’s around the next corner. That’s why it’s important to be ready for whatever crops up by taking some simple steps to cover you and your family.

Calculate your next move.

Home Loan Calculator

Be confident when buying your first home with our home loan calculator.  It estimates the cost of purchase, including items such as stamp duty, insurance, and government grants.

Interest Rate

Platinum16.75%
Classic16.75%
Gold Low Rate11.80%
Freedom Visa16.75%

Owner-Occupied

Interest Rate

Comparison Rate *

Discount Variable4.49%4.51%
Discount Variable - Special Rate3.79%3.81%

Investment

Interest Rate

Comparison Rate *

Discount Variable4.89%4.90%
Discount Variable - Special Rate4.24%4.26%

Owner-Occupied

Interest Rate

Comparison Rate *

1 Year Fixed3.89%5.03%
2 Years Fixed3.99%4.95%
3 Years Fixed4.09%4.89%
5 Years Fixed4.49%4.92%

Investment

Interest Rate

Comparison Rate *

1 Year Fixed4.19%5.42%
2 Years Fixed4.19%5.31%
3 Years Fixed4.29%5.23%
5 Years Fixed4.69%5.23%

Home Advantage Fixed

Owner-Occupied

Interest Rate

Comparison Rate *

1 Year Fixed3.89%4.33%
2 Years Fixed3.99%4.34%
3 Years Fixed4.09%4.37%
5 Years Fixed4.49%4.54%

Investment

Interest Rate

Comparison Rate *

1 Year Fixed4.19%4.85%
2 Years Fixed4.19%4.82%
3 Years Fixed4.29%4.81%
5 Years Fixed4.69%4.94%

Owner-Occupied

Interest Rate

Living Equity5.26%

Investment

Interest Rate

Living Equity5.26%

Home Advantage Living Equity

Owner-Occupied

Interest Rate

$150,000 to $249,9994.30%
$250,000 to $699,9994.25%
$700,000 or more4.20%

Investment

Interest Rate

$150,000 to $249,9994.71%
$250,000 to $699,9994.61%
$700,000 or more4.56%

Interest Rate

Comparison Rate *

Standard Personal Loan12.99%15.45%

Owner-Occupied

Interest Rate

Comparison Rate *

Standard Variable5.04%5.15%

Investment

Interest Rate

Comparison Rate *

Standard Variable5.44%5.54%

Home Advantage Variable

Owner-Occupied

Interest Rate

Comparison Rate *

$150,000 to $249,9993.99%4.34%
$250,000 to $699,9993.94%4.29%
$700,000 or more3.89%4.24%

Investment

Interest Rate

Comparison Rate *

$150,000 to $249,9994.54%4.88%
$250,000 to $699,9994.44%4.78%
$700,000 or more4.39%4.73%
 

How to prepare your house for a valuation

The preparation you do to your property might have a bigger impact on a valuation figure than you think. Here's 4 things you can do to help improve the valuation outcome for your property.

 

What to spend and save on when renovating

Renovating can be fun, but it’s hard work and there isn’t much glamour. Planning your renovation and making good design and fitting decisions will help you save money in the long run. Guest blogger Bec Senyard, aka The Plumbette, shares her tips on what to spend and save on when renovating.

 

What is a mortgage offset account?

Front and centre of saving both money and years off your home loan is having an offset account.

 

How to avoid overcapitalising your property

When improvements are made to a property beyond that property's resale value it is known as overcapitalisation. It can cause heartache and debt so it's important to understand what it is and how to avoid it.

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Interest rates are on a per annum basis. Rates and discounts are correct as stated and subject to change without notice. Discounts shown are for new loans and do not apply to switches or internal refinances. Discounts are not available in conjunction with any other interest rate discount or special offer. All fixed rates are fixed for the period stated and revert to the variable rate applying at expiration of the fixed term. To approved applicants only. Conditions, criteria and fees apply.

Home Advantage Variable rates include discounts shown from the Standard Variable rate. Home Advantage Living Equity rates include discounts from the Living Equity rate. Discounts are based on total lending in the package.

This advice has been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs.

Generate a personalised Key Fact Sheet based on your loan amount, term and repayments. This tool is provided to help you compare home loans from Heritage with other financial institutions.

The outcome of the Home Loan Chooser Tool is a guide only and is based on the small amount of information you have provided us. For a full financial assessment and home loan recommendation please call 13 14 22 or contact your nearest branch.