Get a loan for renovation, extension or redecoration of your home. It’s time to turn your house into the home of your dreams with approved home renovation loans.
Home improvements can help make the most of your property – whether you’re wanting to extend your lounge, renovate your kitchen, convert your attic or add a new garden area or in-ground pool, all these can add value for your family or attract potential buyers.
Kiwis love home improvement projects, and home improvement loans are a great way to tackle expensive repairs or renovations to your house. Home renovation loans allow you to make the changes now and spread the cost over a number of months or years.
At One Stop Financial Solutions we can offer you the best lending options for home improvement loans and we make it easy to apply.
Regardless of your reason to invest in a home improvement project, one thing is certain: it can be costly. Home improvement loans can offer easy and flexible funding for your project, whatever it is.
WHAT YOU NEED TO KNOW
A home improvement loan is available in two options: an unsecured loan or a secured loan – which is traditionally a Mortgage top-up, or a Construction loan for significant projects. Both options allow you to use the loan to fund home renovations or home extensions. The term ‘home improvement’ covers a range of changes you might want to make for your property from small to medium jobs like redecorating or reconstructing the garden, through to big and expensive jobs such as installing a new kitchen or adding a conservatory or lounge extension.
An unsecured loan, also known as a personal loan, is one that isn’t secured against your property. Every lender provider will have a different limit on the maximum amount you can borrow with a personal loan. Most personal loans have a fixed rate of interest, which means you’ll pay the same amount each month throughout the term of the loan. The longer the loan term is, the cheaper the monthly repayments will be and the usual term is around three to five years, with a maximum of up to 7 years.
SECURED LOANS – 1ST OR 2ND MORTGAGE
This type of loan uses your property as a form of security. If you fail any repayments, the lender can take the property and sell it to cover any outstanding balance. ‘1st Mortgage’ is simply a regular home loan, via a top-up to your existing loan or with a new bank (refinancing).
Homeloans being secured are of course over a longer term (e.g 25-30 Years) and typically allow you to borrow larger amounts than personal loans, depending on your property value. They also offer longer periods for repayment compared to unsecured loans from as low as five years up to a maximum of 30 years. Paying back over a longer period means monthly payments can be much lower but that also means you’ll pay more in interest overall.
Getting a home renovation loan helps you spread out the cost of a project with monthly payments over a set period of time. An unsecured personal loan is typically a common option that comes with fixed repayment terms and fixed interest rates. This means you may be able to carry out a whole list of home improvements with just one loan you know you can afford. The total amount you pay back will depend on the rate of interest you’re charged as well as the length of the loan.
WHY CHOOSE ONE STOP FINANCIAL SOLUTIONS
- ZINSTANT INDICATIVE DECISION
- It takes minutes to apply online. We’ll give you an indication within 24 Hours on the viability of your project with regards to finance. Albeit not a formal approval, it arms you with enough information to decide to proceed with our services or not in the shortest time possible. We then get to work in finding you the best home renovation loan in NZ with the best rates, flexibility and minimal to often zero lending and broker fees*.
- ZTRUSTED LOAN PROVIDER
- With expert financial advice and years of industry experience, One Stop Financial Solutions is your trusted loan provider in Auckland. We know the market best and we will be in your corner to get you the right home renovation loan you deserve.
- ZFREE ADVICE
- We do the heavy lifting and hunting, so banks and lenders pay us a commission which means you don’t. Our expert financial advice is 100% free and we only get paid when you take out a loan with us so it's always in our best interest to find you the best home loan top up.