What's Your Situation?
Building or Renovating
Borrowing to build or renovate is quite different to borrowing to buy an existing
property, because your expenses vary over the course of the project.
Building
- You can draw down your loan in instalments as building proceeds.
- If you want to buy land now and build on it later, you may be able to borrow up
to 75% of the purchase price of the bare land.
- For more information on the things to think about when building a home, please visit
our Home Buyers Centre.
Renovating
- If you're renovating, we may lend based on your home's estimated value after you
have renovated, rather than what it is worth now.
- If your income or the value of your home increases as you pay off your fixed or
floating home loan, you may wish to top-up your home loan to fund your renovations.
This is a popular option, as home loan interest rates are often lower than rates
for personal loans or credit cards.
- Once approved, we will set up a new loan for the top-up amount. The interest rate
on this top-up loan may be different from your existing home loan interest rate.
Our lending criteria and fees also apply.
- For more information on the things to think about when renovating a home, please
visit our Home Buyers
Centre.
What next?
Check out our tools and resources for people building or renovating their own home
in our Home Buyers Centre.
You may wish to apply online for a
conditionally pre-approved home loan to get an indication of how much you
can spend on a home before you start looking. Or,
apply online for a home loan now.
If you already have a home loan with us you can log in to Online Banking and apply to top-up your existing home loan.
If you prefer, call 0800 185 185 to talk to a lending specialist, find
a Mobile Mortgage Manager near you, e-mail us or come into
any branch.