Home Renovation loan

You may be able to receive a loan to help pay for renovations made to your home as part of the Home modification service.

Home Renovation loans can be provided for health and safety related repairs, renovations or modifications to your principal place of residence identified in the inspection report. Loans can be used to supplement your savings or grants to fund the works.

The maximum loan term is usually 15 years. A further 5 years will be considered under special circumstances.

Security

For loans up to $10,000, no security is required.

For loans over $10,000, you will need to provide a mortgage over your home to the Director of Housing. Unless there are special circumstances, the maximum loan amount is $25,000.

For rivate renters a maxium loan of up to $2,000 is available.

Costs

You can negotiate minimum repayments up to the maximum loan term of 15 years.

The annual percentage rate is usually based at 2 per cent below the Director of Housings 3 year fixed rate. Call Loan Assistance on 03 9096 9821 to find out current interest rates.

There may be fees, charges and conditions attached to your Home Renovation Loan – call us to find out more.

Eligibility

To be eligible for a Home Renovation loan:

• you must meet the Home Renovation eligibility criteria as well as loan requirements which will include title search and credit checks
• the home is your principal place of residence
• have at least 30 percent equity in the home

Your total monthly commitments, including your payments on your Home modification loan, credit cards and existing personal and home loans can’t exceed 25 per cent of your gross monthly income.

Application process

For further information on Home modification loans call Loan Assistance on 03 9096 9821 or 1800 134 872 (free call).