Do you need a few extra dollars to give your home your own personal touch?
We have some great options to help you gain additional funds as part of
your mortgage, so that you can save on interest.
We have a variety of different types of loans and features that can help
you fund your renovation.
An ANZ Supplementary Loan allows you to access the equity in your home or investment
property. It is fully flexible and can be used for a variety of
different purposes such as renovating, consolidating existing
personal borrowings or to finance other purchases, depending on your
particular needs.
An
ANZ Equity Loan
is a line of credit, secured by a registered first mortgage over your
property that allows you the flexibility to turn the equity in your
property into a ready source of funds up to an approved limit.
ANZ Redraw
gives you access to additional payments you have made to your home loan
without having to go through a complete application process. Once you
have registered for
ANZ Redraw
you can redraw funds in one lump sum over the phone or via
ANZ Internet Banking.
Apply online
for extra funds or
make an appointment.
For more information on all of our loans:
For the vast majority of home owners, renovation means finding the right
balance between what you would like and the financial resources you have
available for the job. ANZ can help you with the finances to renovate
your home, you just need to work out exactly how much you want to spend
and where you want to spend it.
If you are planning to sell your property in the near future, then you
need to consider the tastes of potential buyers. Renovations that are
most likely to increase your resale value are a new kitchen, an extra
bedroom or study, or an entertainment area such as decking or landscaping.
You also need to take into consideration the other houses in the area,
if you renovate in a style inconsistent with the houses in your street,
you could lower the value of your house.
The prices in the area are a good indication of how much you should spend.
As a general rule, don’t spend more on your renovation than the best house
in your street is worth. You need to make sure that you will recoup the
amount that you spend. A real estate agent will be able to help you
estimate how much to spend and what your returns will be.
There is also little use spending money renovating a house that is
structurally unsound. It will mean that you won’t get the return on
your investment.
If you are renovating for yourself, think about what you need now and
what you’ll need in the future such as an extra room for a larger family
or elderly parents or possibly a larger garage for a second car.
It is important to recognise and work with the assets your house has,
for example an architect may be able to help reorganise your floor space
so you have more living area and less dividing walls. An architect will
also help you utilise natural light and heat sources.
If possible, it may be worth taking out a slightly larger mortgage when
you buy the house, so you have the ability to make the changes you want
before you move in.
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