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Home Extensions
What type of loans can you use to fund your addition or extension?
If you are building an addition or extension on your home you may find yourself needing to arrange finance to pay for the build. We can help you secure the appropriate finance for your build.
Refinance your current mortgage
To pay for your addition or extension you can opt to refinance your existing mortgage. This means that you will use the equity in your home to obtain a loan for a higher amount than what you currently owe to finance your addition or extension project.
The new loan will replace your old loan and you can choose to stay with your existing finance provider or move to a new finance provider. Refinancing has several advantages for homeowners with substantial equity in their homes.
First, it may allow you to obtain lower interest rates without changing your monthly mortgage payment or adding on a new payment.
Second, some lenders “may approve a loan based on the estimated value of your home once the addition is completed,” which is convenient for projects that require a large amount of money, such as a second story addition or ground floor extension.
Take out a Construction Loan
A construction home loan is a type of home loan designed for people who are building a new home, a first floor addition, ground floor extension or doing large scale renovations. It has a different loan structure to home loans designed for people buying an established or existing home.
A construction loan most commonly has a progressive drawdown. That is, you receive instalments of the loan amount at various stages of construction, rather than receiving it all at once at the start. You generally only pay interest on the amount that is drawn down, as opposed to on the whole loan amount.
A number of lenders offer construction loans that are interest-only during the construction period and then revert to a standard principal and interest loan.
Of course, a construction loan is just one potential source of funding for your project. The Federal Government recently unveiled its HomeBuilder scheme, which will give eligible homebuyers and existing owners grants of $25,000 to help them construct or substantially renovate their home. Strict eligibility criteria apply– for example, you’ll need to meet an income test, and be building a new home that’s worth less than $750,000 or a renovation that will cost at least $150,000. For more information visit our blog post here.
We can connect you with our finance specialist to discuss how to get started today.
Get a $25,000 contribution towards your Addition, Extension or Renovation through the HomeBuilder Program
Eligible Australians will be able to obtain a $25,000 HomeBuilder grant towards their addition, extension or major renovation under the near – $700 million federal government housing package in a bid to boost the economy and act as a lifeline to the home construction industry (Homebuilder program).
The government announced the $688 million HomeBuilder program on Thursday 4 June 2020. In an attempt to boost new projects between now and the end of the year, the Government will give $25,000 grants to owner-occupiers for certain works on their homes.
These works include first floor/second storey additions, ground floor extensions and large scale renovations.
Renovation work does not include structures separate to the main property, such as swimming pools, tennis courts, granny flats and sheds.
The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of licensed builders.
The plan will be restricted to people on middle incomes and to new homes and major renovations valued between $150,000 to $750,000.
The pre-renovation value of the house must not exceed $1.5 million and excludes sheds, pools, granny flats and any other structures not attached to the property.
The temporary scheme that will last until the end of the year, aiming to build 30,000 homes by Christmas.
Construction of a new home or a substantial renovation (including first floor additions, second storey additions and ground floor extensions) must be contracted to begin within three months to prevent a rise in house prices.
The grants will be means-tested, allowing singles who earned up to $125,000 the previous financial year and couples who earned up to $200,000 to access the scheme.
The scheme will work along existing state and territory first-home owner grants programs, stamp duty concessions and other grant schemes, including the federal government’s first-home loan deposit scheme and first-home super saver scheme.
The HomeBuilder Program and its associated grants came to an end in March 2021.
If you’re planning a first-floor addition, ground floor extension or large scale renovation project you can start the planning process now. Or, reach out to our team below for more information.
Live the life of Luxury with a Resort Styled Retreat
The Perfect Parents or Teenagers Retreat
Looking for a dedicated area for you to escape the daily grind and kick back and relax? Our Resort Style Retreat Package is tailored to providing the extra space and lifestyle you are looking for.
Retreat Package
40m2 Second Storey Addition
1 open plan bedroom with integrated living area
1 large ensuite
This exclusive package is available for a limited time only. Take advantage of low-interest rates, increase the value of your home and get that extra room for your family.
Terms and Conditions:
Build cost only, based on a 40m2 addition. Plans and Council approval excluded – these are estimated at $15K.
A full quotation can be only be provided following an onsite consultation with the builder to undertake an assessment and determine suitability.
Family Value Package
Build a second storey addition today!
We have the perfect Family Value Package for you. Get the extra room and lifestyle you and your family have been looking for. This second storey addition package is packed with value and designer inclusions with plenty of additional room for you and your growing family.
| FAMILY VALUE PACKAGE | UPGRADE TO OUR Premium Family Value Package |
| 70m2 Second Storey Addition 3 bedrooms with BIR’s 1 bathroom 1 living area |
80m2 Second Storey Addition 1 master bedroom with ensuite & WIR 2 bedrooms with BIR’s 1 bathroom 1 living area |
This exclusive package is available for a limited time only.
Maximise the value of your home by investing in the extra room for your family today.
Terms and Conditions: Build cost only, based on a 70m2 or 80m2 addition. Plans and Council approval excluded – these are estimated at $15K.
A full quotation can be only be provided following an onsite consultation with the builder to undertake an assessment and determine suitability.
That’s a wrap for 2019
Our team has officially wrapped up things for 2019! Here is an overview of our year!
Our office is now closed until 14th January 2020.
We wish everyone a safe and Merry Christmas and a Happy New Year!
You can still contact us on our website during the break and we will be in touch when we return. For any enquiries please fill out the form below.
Nailstrip Cladding
Some of our team were over at Belimbla Park recently installing the nailstrip metal wall cladding on stage 1 of the parapet of the ground floor extension.
Here are several benefits of using this material for your wall cladding:
– It’s quick and simple to install, with no clips or special seam tools required
– It achieves an architectural facade with no visible fixings and has a modern clean style compared to traditional cladding
– You can get custom widths for your individual design style
AND our favourite;
– It requires minimal maintenance compared to other cladding materials, such as rendered brick and timber!
This look is definitely the new trend that we are seeing coming in across our builds, with our client in Rozelle also opting for this cladding! Want to know how to incorporate it into in your build either as a feature or across your home? – just ask us!