Renovation Finance

Updating your home?

While our clients plan their renovation, Allora Finance helps them explore ways to finance the project. From refinancing to use equity, and occasionally personal loans, there’s a solution to most circumstances. 

We get it - the quotes add up. A new bathroom means demolition, waterproofing, tiling, fixtures and fittings... maybe even some structural work. Rather than compromise on your renovation scope, let's talk about releasing equity to fund the reno that adds great value to your home.

After you've engaged a designer or collated a few quotes, you’ll have a gauge on the potential cost of your project, and the pressure of financing your renovation might start to build. 

With a background in the construction industry - specifically building products and renovations - founder and director of Allora Finance, Alisha Scappin is particularly passionate about helping you on this journey.

Financing with home equity or personal loan?

Have you considered leveraging the equity that exists within your property to finance your dream renovation? By releasing equity, you can leverage your current property to update your kitchen or create that bigger living space. Our team can guide you through the process, ensuring that you maximise the equity available to you.

Where an equity release is not possible, personal loans are often the next best option. Allora Finance broker, Stephanie Malineack is brilliant in this space, and loves helping clients via this finance avenue.

Structural or cosmetic renovations?

When we consider finance for renovations, a key question is whether the scope of your project includes structural change to the property. 

If the changes are purely cosmetic, often we can increase the balance owing on your existing home loan, receiving the funds in cash so that you can project manage, paying for your goods and your trades. When the scope of work does include structural changes, often lenders will want to control the distribution of funds across the duration of your project. There are some big benefits to this:

• Lenders look at the scope of works (typically in the form of a building contract) and assess your request for funding against the expected ‘future value’ of your property – this might mean you can borrow more than you thought, while still avoiding LMI

• Lenders often also commission valuations at key progress payment milestones – this means an independent professional is confirming the completion of work, helping ensure you get what you’re paying for.

What’s right for me?

It’s simple - book an appointment so that we can explore project scope, expected costs and your circumstances. We’ll guide you on the pathway to success.