Home Improvement: Getting the Right Loan for the Job

By Jessica Rowe

Whether you're planning a kitchen fit for a master chef or building a playroom for the kids, here's what you should know when applying for a home renovation loan.

Victorian, weatherboard, Art Deco, bungalow or townhouse - it's the great Australian dream to buy a house. The home is where memories are made, children grow and life's big moments are celebrated. One could also argue the second Australian dream is to renovate our homes: inject our personality to create spaces that reflect our lifestyles.

To help you with your own home improvements, we spoke to an expert at Latitude Financial Services to give you a better picture of their home renovation loan.

You apply for the loan online or over the phone.You receive an application outcome: unconditionally approved, conditionally approved, referred for further assessment or declined.Latitude assesses the application in greater detail and may ask you for documentation (e.g. proof of income and identity).The loan may need to go to underwriting for further assessment (i.e. if you want more money than we can easily approve or if you have a complicated situation).We will contact you to discuss the outcome.If approved, you will receive a copy of the contract which can be accepted online.The home improvement loan will settle and the funds will be cleared within 1-2 business days. Funds from a settled loan will typically be deposited into your nominated bank account.

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