Which lender for house that needs big reno

hi

Which lenders would be best to apply for finance to purchase a house that needs a big reno?

Exactly how do lenders and valuers define habitable/uninhabitable?

Thanks for any guidance!

 

Valuers want to see a working kitchen and bathroom. Watertight roof walls and floor helps too.

There's a couple of ways to approach this.

Get a valuer through and then show the lender your plans and cash to fix the place up.

Alternatively use a lender that accepts the contract of sale rather than having a full valuation done.

Speak to one of the brokers here about specific lenders, as they may not suit the rest of your curcumstances.

 

Which lender? Depends on your overall circumstances, the renovation scenario is just 1 of 100 variables. To get around that issue you'd either be wanting a lower LVR and or specific type of valuation method which won't make this a huge problem.

Have a chat with an investment focused broker who will be able to find an option which suits your overall needs.

 

Avoid the online cheapies, as they go for vanilla only.

If a kitchen or bathroom can't be used its uninhabitable.