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Privet

Privet is an education and information resource. We are not a lender, broker or adviser. If you'd like to explore funding, we can pass your enquiry to finance providers who may be able to assist. How Privet works

Finance

Refurbishment finance

Short-term funding to buy and improve a property, often released in stages as works are completed.

Usually secured by
First mortgage over the property being improved
Usually repaid by
Sale, or refinance on the improved value

What it can cost to structure

Privet does not publish lender rates or fees. These are the cost items to ask every provider about, in writing. Add them together with the loan cost estimator.

  • How interest is paid: monthly, added to the loan (capitalised) or deducted upfront (prepaid)
  • Establishment fee, and whether it is deducted from the advance
  • Valuation, legal and any broker fees
  • Line or facility fees on undrawn limits
  • Extension fees if the term needs to run longer
  • Exit, discharge and early repayment charges
  • Default interest and when it applies

Questions to ask any lender

  1. What is the total of all fees, and which are deducted from the advance?
  2. What default interest applies, and what triggers it?
  3. How are extensions decided and priced?
  4. Is the loan regulated consumer credit, and if not, what protections apply?
  5. Do you hold an Australian Credit Licence, and are you a member of AFCA?
  6. Where does your lending money come from?