Finance Your Granny Flat in Perth with Finance 48

Maximise Your Property Value with a Granny Flat

Building a granny flat in Perth is an excellent way to increase your property value and create additional living space. Whether you’re planning for a home office, guest accommodation, or rental income, financing your granny flat can be straightforward with the right approach.

Why Build a Granny Flat?

Increased Property Value: A well-constructed granny flat can significantly boost your
home’s market value.
Rental Income: Generate a steady income stream by renting out the space.
Family Accommodation: Provide a comfortable living space for elderly family members
or young adults.

 

Financing Options for Your Granny Flat

Explore various financing solutions to suit your needs and budget.

Personal Loans and Home Improvement Loans

Ideal for smaller projects, personal loans are unsecured and can be obtained quickly based on 
your credit score, employment and residential history, income and expenses.

Home Equity Loans

Leverage the equity in your home to fund your granny flat. This option often offers lower interest 
rates but requires as it utilises your home as collateral

Construction Loans

Specifically designed for building projects, construction loans provide funds in stages as
construction progresses. This type of loan ensures you only pay interest on the funds released.

Cash-Out Refinance

Refinance your existing mortgage for a higher amount and use the extra cash to finance your
granny flat. This option can be beneficial if current interest rates are lower than your existing
mortgage rate.

Granny Flats Council Approvals

Building a granny flat in Western Australia is now easier than ever. As of April 2024, council
planning approval is no longer required, streamlining the process significantly. Previously,
approvals involved multiple stages, including planning, building, and council reviews, which could
restrict designs based on local regulations and neighbouring properties. This change aims to
alleviate the Australian housing crisis by increasing the availability of housing options. Now, you
can focus on designing and building your granny flat with fewer bureaucratic hurdles.

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Qualifying for a Loan

To qualify for a granny flat loan, you need:

Stable Income: Proof of a steady income to handle repayments.
Good Credit Score: A solid credit history to secure favourable loan terms.
Building Plans and Approvals:  Council approval is not necessary anymore, but a basic development permit is still required.

Steps to Secure Your Granny Flat Loan

1. Assess Your Financial Situation: Determine your budget and check your credit score.
2. Choose the Right Loan: Decide between personal loans, home equity options,
construction loans, or refinancing.
3. Get Pre-Approved: Contact lenders for pre-approval to understand your borrowing
capacity.
4. Finalise Building Plans: Work with a builder to create detailed plans and obtain
necessary permits.
5. Apply for the Loan: Submit your loan application with all required documents.

Why Choose Finance 48?

At Finance 48, we offer expert guidance through every step of the financing process. Our team
collaborates with experienced mortgage brokers to find the best loan options tailored to your
needs. With our support, you can confidently embark on your granny flat project.
Get Started Today! Ready to finance your granny flat in Perth? Contact us at Finance 48 for a
consultation and let us help you bring your vision to life.

FAQs

Get in touch with our finance team in Perth 

Are you ready to talk to us about your finance needs? Whatever your question is, we are here to help, and to bring clarity to your situation.
Please feel free to contact our team right away.

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