The government is in the process of amending the Environmental Planning and Assessment Act, which encompasses restrictions for potential property renovators
Mortgage brokers are expecting a flood of renovation loans in coming months as changes to the act were proposed on April 8th. The amendments are anticipated to change the rate of approval for property renovations, exiting aspiring renovators.
The details of the act changes are yet to be fully released; however there is a backlash of local councils and residents. There has been speculation that with the increasingly rapid building approvals, projects may not have time to be contested.
For more information on Renovation loans and services, contact Australian Lending Centre on 1300 138 188.