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Adding Value Through Renovation

Whether you're thinking of adding a pool for the summer heat or updating your bathroom, renovation can add both monetary and practical value to your home. However, that value also comes at a price and can be costly, so speaking to a broker about your finance options will make funding your renovation painless and stress-free.

Home Equity

Using home equity to pay for your renovation is a great option. There are also a number of ways you can use it as finance for your renovation. If your current home loan has a redraw facility, then you can withdraw any extra payments you have made and use that towards the renovation cost. Another possibility is extending the length of your existing loan to fund the desired work.

Refinancing Your Home Loan

With the cash rate in Australia now sitting at a historic low of 0.25%, you could refinance to a new home loan that better fits your renovation requirements and even has a better interest rate. This may mean refinancing to a line of credit loan or construction loan.

Line of Credit Loan

A line of credit loan is a great option to consider for those wanting to renovate their home. Rather than receiving one big lump sum immediately like standard home loans, you draw money as it is needed. You only pay interest on the funds you end up using, which is great for renovation as you never know exactly how much it is going to cost until it is completed.

If you would like more information on financing home renovations, please get in touch. 0490 809 734 |

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