Home Renovations – Finance Through Your Loan
If you've been thinking about renovating your home in order to improve your living space or to add value to your property, it may be beneficial to get in contact with a mortgage broker about your finance options.
Whether you're investing a few thousand dollars on replacing windows and doors throughout your house or tens of thousands upgrading your kitchen and bathroom, a broker can help determine what kind of loan choice is most suitable for you.
If you have existing home loans, there are several options available including redraw facilities and loan top ups.
A redraw facility allows you to access additional funds paid on your home loan if you need extra money, up to the amount of additional repayments made. This is more suited to smaller property projects.
Loan top-ups allow you to increase the credit on your existing home loan to fund your renovation.
Essentially, tapping into the equity you have built up in your property and extending some of that back to you, you can avoid expenses associated with acquiring additional finance through other sources.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.