Renovating? What You Need To Know About Home Loan Refinancing
A change in season can get you thinking about what you could change in your life – and one way to make a change is by giving your home some extra attention.
Renovations are not only a great way to boost the value of your property, but they also have the potential to improve your quality of life - and maybe even encourage you to stay in your current property for longer.
But major repairs - such as re-fitting your kitchen or updating your bathroom - don’t come cheap, which is where home loan refinancing may be one solution worth considering.
Before you talk to a mortgage broker about your refinancing options, first give some thought to why you want to renovate - and just as importantly, how much you want to spend on your repairs.
A mortgage broker can then talk to you about the refinancing options available to you.
Depending on the scale of your renovations, you may wish to examine your redraw options, which allows you to access any additional payments you have made on your loan to help fund your renovations.
This solution is particularly useful for small repairs - on the other side of the spectrum, you may instead prefer to investigate your eligibility for an equity loan, which can help to fund major repairs or improvements, such as a swimming pool installation.
A third alternative is a loan top up - this allows you to increase your existing home loan credit and frees up the funds you need to complete your renovation.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.