Renovation
Renovating is a great way of adding value to your home. But like most creative projects renovating can be frustrating and stressful – that’s where PreApproveMyLoan and The Mortgage Approval Company can help in getting the right finance the first time.
Depending on the size of your renovation project, you could need anything from a few thousand to hundreds of thousands of dollars. If you already have an existing home loan then your dedicated PreApproveMyLoan Mortgage brokers will help you explore a number of competitive refinance options for your existing home loan.
Renovations don’t always go smoothly, but we’ll make sure your finance does.
Before you get started on your project, you will need to consider the features on your home loan. To give you greater control over your renovation you can choose from a range of financing options.
Redraw Facility – For smaller projects such as a new bathroom or sun deck
A redraw facility allows you to access additional funds paid into your home loan if you need extra money. You may be able to redraw up to the amount of the additional repayments made. A redraw facility offers flexible access to funds when they are most needed.
Top-up loan – For small to medium sized renovations
A top-up loan allows you to increase the credit on your existing home loan to fund your renovation. It essentially taps into equity you have already built up in your property and extends some of that amount back to you, avoiding the expenses associated with acquiring additional finance through other sources. Unlike an equity loan, you are generally not able to continue to draw your interest back up to an agreed level – if you find you require additional funds you will need to apply for another top-up loan. There may be a minimum amount you can top-up, usually around $10,000.
Home Equity loans – For medium sized projects such as a kitchen or pool
Equity loans allow you to access the equity in your property to fund your renovation project. The amount you can borrow is subject to the amount of equity you have built up in your property and other serviceability criteria, but as a guideline, even if you own your home outright you are likely to be limited to borrowing a maximum of 80% of the value of your property.
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