If you are looking to add value to your home, renovating or minor repairs around the place could be the answer. If you require finance for this type of project there could be a number of options available to you.
For some, the best way to finance renovations and home improvements is via a loan increase. The equity in your home could allow you to increase your current loan and access this equity to help finance the home improvements without an increase in your interest rate.
You can also have your current home loan reviewed at this time to ensure it still suits your needs. If not, a refinance and loan increase could be the answer,
If you have paid additional amounts over and above your regular repayments, you may be able to access these additional funds via your home loan redraw. If your current home loan does not include a redraw feature, it could be a good time to switch.
Access to Offset
Similar to the redraw option, you may have additional savings accumulating in your offset account. If so, this may be the most efficient way to access the funds you need to finance the improvements.
If you are looking at renovating your current home or would like any further information regarding a loan increase or refinancing, please call Ashley on 0425 826 967 or 9432-2121