Borrowing Money for Renovations?

The popularity for television shows such as The Block and House Rules continue to demonstrate how popular home renovation is in Australia.

 

While the idea of renovating the family, home is very appealing to so many Australians, finding the money required to do so isn’t always easy however, a solution could be to borrow the money required.

 

There is several different ways you can borrow money for home improvements/renovations, such as:

 

  • Home equity loan - A home equity loan works by borrowing money against the value of your home.
  • Construction loan - A construction loan for renovation works in a very similar way to a conventional home equity loan, however under this type of loan the bank will consider the finished value of the home when determining how much equity you have.
  • Personal loan - If you have recently purchased a home and do not have any equity available, another option is to use a personal loan to fund your renovations.
  • Credit cards - Although a very risky option, credit cards can also be used to fund small renovation projects.

 

The right one to choose is dependent on your personal situation, to find out more, contact Tim and team at Mortgage Choice Northern Rivers today

Posted in: Property market

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