Hey Peeps, I'm doing a reno at the moment and as always it seems the price has doubled and i need to get it done asap. I contacted my bank and they said the minimun i can increase the loan is by $10,000 i only need like $3000 so could i go and get a personal loan for $3000 and claim the interest in my tax. I'd be able to pay the loan of within 5 weeks but at the moment im not sure whether to wait without a tenant until i have enough money to pay it off or get the loan and get a tenant in asap. As always any help would be greatly apprerciated
I'd consider what Terry mentioned. Besides, tapping into equity can take a while. They need to assess the loan, issue loan docs, you sign and send back, they process and settle. It can take up to a month.