Hi all
Just after a bit advise. We want to use some of our equity to do some reno's but Im unsure on how the finance part would work. We currently have a home loan but we've only had it for 3mths. We borrowed $100,000 (had $50k deposit) and the house was valued at $152000.Anyways if anyone can give me advise on what would be the best way to go that would be great, Im just so confused with it all. Thanks
Hi there
You would merely go back to your lender and request additional funds to cover the costs of the renovation.
Given the equity you have and dependant on the costs of the renvation you should be able to access the funds upfront without having to have first completed the work. Alternative is to get the builder to provide you with a quotation and then get the Bank advance funds against the completed work.
Richard Taylor | Australia's leading private lender
u can use the equity in home and can renovate your home as with renovation the rate of ur home will increase but u should take such a step only if u feel renovation is necessary.
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