01Renovating Your Home
Get started on renovating your home with a renovation loan.
Refinancing your mortgage can be a great way to fund home renovations and improvements. Here are the steps you can take to refinance your mortgage to renovate your home:
- First, determine if renovating is right for you. Consider if renovations will improve your home, add value, or if upgrading your home is more suitable for your circumstances.
- Then determine the amount of money you'll need for the renovations. You should have a clear idea of your budget and how much the renovation will cost. You can get quotes from a contractor or renovation specialists.
- Assess the value of your home. This determines its current value and how much equity you have, giving you your loan-to-value ratio (LVR). Your broker can help you determine this and explain what it means for you.
- Your broker can then shop lenders and products to suit your circumstances, always looking after your best interests.
- From there your broker can help you apply for your renovations loan and keep you updated while your loan is processed and approved.
Tip: Be sure to budget and plan your funds carefully to stay within your budget. Don't be afraid to get quotes and seek advice.
Our experienced brokers at SW Brokerage can help you determine how much funding you can access for your renovations, process your loan, help you review your budget and even help you find a builder or tradesperson.
