Home Improvement Loans
Can I Increase my Home Loan for a Renovation?
Whether you have out grown your current property, or you are a seasoned renovator looking towards your next project, Blackburne Mortgage Broking can assist in helping you achieve your dreams for the home you’ve always wanted.
Your renovation may be for some relatively minor cosmetic changes like new flooring or updated appliances for which may only need to increase your existing home loan. Alternatively, your goal may be to fully transform your property perhaps involving an element of construction. Either way, so long as you have the equity to borrow against, securing finance can be straightforward when you have an experienced team of mortgage brokers on your side.
Upgrading your existing property can prove to be a more cost-effective way of getting the home you want rather than purchasing a new house. A simple chat with one of our mortgage brokers will help you decide if renovating could be the solution you are looking for.
Tips from our mortgage brokers
Our brokers can show you how to tap into the existing equity you may have in your home and top up your current loan to release funds to finance your home renovation, whether they be big or small. It does not always mean a full refinance, it can be as simple as a straight forward increase of an existing loan account which in most cases is a relatively quick and pain free process.
We can explore your finance options
Or, if you are interested in exploring your finance options with other lenders, our brokers can refinance your loans to another institution with a more competitive interest rate most likely being secured in the process, whereby lowering your interest repayments and being a win-win all round.
Even if you just wish to upgrade various appliances or do some minor touch ups, it can often make sense to use your home loan for funds rather than drawing on high interest bearing credit cards or personal loans. Speak to one of our lending specialists at Blackburne Mortgage Broking and they will be able to confirm what your capacity to borrow is for your home renovation project and how much equity you can access.
Before you sell your current property with the view to purchasing something superior, make sure you talk to our home renovation loan experts who may be able to make your property dreams a reality without the pain and expense of moving. Using your current equity is a viable option to turn the house you have into the house you want.