Renovating can improve the quality, liveability and value of your home, but many home owners are unsure of how to fund their home improvements.
However, with Better Mortgage Management’s flexible product range, you may be able to use the equity in your home to finance your renovations without paying higher interest on personal loans & credit cards.
Renovation finance - How does it work?
Most Better Mortgage Management home loans provide you with a redraw facility on advanced payments, which is available if you have made additional repayments on your mortgage.
This effectively means you can access those extra repayments to fund home improvements at standard home loan rates.
Alternatively, you may have access to a line of credit facility secured by a first mortgage against your existing property, meaning you are given a specific amount of credit approved for home improvements.
You only have to use the credit as you need it to fund renovations, or any other worthwhile purposes, reducing additional interest costs. A further option may be to apply for an increase to your existing loan to fund renovations.
For more information about how you can use the equity in your home to fund home renovations, please contact your mortgage adviser or Better Mortgage Management.
Better Mortgage Management
1300 662 661
Posted on: 21-Apr-2016