Planning to update your kitchen, build a deck, or finally tackle that dream bathroom? Renovating can be exciting, but figuring out how to fund it is often the trickiest part. The good news is that there are several smart ways to finance your home improvement projects, and a mortgage broker can guide you to the option that best fits your budget.

1. Consider a Home Loan Top-Up

If you have some equity in your home, one option is a home loan top-up. This means borrowing extra funds on top of your existing mortgage. It’s a simple way to access cash at your current mortgage rate – which is often much lower than other types of loans. Your mortgage broker can help you assess if this is an option based on your equity and lender’s requirements.

2. Redraw from Your Home Loan

For homeowners with a redraw facility attached to their home loan, this is another straightforward option. If you’ve been paying extra into your mortgage, you may be able to withdraw these funds to fund your renovations. Redrawing doesn’t require a new loan application and gives you quick access to cash.

3. Look at Refinancing

If you’re planning significant renovations, refinancing your home loan might be the way to go. Refinancing means replacing your current loan with a new one that may offer a lower interest rate or better features. Plus, it could let you release equity to fund your project. A mortgage broker can help you determine if refinancing makes sense and find a deal that supports your renovation goals.

4. Consider a Personal Loan

For smaller projects or quick fixes, a personal loan can work well. While interest rates for personal loans are typically higher than mortgage rates, they’re still an option if you only need a smaller amount or if other options aren’t suitable.

Final Thoughts

Home renovations are a great way to add value and enjoy your living space more – and funding them doesn’t have to be complicated! Whether it’s a home loan top-up, a redraw, or refinancing, a mortgage broker can help you navigate the options, find competitive rates, and simplify the process.

Ready to start your renovation journey? Contact us today!