- Country: Australia
- Ad Region / State: Melbourne
- City: Melbourne City
- Street: Melbourne
- Zip/Postal Code: 300
- Phone Number: 1300304367
- Mobile Number: 1300304367
- Website URL: https://www.houseace.com.au/
- Listed: August 30, 2019 8:46 am
- Expires: 22 days, 9 hours
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One of the most popular easy home renovation financing options is to access your equity – and you may be able to do this if you’ve already paid off a portion of your home loan, or your home has increased in value over time (whether that’s through property upgrades to increase property value or just capital growth). Using your equity to borrow money for your renovation may be helpful in the long run, as you may be able to increase the value of your home by renovating and improving important features.
How can you access equity?
Considering refinancing for renovations? You can access your equity by refinancing your home loan. This means replacing your existing loan or updating the terms of your current loan, which can also help you get a lower interest rate or more flexible terms. Using your equity to refinance can help you get a sum of money for your renovation while also getting a better rate on your home loan.
Your lender may need to conduct a valuation of your home in order to estimate your current Loan to Value ratio (LVR) and ultimately calculate how much equity you can access.
When accessing equity it’s important to be aware that you are increasing your debt and your repayments are likely to increase, or it may take longer to pay off your loan in full.
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