{"id":22344,"date":"2019-06-26T18:00:17","date_gmt":"2019-06-26T08:00:17","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/goldenplains\/?p=22344"},"modified":"2019-06-27T07:39:50","modified_gmt":"2019-06-26T21:39:50","slug":"the-best-ways-to-pay-for-your-renovation-costs","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/the-best-ways-to-pay-for-your-renovation-costs\/","title":{"rendered":"The best ways to pay FOR YOUR RENOVATION COSTS"},"content":{"rendered":"

There\u2019s no shortage of renovation shows \u2013 The Block and House Rules come to mind \u2013 but as much as we\u2019d all love an all-expenses paid renovation to our beloved home, we\u2019re 99 per cent likely to foot the bill ourselves.<\/strong><\/p>\n

So, if you\u2019re itching to renovate, what\u2019s the best way of financing it? We break down the options.<\/p>\n

Redraw<\/strong>
\nRedrawing from your built-up equity is one tried and true method to finance a renovation. You gain quick access to your money; though you may be redrawing up to the amount you\u2019re ahead on your mortgage payments.
\nThe downside is not all loans allow redraw facilities, and you could be hit with redraw fees and more repayments means more interest in the long-term.<\/p>\n

Refinancing<\/strong>
\nIf you\u2019re in the market for a new loan, refinancing may be the way to raise money for your renovation.<\/p>\n

Refinancing with a new lender may give you perks like a lower overall interest rate or better features like an offset account.<\/p>\n

If you have high equity in your home, you could add additional funds or set up a line of credit.<\/p>\n

They will have lower interest rates than a personal loan and if you\u2019re disciplined, you can also opt to pay off the loan as quickly as possible. Refinancing may also incur costs such as exit fees, so be wary.<\/p>\n

Top-up mortgage<\/strong>
\nA top-up mortgage is similar to a redraw or a refinance, however, grants you more funds than what\u2019s available with either option.<\/p>\n

A lender will give you up to 80 per cent of your home\u2019s value in a top-up to spend on renovations (in most cases \u2013 ask your lender or broker).<\/p>\n

If your home\u2019s property value has gone up since you bought the property and you\u2019ve made headway in paying off the equity, a top-up mortgage, with fees included, will be far less compared with a personal loan. Since you\u2019re borrowing more money, your repayments will go up and your lender will also want an up to date valuation on the house, too.<\/p>\n

A personal loan<\/strong>
\nTaking out a personal loan is a quick and easy way to fund some types of renovation \u2013 adding a deck or a pool is one popular option.<\/p>\n

However, if you make deep structural changes to your property, chances are your bank will disapprove. Since loan terms on personal loans are shorter, the overall interest rate may also be lower by comparison, however, you\u2019ll also pay an application fee.<\/p>\n

Credit Card<\/strong>
\nThere is a big temptation to spend up on the credit card for renos and if you have access to a zero-interest card, it might be a good option, however, some suppliers or contractors may not accept your credit card as payment.<\/p>\n

Making only the minimum payments will also slug you with massive interest (upwards of 17 per cent per annum on average). There are definitely a lot of restrictions on credit cards, so be wary.<\/p>\n","protected":false},"excerpt":{"rendered":"

There\u2019s no shortage of renovation shows \u2013 The Block and House Rules come to mind \u2013 but as much as we\u2019d all love an all-expenses paid renovation to our beloved home, we\u2019re 99 per cent likely to foot the bill ourselves. So, if you\u2019re itching to renovate, what\u2019s the best way of financing it? We […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":129,"featured_media":22345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-22344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nThe best ways to pay FOR YOUR RENOVATION COSTS - Golden Plains Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/goldenplains\/real-estate\/the-best-ways-to-pay-for-your-renovation-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The best ways to pay FOR YOUR RENOVATION COSTS - Golden Plains Times\" \/>\n<meta property=\"og:description\" content=\"There\u2019s no shortage of renovation shows \u2013 The Block and House Rules come to mind \u2013 but as much as we\u2019d all love an all-expenses paid renovation to our beloved home, we\u2019re 99 per cent likely to foot the bill ourselves. So, if you\u2019re itching to renovate, what\u2019s the best way of financing it? 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