Working out the numbers
When it comes to managing your money through the renovation process, you may have several options to consider, including:
- Using your home’s equity
- Using redraw, if available
- Using a line of credit
- Refinancing your existing home loan
- Applying for a personal loan
- Applying for one of the home loans outlined in step 3 below
To get an idea of which of these options may be best for your situation, get in touch with one of our home lending specialists.
Find ways to save
Whichever way you go, renovating your home will cost money. While you may see a financial return on this in the future, in the short term you may need to look for ways to save. To help with this, use our budget planner.