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The dream house in Adelaide does not need to be a new home. With the right financing, remodelling your existing property may be the way to go.
If you have been contemplating upgrading to an ‘ideal home’, consider these renovation and financial tips first.
The first step towards your financial journey is asking, “if you have the best home loan for your requirements.”
When searching for a new property in Adelaide for your growing family, the second thing you need to ask is if you are getting the best possible deal in the current housing market.
Additionally, the sale of your previous home, existing savings or the new refinanced loan could enable you to pay the large deposit upfront while still having the budget to renovate your way to dream home.
Another financial avenue to consider is your home loan’s redraw facility, provided your home loan has this feature. It implies you can withdraw most of the additional funds you have already paid off.
It is typically accessible on variable rate mortgages and based on whether you can make those increased standard repayments.
Also, if your home loan does not have a redraw option, you can look for refinancing to a loan product that does.
If you do not have enough funds to renovate your existing property, maybe it is time to re-evaluate your home loan. Refinancing your mortgage can help you unlock some of the equity in your house.
Equity is the difference between the amount you owe on your mortgage and the value of your existing property. If your property value has boosted over the years, you might have the opportunity to leverage this equity to increase your loan.
Budgeting and careful planning are the significant drivers to successful renovations. When it comes to remodelling in any context, you must always have a plan.
We always advise our clients to have a significant safety net. It could be the deposit you saved or accessing the equity from your existing property because renovations often go over budget.
It is always advisable to never spend everything on your remodelling project. You should at least save three to six months of all living expenses as a backup in case, for any reason, you cannot work. We hope that the situation never arises, yet you always need a buffer.
Whether you are looking for options to fund your renovation project or are in search of a better loan product, our team of loan specialists in Adelaide can help.
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”
Jammaya purchased an investment property in Queensland. She’s taking advantage of our HiLo investor loan product which enables clients to get a 0.75% interest rate on their owner occupier home loan! Many clients are saving thousands per year with this amazing investor-only deal!
Leoni completed a purchase agreement for her first rental property. She secured a fantastic interest rate and her new property is optimised for maximum tax deductions.
“I was offered the rate, checked it with my bank, went into another branch and no one could match it!”