While major renovations might include, ripping out walls or flooring, adding rooms, or expanding your home, minor improvements might be smaller projects that you will need to secure funding for.  

The process is the same as refinancing for renovations, but the amount you borrow is smaller.  

Here are the steps you can take to refinance your mortgage for minor improvements to your home: 

1. First, determine the amount of money you will need for the improvements you want to undertake. You should have a clear idea about what your budget is and how much it will cost you. You can get quotes from a contractor or specialist.  
2. You will need to assess the value of your home. This allows you to determine the current value of your home and will determine how much equity is in your home. This will give you your loan-to-value ratio (LVR). Your broker can help you determine this and explain what this means for you.  
3. Then your broker can shop lenders and products to suit your circumstances, always looking after your best interests.  
4. From there your broker can help you apply for your renovations loan and keep you updated while your loan is processed and approved.  

Our experienced brokers at SW Brokerage can help you determine how much funding you can access for minor improvements to your home, process your loan and help you review your budget.