Renovating Your Home

Refinancing your mortgage can be a great way to fund home renovations and improvements. Here are the steps you can take to refinance your mortgage to renovate your home:

1. 1. 1. First, determine if renovating is right for you. Consider if renovations will improve your home, add value to your home, or if upgrading your home is more suitable for your circumstances.
      2. Then determine the amount of money you will need for the renovations you want to undertake. You should have a clear idea about what your budget is and how much the renovation will cost you. You can get quotes from a contractor or renovation specialists.
      3. 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.
      4. Then your broker can shop lenders and products to suit your circumstances, always looking after your best interests.
      5. From there your broker can help you apply for your renovations loan and keep you updated while your loan is processed and approved.

• • • Tip: Be sure to budget and plan your funds carefully to stay within your budget. Don’t be afraid to get quotes and seek advice.

Our experienced brokers at SW Brokerage can help you determine how much funding you can access for your renovations, process your loan, help you review your budget and even help you find a builder or tradesperson.