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Refinancing for a Home Renovation

“There’s many reasons why people refinance but with home renovations, being that they will cost so much money lenders do have a restriction. Some lenders do have a restriction on how much money you can get for a home renovation and obviously have to be non-structural renovations if it becomes a structural renovation, like you’re building an extension and a lot of lenders will want control of progress payments to the Builder so they can control what’s happening with the finance side of it and the home which is where their loans secured against.”

“It’s always advisable to seek financial advice from a Financial Planner or your Accountant about whether you feel it’s beneficial to you or not, what we offer you is the credit advice is what loan is right for you and what products best for you with regards to the extra money or the refinance, as to whether it’s going to benefit you financially in the future then it’s more advice for Financial Planner or your Accountant.”

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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