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Renovating? How do you borrow for that?

With the costs of new builds escalating, we're starting to see more and more people renovating their existing homes. It makes sense, especially if you've earned some equity through capital gain and you like your location. So how do you go about getting funds to renovate?

There are two ways to approach this...

Minor improvements

If you're making minor improvements to your property like a new deck, painting, carpet or even a new kitchen then this mostly falls under minor improvements. We can help you secure the funds required for this relatively easily, simply by borrowing against the equity you've already got in your property.

You may need a Registered Valuation to confirm the value of your property but you shouldn't need a bunch of detailed quotes for the work you're doing - hey you may even be doing a bunch of it yourself.

Major improvements

This is where you're getting in to things like moving walls and adding rooms, basically anything that needs a consent. Most banks treat this a lot like building a new home so there may be a need to complete a new application and go through the process that way. However there are a variety of ways to get this sort of thing funded. It will require a valuation of your property to make sure the improvements are actually adding value that can be quantified. 

How can we help?

Some banks treat everything like it's a "Major Improvement" and require you to provide all manner of paperwork just for a simple facelift. What we do is ensure that we can get that money in your pocket for the renovations as quickly and as hassle free as possible.

If presented with all of the right information the bank can often be convinced to approve the money for you easily and if not then perhaps we find a bank who is more accommodating to your needs and get the funding for you that way.

Where do you start?

Getting an idea of your costs is the first port of call.

After that its on to getting a valuation - Is it worth spending the money that you're going to invest in your property?

If you'd like to discuss renovation options in terms of how to best finance it, speak to one of the My Mortgage team and we can see what will work best for you, your property and your current loan.


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