Home Loans Sunshine Coast

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Whether you intend to modernise an old kitchen or
enhance your outdoor space by adding a deck, your
first step when planning a renovation will be
figuring out the cost, work and time involved in
the project. So here are a few tips to help you
get off to a good start. Australias home
improvement market is worth a whopping 43
billion per year with more homeowners than ever
wanting to renovate their homes. Whether its
to make home life more comfortable, increase your
homes equity or turn a profit, taking out a loan
to finance a renovation is a popular option we
see people accessing. The governments
HomeBuilder scheme can also provide a grant of
25,000 to eligible renovators if the renovation
is worth between 150,000 and 75000, but
contracts must be signed and building started
before the end of 2020. When it comes to
financing, there are multiple options available
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USE YOUR OWN SAVINGS
You may choose to use the savings you have to
improve your home. This might be with the cash
youve saved up or money that has built up in
your offset or redraw facility of your current
loan that you can access without incurring debt.
Just remember that taking money from your
offset will increase the amount of interest
youre charged and may increase the time of your
loan from what you would have saved by it being
in there in the first place. Using your own
savings allows you to enjoy the renovation more
without worrying about paying any extra loans
back. But we understand having this amount of
savings on hand can be hard to come by, so there
are plenty more options.
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USE YOUR OWN SAVINGS
A personal loan might suit a smaller sized
renovation. Personal loans often have lower
interest rates than credit cards, so consider
this as an option before maxing out your credit
cards. The benefit of a personal loan is that
you wont have to use your home as collateral,
but this wouldnt be beneficial for large scale
projects.
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WWW. SCFSOLUTIONS.COM
Sunshine Coast Financial Solutions