No matter how highly people talk about home renovations, it is also just as stressful to think about it. Funding your home renovation and finding the best loan to help you fund it, is very important if you want the project to be as stress-free as possible. You may choose to fund it yourself using your own savings or a built-up equity from your existing property, or ask your bank for an additional loan tranche.

Using your own savings or funds that are being kept in your loan offset or redraw facilities is another option for you, that is more straight forward without incurring additional debt. Doing so means you have to know how it may affect your current loan in the long run due to the increase in the interest, and the time it takes for the loan to be repaid.

You may also choose to place all funds that you gather by borrowing additional funds, using your current property’s equity into your offset account. This will enable you manage your expenses while saving on the additional interest.

If you want to refinance your loan, be sure that you have sought the advice of a professional and help you understand how similar it is to you replacing your existing home loan. Mortgage Brokers Frankston have a team that is equipped with the experience to help clients with their renovation projects. You can trust us to give you nothing but the strategy that will best suit your current financial status and goals.