Video· Cash Flow
Refinance to Renovate?
Published · 1 min read
You might not need to refinance your mortgage to fund your home renovations.
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🏡 Renovating Your Home? You Might NOT Need to Refinance Your Mortgage! 🔨💰
Thinking about borrowing another $50,000 to $100,000 to renovate your home?
A lot of homeowners assume that means changing banks and starting another 30-year mortgage. But refinancing isn't always the answer! 🤔
In fact, you might already have a great interest rate with your existing lender, and moving to another bank could be completely unnecessary.
💡 So what are your options?
Depending on your circumstances, there may be a few different ways to access the money you need:
✅ Top up your existing mortgage – You may be able to borrow additional funds through your current lender without refinancing your entire home loan. ✅ Set up a separate renovation loan – Keep your existing mortgage as it is and structure the additional borrowing separately. ✅ Refinance to a better deal – Sometimes another lender may offer a lower interest rate or other savings that help offset some of the additional costs of borrowing for renovations. ✅ Keep your existing loan term – You don't necessarily need to reset your entire mortgage back to 30 years just because you're borrowing extra money.
The goal isn't to refinance your mortgage just for the sake of refinancing.
It's to find the smartest way to fund your renovations while considering your repayments, interest costs and long-term financial goals.
Sometimes that means changing lenders. Other times, the best option might be to stay exactly where you are!
🎥 Discover our FREE MortgageSMART Cashout/Renovation Strategy and learn how different loan structures could help you fund your renovations.
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General information only. This is not personalised financial advice. Loan top-ups, separate loans and refinancing are subject to lender criteria, approval and individual circumstances. Fees, interest rates, loan terms and total borrowing costs should be considered before making financial decisions.
