Video· Cash Flow
Renovating? Don't Make This $30,000 Finance Mistake!
Published · 1 min read
That's why I always recommend sorting out your renovation finance BEFORE you start.
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🏡 The WORST Time to Organise Your Renovation Finance? When You're Already Halfway Through! 😳💰
Imagine budgeting $100,000 for your dream renovation.
The builders get started, walls come down, everything's progressing nicely…
Then halfway through, your builder tells you it's going to cost another $20,000–$30,000! 😬
Suddenly, you've got a half-finished renovation, you're running out of money, and you're scrambling to find another loan. 💸 And here's the problem…
Just because you've already started renovating doesn't mean the bank will approve you for more money!
That's why I always recommend sorting out your renovation finance BEFORE you start.
💡 A good renovation finance strategy should consider: ✅ Working out how much you actually need. ✅ Building in a buffer for unexpected expenses. ✅ Checking your borrowing capacity before committing. ✅ Structuring your loan to minimise unnecessary interest. ✅ Having a plan for any funds you don't end up using.
And here's something many homeowners overlook…
You don't necessarily need to be paying interest on all your renovation funds from day one!
Depending on your loan structure, you may be able to keep unused funds in an eligible offset or redraw facility, reducing the interest charged until you need the money.
And if you finish under budget? Those surplus funds could remain against your mortgage, subject to the loan's conditions.
🏡 Because the last thing you want is to be halfway through your dream renovation with no money left to finish it!
🎥 Thinking about renovating?
Discover our FREE MortgageSMART Cashout/Renovation Strategy and learn how to plan your renovation finance properly.
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General information only, not personalised financial advice. Borrowing is subject to lender approval. Loan features, costs and interest savings depend on individual circumstances.
