Video· Cash Flow· Debt
You Could Have $100K in Home Equity to Renovate!
Published · 1 min read
You might already have $100,000 available to renovate your home and not even realise it.
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🏡 You Might Already Have $100,000 Available to Renovate Your Home… and Not Even Realise It! 💰😲
Thinking about renovating but don't have $100,000 sitting in your savings account?
You might not need it!
💡 If you've owned your home for a few years, you may have built up more equity than you realise.
Perhaps your property has increased in value, and you've also been paying down your mortgage.
That combination could mean you've got equity available to help fund your dream renovation!
🏠 Let's look at an example:
Your home is worth $900,000.
Your remaining mortgage is $500,000.
That means you've got $400,000 in equity!
Now, that doesn't mean you can automatically borrow the entire $400,000.
But depending on your income, borrowing capacity and lender requirements, you might be able to access another $100,000 or more for renovations.
And here's something many homeowners don't realise…
Accessing equity doesn't necessarily mean you have to refinance your entire mortgage or reset it back to 30 years!
Depending on your circumstances, you might be able to: ✅ Access equity through your existing lender. ✅ Keep your current mortgage term. ✅ Structure additional borrowing separately. ✅ Avoid unnecessarily increasing your overall monthly repayments. ✅ Continue working towards becoming mortgage-free sooner.
Of course, borrowing more money usually means higher repayments unless other changes offset the increase. 💡 But with the right strategy, you may have more options than you think!
So if you've been putting off renovating because you think you need to save up every dollar first, perhaps it's time to find out how much equity you've actually got.
🎥 Want to explore your options?
👇 Watch the free video:
General information only, not personalised financial advice. Equity does not guarantee borrowing eligibility. Loan approval, repayments and costs depend on individual circumstances.
