Are you attached to your home, do you love that its close to your favourite coffee shop, beach or park? BUT! You have a growing family and as much as you love your family, living on top of one another is not going to cut it! Maybe we can increase your loan to allow you to renovate and extend your home.
But what if we borrow close to our max when we purchased?
The beauty of a ‘loan for renovations’ is that two things may have occurred since you purchased or built.
- Value of your home has increased
- You have paid off a chunk of your home loan
With the combination of the above two scenarios along with the fact that the banks will be willing to stretch your loan term back out to 30 years you maybe able to borrow more than you could initially.
This is exactly what we did for some long term clients that loved their first home and didn’t want to cop the extra cost of selling and the expensive stamp duty. In the time since the clients had bought their first home, they had done a great job in paying down their loan, growing their income through work and looking after the property so it has increased in value. All of these things allowed them to increase their loan again to enable them to renovate and extend. All at a fraction of the cost of buying a new property.
So if you like the idea of renovating or extending your home please CONTACT US to discuss your options.
