Unlock Your Home’s Equity to Fund Your Renovation Project: Are you a first home buyer in Australia looking to spruce up your humble abode? Or perhaps you’re already established and keen to upgrade your current property? With the refinance of your home, unlocking your equity could be the key to unlocking an exciting renovation project without draining your bank account. Whether you’re relying on a car loan, personal loan, or investment property, getting creative with finances can be an effective solution for those looking to get their hands dirty in a do-it-yourself renovation.

Tapping Into Equity

For those lucky enough to own a home, tapping into equity can be an effective way to finance renovations. Equity is the difference between your home’s market value and the amount you still owe on it. When you refinance your mortgage, your lender will often allow you to borrow up to 80% of the value of your property – depending on other factors such as credit history, income, and assets. This means that if you have built up equity in your home through rising property values or making payments over time, refinancing could give you access to this money when it comes time for renovating.