Best Big Renovation Funding Options

Discussion in 'Loans & Mortgage Brokers' started by lakersfan23, 31st Aug, 2020.

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  1. lakersfan23

    lakersfan23 Well-Known Member

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    Hi all,

    I have recently purchased a house and am looking for options to fund the renovation. I don't have an estimate as to how much it would cost but have a rough idea how much it should cost.

    Could the PC members please assist me in ideas on how to best fund big renovations other than cash? My understanding is the below options should work. Any guidance, suggestions and input is greatly appreciated.

    - Personal Loans (Secured & Unsecured)
    - Credit Card Balance Transfers

    Thanks in advance.
     
    lakersfan23, 31st Aug, 2020
    #1
  2. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    If you have a build contract you can get a construction loan.
     
    Jess Peletier, 31st Aug, 2020
    #2
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    How much is needed and what is the LVR now?
     
    Terry_w, 31st Aug, 2020
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  4. Lindsay_W

    Lindsay_W Well-Known Member

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    Construction Loan over both of the options you listed, much cheaper rate
     
    Lindsay_W, 31st Aug, 2020
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  5. lakersfan23

    lakersfan23 Well-Known Member

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    Hi @Jess Peletier and @Lindsay_W thanks for your reply. I did consider that option although I will be doing the renovation per individual job instead of getting a builder to do it hence am unable to use a construction loan.
     
    lakersfan23, 31st Aug, 2020
    #5
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  6. lakersfan23

    lakersfan23 Well-Known Member

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    Hi @Terry_w thanks for your reply I am uncertain how much it will cost as I have to get the official quotes from contractors next week.
     
    lakersfan23, 31st Aug, 2020
    #6
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    Can I ask why you're self managing over using a builder? Eg price related or something else
     
    Last edited: 31st Aug, 2020
    Lindsay_W, 31st Aug, 2020
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