Funding renovation from equity

Discussion in 'Loans & Mortgage Brokers' started by Journe3, 13th Feb, 2020.

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  1. Journe3

    Journe3 Member

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    A friend who is not on this forum has asked me to post on their behalf.

    Basically, they need around 10K to renovate the house. They have loans with ANZ and NAB.

    Can they get the loan, from their equity without doing a full application? Or the banks will require a full application?

    I remember a bank offering me to take $$ without doing a full application a few years ago and I am not sure whether it's still the same.

    Thank you
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Member

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    Full app is needed to borrow further but they might have some available in redraw
     
    Lindsay_W likes this.
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Member

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    They might also qualify for an unsecured loan
     
  4. Journe3

    Journe3 Member

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    Thanks Terry.
    They are trying to avoid high interest rates though
     
  5. Lindsay_W

    Lindsay_W Well-Known Member

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    Full app as Terry mentioned (unless redraw)
    Good time to review current rates and products, if doing a full application you might as well see if you can do better with another lender
    Is $10K going to be enough to do what they want?