Immediate equity loan?

I have just put in an offer for a house for 470k. I have a deposit of 280k, and the remaining 190k is the extent of my pre approved loan. The house requires some immediate renovations, probably a new kitchen and carpet to start.

Will I be able to access the houses equity (my large deposit) in order to loan more for these renovations. I'm unsure since I am using the entire amount of the pre approved loan already.

My salary is 60k/year.

Thank you.

 

The easier solution would be to increase the loan against the property to $190k + whatever you need for the renovations.

If you can't borrow more than $190k now, then you're not going to qualify for an equity loan immediately after settlement. An income of $60k should give you more borrowing capacity than $190k, so I assume there's other things not mentioned that are restricting your borrowing capacity.

Incidentally have you considered the purchase costs in your calculations?

 

As Peter mentioned, better off borrowing more for the initial purchase, keep some of the deposit money as available cash that you can put towards the renovation.
Have you only got a pre-approval for $190K because that's all you asked for/needed or was it due to serviceability reasons?