- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance
If you’re thinking about doing renovations on your home, you might be looking at getting cash out of your mortgage to pay for them. It’s important to plan ahead in this scenario, to make sure your application is successful.
Lender rules about using cash out on renovations
As with new home loans and refinancing, lenders have a lot of rules about getting cash out. They also have particular criteria regarding using cash out for renovations. These rules vary widely from lender to lender.
Some lenders may be more suited to applicants who are PAYG, while self employed people might be better off with a different lender.
Of course, the amount your planning to spend on your renovations will also affect your application. The amount you owe on your home loan, in comparison to the value of your property, has a significant impact too.
All these factors can make it quite tricky to apply for a cash out loan to complete your renovations. But there is a simple solution.
Thinking of getting cash out for renovations? Speak to Bee Finance Savvy!
If you’re thinking of getting cash out for renovations on your home, speak to our friendly broker, Desiree from Bee Finance Savvy. We’ll help you work out how much you can borrow for your renovations. We’ll also match you with the most suitable lender. Renovations can be stressful, so we do our best to make our clients applications for cash out as simple, and as pain free as possible!
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda