|
Crown will find YOU the Home Loan that will save you the most amount of TIME and MONEY in 4 Very Simple Steps...
...and You will Receive Our eBook:
"How To Get Out Of Debt In Half The Time & Pay LESS per Month!" FREE!
|
CBA: Fixing Your Home? Fix Your Finances
Commonwealth Bank
| 
| 
| 
| 
| 
| 
| 
| 
| 
| 
When planning your home renovation, you need to find the right tiler, plumber, carpenter and other trade professionals to get the job done. Equally important is the need to find the right way to finance your home renovation.
Commonwealth Bank (CBA) offer a range of options for home owners who are planning home renovations. One way CBA home loan customers can finance their renovations is through drawing on their home loan. If your CBA home loan allows you to access a redraw facility, this means you can withdraw any extra repayments you have built up in your home loan account.
The amount of money you need to borrow from CBA for your home renovation will depend on the size of the project. You may be simply updating your kitchen, or perhaps you are adding an entire room to your home. When it comes to planning the scope of your renovation, remember that you will eventually need to see a return on the investment you are making in your house. That is, the changes you make to your home should add value to your home overall.
Another financing option available to CBA home loan customers is a top-up loan. This means you can increase the amount of your existing home loan and use the extra money for your home renovations. Approval for topping up your loan is based on how much you earn, your current expenses and financial commitments and the amount of equity you have built up in your home.
A CBA Viridian Line of Credit offers another means of financing your home renovations. The danger of lines of credit is that you risk using your home almost as if it were a giant credit card, which can lead to debt problems. With a disciplined approach, however, you may be able to use the line of credit to add value to your home through renovations.
If you are a CBA home loan customer, there are a number of options available to you when it comes to financing your home improvements. Your first step should be to speak with your financial broker to discuss which of the options best suits your financial situation.
Bookmark/Search this post with:
| | | | | | | | | | 