Renovating

We all know that renovating can be a nightmare and trying to work through all the financial options available can be just as bad! When it comes to renovating, the experts’ mantra is plan, plan, plan. And a financial plan can be just as important as the floor plan!

This 'at-a-glance' summary of some of the best finance solutions for renovators will help you figure out which option to choose when it comes to financing your renovation. If you haven’t got savings to dip into, understanding the different types of loans is the first step to making sure you get the right deal.

Option 1: Redraw on your Home Loan

If you are ahead on your existing home loan repayments, an easy way to access some extra cash is to redraw on your home loan. You don’t need to apply or wait for approval and IMB offers fee-free redraws over the Internet, giving you quick access to your funds.

Option 2: A Personal Loan

An IMB Personal Loan is the first port of call for many people looking for finance. Why? Because you can borrow anywhere from $2,000 to $50,000 and pay it back in regular installments over an agreed time period. A Personal Loan can reduce your risk of spending more than you planned and there are no surprises with your repayment schedule.

And if you can pay your loan off sooner than you planned, there are no penalty fees.

Option 3: Personal Line of Credit

Another option is to take a Personal Line of Credit or what you might already know as an Overdraft. This is an unsecured credit facility attached to your everyday transaction account that works like a credit card but usually has a lower interest rate.

A Personal Line of Credit is different from a Personal Loan because it allows you to establish pre-approved credit against your savings. This credit then acts as support to your regular income as and when you need it.

A Personal Line of Credit allows you the peace of mind of available funds without having to pay interest on unused amounts. You can apply for a credit limit anywhere between $500 and $20,000.

Option 4: Equity Line Advantage

If you have been in your home for some time you will probably find that its value has increased. An IMB Equity Line Advantage lets you tap into this equity by allowing you to borrow against the increased value of your home. With no account keeping fees and no maximum lending amount, IMB’s Equity Line Advantage can be a great way of financing major projects. Access to funds equal to the value of your home without having to sell your home, means you can reinvest your potential profits back into your new renovations.

Not sure which option is the right one for you? Talk to your local IMB Home Loan Specialists today. To make an appointment or ask a question you can use our online enquiry form, call in to your local IMB or call 133 462.

Home Loans that might be of interest
Product	Description	Interest rate
Budget Home Loan (For Loans up to 80% of the property value)	Save on your home loan without compromising on features with the IMB Budget Home Loan. A low cost home loan option, the Budget Home Loan has a discount off IMB’s standard variable rate for the life of the loan, so you’ll always pay less.	6.04% pa Interest Rate# 6.17% pa Comparison rate*
Standard Variable Home Loan	The IMB Standard Variable Loan is a fully featured home loan complete with a 100% Offset Account facility. This product offers a competitive interest rate and a 100% offset account which means you can make all your money work towards paying off your loan faster.	6.74% pa Interest Rate 6.80% pa Comparison rate*
Equity Line Advantage Home Loan	The IMB Equity Line Advantage combines your home loan and everyday accounts.  Your salary is paid directly into your IMB Equity Line Advantage reducing interest charged. You then simply draw out what you need to cover your living expenses.	6.94% pa Interest Rate 6.94% pa Comparison rate*

^{_{Normal IMB lending criteria, terms and conditions, fees and charges apply. Full loan terms and conditions are available upon request from any IMB branch or by calling 133 462, 8:00am to 8:00pm Mon-Fri, or 9:00am to 4:00pm Saturday.}.#The interest rate shown is for a Budget Home Loan where your loan is up to 80% of your property value. A higher interest rate applies when your loan id more then 80% of your propety value. *These comparison rates are based on a $150,000 secured home loan over 25 years. Warning: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rate.}