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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.