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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.

Why choose us?

Established in 1880, we have been helping people achieve their financial goals for 140 years and are rated by Forbes as one of the World’s Best Banks. We offer a full range of competitive banking, including home and personal lending, savings and transaction accounts, term deposits, business banking, and can arrange financial planning, insurance and travel products.

We provide simple and secure digital banking solutions online and on mobile, and members enjoy access to free automated phone and internet banking, and a team of professionals at our locally based contact centre. With a growing branch network throughout the Illawarra, Sydney, NSW South Coast, Newcastle/Hunter, the ACT and Melbourne, we have a lending specialist in every branch and a team of mobile lending specialists who will come to you.

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