From The CEO’s Desk  January 2021

Welcome to 2021

Well 2021 came faster than expected and for most of us we were glad to see the back of 2020.

2021 is the year of opportunity and what I am seeing is increased demand for properties. The Adelaide property market is humming, it appears that the investors from the East Coast are coming and coming fast, so hold on to your hats with property prices.

What this does mean is that there are opportunities for us as investors to get in whilst the price point is low. There are exciting opportunities in Adelaide for under $400,000. Ask our team today.

The First Buyer market is strong, the demand is high and the grant still exists, so this is a time to take action as a first time home buyer.

Don’t sit out of the market any longer, take action and beat the rent cycle, we have Filip here ready to help you take action. 

With the start of 2021, we are planning to launch several Mini Training Courses and Informational Videos:

• To retire sooner or maximise your income at retirement, look out for our What’s Your Magic Number? Mini Course.
• With a long-term vision comes short-term motivation, this is why you must set goals from the start. If you do not know what you want to achieve, you will not be as motivated. Setting the right goals can help you build momentum in the right direction. It can lead you to what you want in a more efficient manner. Look out for our Goal Setting For Maximum Success Mini Course that will help and inspire you to figure out what you want and go for it.
• Do you have the relevant documents to apply for a Home Loan? Do you know all of the elements to be considered for a Home Loan? Do you know that there are conditional and unconditional approvals for your file? It is good to be curious about the stages of your application, so we have made that easier for you. We are getting everything ready for you behind the scenes. Know where your file is at in the process and do not miss a document that may further elongate the process. Our team of specialists is working hard on launching a Mini Course that will have an Ultimate Flow Chart And Check List for all stages of the Loan Application Process as a reference and guide for you.
• Planning to buy or sell property? There is a lot to think about! Look forward to our Rental Income And Tax Deductions Mini Course. Our Home Loan and Tax Specialists have seen it all and so we have gathered a list of Frequently Asked Questions to help answer any questions that you might have. Rest assured that our team has decades of experience in finance, property and tax, and will be happy to help you.
• Look forward to some great tips and advice such as:
  • How to cover yourself from unexpected risks like job loss?
  • What to consider when selling your property?
  • How to manage your finances without compromising your needs?
  • What we can do to help you throughout the process and much more.

If you would like to be added to the special interest list for these Mini Courses then Contact Us today.

Rick Nieuwenhoven

CEO Nieuvision Australia

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

The post From The CEO’s Desk January 2021 appeared first on Nieuvision.

Housing markets pointing to a strong start to 2021

As per CoreLogic, Australia’s housing market finished the year on a strong footing with the national home value index rising a further 1.0% in December 2020.

It was a third consecutive month-on-month rise following a -2.1% drop in dwelling values between April 2020 and September 2020.

Australian home values finished the year 3.0% higher with regional housing values rising by 6.9%, a rate of capital gain that was more than three times higher than the combined capitals, where home values were up 2.0% over the year.

The three key terms we will discuss in this post are:

1. Index results till December 31, 2020
2. Month-on-month change in national dwelling values
3. Change in dwelling values

Let’s discuss each line item one by one.

Index results as at December 31, 2020

In retrospect, the rebound in housing market activity and dwelling values is unsurprising given the rapid and substantial monetary and fiscal response from the Government and policy makers.

“Record low interest rates played a key role in supporting housing market activity, along with a spectacular rise in consumer confidence as COVID-related restrictions were lifted and forecasts for economic conditions turned out to be overly pessimistic. Containing the spread of the virus has been critical to Australia’s economic and housing market resilience,” Mr Lawless said.

As remote working opportunities became more prevalent and demand for lifestyle properties and lower density housing options became more popular, regional areas of Australia saw housing market conditions surge. “Regional housing markets had generally underperformed relative to the capital city regions over the past decade, but 2020 saw regional housing values surge as demand outweighed supply,” said Mr Lawless.

2. Month-on-month change in national dwelling values

On the flipside, higher density housing has generally underperformed throughout the year, with capital city unit values holding reasonably firm (+0.2%) while house values were up 2.6%. Excluding Melbourne, every capital city recorded a higher rate of capital gain for houses relative to units in 2020. According to Mr Lawless, the stronger growth conditions for houses over units is due to a range of factors. “Unit markets have historically been more popular amongst investor buyers; demand from investors has been weighed down by weak rental conditions across the unit sector along with high supply levels in some precincts. A transition of demand towards lower density housing options has helped to buoy house values.”

3. Change in dwelling values

Although housing markets are gathering pace, four of the eight capitals are still recording dwelling values lower relative to their previous peaks. Melbourne home values are still -4.1% below their March 2020 peak and Sydney dwelling values need to recover a further 3.9% before surpassing the previous July 2017 peak. Perth and Darwin values remain -19.9% and -25.7% below their 2014 peaks.

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

Stacey Hunter

Property Manager

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

Source: CoreLogic: Housing markets build momentum through the end of 2020, pointing to a strong start to 2021

The post Housing markets pointing to a strong start to 2021 appeared first on Nieuvision.

What is Comparison rate and how is it different from the Advertised rate?

If you’ve got a home loan, you may already be familiar with these terms.

However, if you are new to home loans, then this is something that you need to be aware of as it plays a vital role with regards to your situation.

With most borrowers, they focus on the advertised interest rate by the lenders rather than the comparison rate which lenders are legally obliged to publish with their advertised rates. This is the reason why you might see two columns on home loan rate sheets, advertised rate as well as the comparison rate. You would not pay attention to this rate until and unless someone explains it to you.

The three key terms we will discuss in this post are:

1. What is Comparison rate?
2. What is the difference between the Advertised rate and the Comparison rate?
3. What can be done to avoid paying a higher interest rate?

Let’s discuss each line item one by one.

1. What is Comparison rate?

This is a rate where the lender gives you the exact rate with all of their applicable charges included in your home loan product over the life of your loan.

What it means is that this rate includes everything such as establishment fee, application fee, annual fee or account keeping fee and any other home application related fees to identify your actual repayment by the lenders.

In other words, comparison rate is the rate you are to pay while making the repayments and this is the rate you need to look at while comparing the rate among lenders to decide which lender to go with. It will not include conditions such as whether you have to pay an early termination fee and or a redraw fee on your home loan, as well as the benefits you will be receiving such as offset accounts and fee waivers.

It is calculated based on the minimum loan amount of $150K and the maximum loan term of 25 years.

2. What is the difference between Advertised rate and the Comparison rate?

The Advertised rate is the pure rate to calculate the interest over the agreed loan term where your total loan term may vary from between 30 and 40 years depending on the lender you go with excluding the applicable fees on your home loan.

You do have options such as choosing a rate on a fixed term home loan from between 1 to 5 years with the remaining loan term redirected back to a variable interest rate up to the maximum loan term or agreed total loan term.

You also have an opportunity to compare the costs, particularly fee waivers such as establishment fees, account keeping or annual fees as currently most lenders, do have such fees, but they are waving them because of higher competition.

3. What can be done to not to pay a higher interest rate?

If you get in touch with your mortgage broker, they will assist you to clarify both the advertised interest rate and the comparison rate and which lenders are offering the best rate not just the advertised but also the comparison rate.

With some customers, they are happy to stay with their preferred lender even though their comparison rate is higher along with the advertised interest rate, but this is your choice, if you are happy with your chosen lender because of the convenience.

Let’s Talk

However, if you’re not happy, we’re here to assist, so please get in touch and let’s talk about how we can help you get a better home loan that is more suited to your current situation.

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

Keshab Chapagain

Mortgage Broker

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

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If you are a home owner, you may already be familiar with these terms.

However, if you are new to home loans, then this is something that you need to be aware of as it plays a vital role with regards to your approval.

The three key terms we will discuss in this post are:

1. Debt To Income ratio (DTI)
2. Loan To Security ratio (LVR)
3. Lenders Mortgage Insurance (LMI) or low deposit fee.

Let’s decipher and explain for you what they mean so you can better understand each of them.

1. Debt To Income ratio (DTI)

Lenders set their lending appetite and risk ratio based on your income and how much loan you can afford without sacrificing your lifestyle.

Banks do not want you to be in financial stress and they also want their money back as well, which is why they set up this ratio.

With most lenders, they are willing to offer you a loan of up to 7 times your household income and recently due to COVID-19 a few lenders are setting up their DTI ratio up to 6 times your household income.

This may differ between owner occupied property and investment property, in addition there are a few lenders that offer loans up to 9 times your household income.

2. Loan To Security ratio (LVR)

Most new home loan customers may get confused with Loan To Security value ratios assuming that the purchase price is the value of the security.

In fact, lenders consider it with other factors as well.

Banks have their own independent valuer who goes to the house physically and inspects the property.

The valuation is based on:

• Land size
• House size
• Number of bedrooms
• Quality of inclusions in the house
• Recent sales in the same or neighbouring suburbs for similar land and house offerings.

Only after considering these factors would they conclude their valuation with supportive sales figures in the report.

When we say loan to security ratio what we mean is that banks look at how much would be the total loan against the property valuation.

Sometimes the valuer may under value the property as compared to the purchase price and sometimes they may over value it when compared to the purchase price.

3. Lenders Mortgage Insurance (LMI)

Banks do not want to risk their investment without insurance on the loan that they offer you.

The difference is:

• Up to 80% of the loan amount, the bank pays the premium.
• Once it goes over 80%, the bank will want you to pay the premium.

Recently, a few lenders have waived the LMI fee for LVR of 85% and with a few professions, you can qualify for the LMI waiver policy up to 90% of LVR.

The LMI charge is increased on a pro-rata basis, the higher the LVR, the higher your premium.

To give you an indicative figure:

• If you borrow up to 90% of the loan on your property, you can expect your LMI premium to be from $8K-$15K.
• If your LVR is between 90-95%, you may expect an LMI premium of between $15K-$25K.
• If your LVR is between 95%-98% then it may be above $25K-$30K.

This is also called a low deposit fee.

LMI cost may vary from one lender to another based on their agreement with the insurance company.

Some lenders may have their own LMI policy or pricing.

You Have Options

You have options on this premium and how you want to pay, most borrowers capitalise on the base loan which increases the loan to the security ratio.

As long as it is a serviceable and acceptable DTI, there is no issue on approval on this type of loan.

However, all LMI deals are subject to acceptance by the insurance company.

Keshab Chapagain

Mortgage Broker

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

The post Deciphering Common Lending Jargon In The Home Loan Industry appeared first on Nieuvision.

Frequently Asked Questions – December 2020

Here is a sample of Frequently Asked Questions from our current clients…

Question: I still need to save until January to qualify for the loan, will I still get the builder grant?

Answer: Yes, as long as the build contract is dated before end the deadline, and the build commences within six months you will still qualify for the builder grant.

Please refer to these blog posts for more information about the HomeBuilder Grants:

• HomeBuilder Grant Application Deadlines Extended But Amount Reduced
• HomeBuilder Grant Building Commencement Deadlines Extended In SA
• HomeBuilder Grant Ready House And Land Packages

Question: What if I spend too much over Christmas and do not meet my savings target in December?

Answer: This could result in you having to start the three months savings again before being able to lodge a loan application.

Question: I need to pay my land or build deposit, can I use my savings account funds?

Answer: Yes, paying the land and build deposit still counts towards the savings, just clearly label the description on the bank transaction that it is a deposit payment.

Question: How strict are HomeStart on the savings requirement?

Answer: There is no compromise, you need to meet the savings target or HomeStart will ask you to go away and save again for another three months.

Question: Why do they make you save for three months?

Answer: It’s  the way for them to check that you can meet the loan repayment, when you have a loan, the repayments are not negotiable, so if you can not commit to save for three months – how can you commit to a loan for 30 years?

Question: I have some extra living expenses this month, what should I do?

Answer: We would suggest keep living expenses to the basics as HomeStart will also look at this, and if they are too high, this can result in the loan being declined.

Karryn Reddick

Home Loan Specialist

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

The post Frequently Asked Questions – December 2020 appeared first on Nieuvision.

How Will The Property Market Perform Over The Festive Season?

In a normal year the property market would likely slow down over December and January as people unwind and enjoy their festive celebrations, but 2020 is a year like no other.

If anything, it looks like buying and selling activity will ramp up in the months ahead as people look to take advantage of favourable economic conditions and snap up limited government incentives.

While property prices may have waned this year due to the pandemic, the property market has proved to be remarkably resilient and lockdowns and restrictions seem to have only resulted in a pent up demand for homes.

As restrictions have eased we have seen property prices gradually improve, with CoreLogic data reporting a 0.4 per cent rise in home prices for October 2020, following five months of consistent declines.

Confidence Is High

All capital cities recorded an increase for the same month, with Melbourne being the only city where values were lower, no doubt due to its extended lockdown.

Conditions are already rapidly improving in Melbourne too though, and both property listings and clearance rates have been on the up since the ban on private home inspections lifted.

Overall, confidence in the Australian property market is incredibly high considering we are only just coming out of a recession.

In fact, according to Westpac’s ‘time to buy a dwelling” index, confidence in the property market is at its highest level since September 2019.

Why It’s Such A Good Time To Buy

There are a number of reasons people are racing to get into the market.

Chief among them is that money has never been cheaper, with the official cash rate sitting at the historic low of 0.10 per cent.

There’s also a lot of government stimulus on the table, particularly for first-home buyers who have been snatching up places in the First Home Loan Deposit Scheme.

This has given them the opportunity to get into the market with a deposit of as little as 5 per cent and no need to pay expensive lenders mortgage insurance.

The HomeBuilder scheme has provided another boost to the property market by providing a $25,000 injection for those who build or undergo extensive renovations, however this is due to change at the end of this year.

Refer to these blog posts for more information on the changes to the HomeBuilder Grants:

• HomeBuilder Grant Application Deadlines Extended But Amount Reduced
• HomeBuilder Grant Building Commencement Deadlines Extended In SA
• HomeBuilder Grant Ready House And Land Packages

On top of this we are seeing Australia’s borders opening up and people moving around the country more.

There may be a new kind of ‘normal’ now, but a lot of people are looking ahead and getting on with the business of buying and selling homes while conditions are so good.

Stacey Hunter

Property Manager

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

Source: How Will The Property Market Perform Over The Festive Season? The Professionals

The post How Will The Property Market Perform Over The Festive Season? appeared first on Nieuvision.

From The CEO’s Desk December 2020

Welcome to another update from the Nieuvision/Loan Guides team.

In the mortgage industry there is continual evolution.

For the borrower you always have to keep an eye on the action!

The RBA last month lowered rates to a historic low .1%.

Interest rate decreases are a lever for the Reserve Bank to stimulate the economy.

They make their decisions based on inflationary measures in the economy, consumer confidence and more.

About Inflation

A key indicator for inflation is the increase in the price of goods and services we buy in addition to wages increasing.

Our current economy hasn’t really shown any of these indicators and may not for quite some time.

Leveraging Debt Sensibly

So in summary the decreasing of rates provides us an opportunity to leverage debt (sensibly) whilst it’s so cheap to access money.

The loan commitments for the month of September was $17.26 Billion with existing dwellings still attracting the largest volume of interest with $11.91 billion.

For vendors this is an amazing time to sell with such high demand at opens with people looking to buy.

For purchasers you may want to assess your strategy for buying or consider the possibility of having to increase your price point or the suburb you are willing to live.

How Can You Adjust Your Strategy?

One pivot is to reconsider your LMI (Lenders Mortgage Insurance) approach.

Many people only want to borrow 80% so that they can avoid LMI.

However I choose to look at LMI differently.

LMI is a cost to access money.

I’ve paid LMI on a purchase before for the mere reason I wanted access to $50,000 to do other investments, rather than committing more of my funds to one investment opportunity.

You Have Options

Recently we assisted a client purchasing a new home.

They were borrowing money from family to assist with the purchase making their deposit non genuine.

They were trying to stay at 95% to decrease the LMI.

However, at 95% it was leaving them short of funds for the purchase.

Our strategy ended up being based around a 98% lend with LMI being added to the loan, enabling these clients to get into their new home.

Another option is to consider an 85% lend where there in no LMI.

Yes our funding arm can take us to 85% without being charged insurance.

That’s finding our clients another $20,000 for a loan without being charged additional fees.

Above is two simple scenario’s in how we can assist but the message is, you have options.

Rick Nieuwenhoven

CEO Nieuvision Australia

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

The post From The CEO’s Desk December 2020 appeared first on Nieuvision.

How To Avoid The Christmas Spending Hangover Without Being A Grinch

Christmas can mean many things to many different people.

For some, it’s all about spending more time with family and friends.

For others, it may mean showing gratitude, sharing and making people happy.

Whatever Christmas means for you, don’t let it knock you out with a Christmas spending hangover!

In this article we talk about how to avoid the Christmas spending hangover without being a Grinch, so you can enjoy your holiday season without over spending and getting yourself into financial trouble.

Some Interesting Stats

Each year Australians rack up about $32 billion on credit card debt over the Christmas period – Mozo.

Christmas shopping is worth about $10 billion per year to the Australian economy – Gumtree.

Australians spend, on average $1,325 each Christmas – Finder.

Between $464 and $670 is spent on up to eight presents – Finder / Gumtree.

The biggest shopping day is usually Boxing Day / Proclamation Day followed by the day before Christmas and then the weekend before Christmas.

Celebrating The Silly Season

Everybody wants to celebrate the silly season in their own way.

Many people tend to get carried away trying to keep up with the Joneses and spending on things that they probably don’t need to.

This results in buyers’ remorse the following year, which can be painful both emotionally and financially.

The desire for instant gratification, to get it and just deal with the ramifications later on can mean that you are paying for your Christmas spending hangover for months or maybe even years afterwards.

The Growing Social Trend Against Excessive Consumerism

Before you go out and start splurging keep in mind that your family and friends probably don’t want to see you getting into financial stress.

If your budget is tight, then there is no need to make the situation worse.

Most people would prefer a thoughtful gift rather than one that’s simply expensive.

There is also a growing social trend against excessive consumerism and many people are taking to social media to discuss creative ways to make Christmas more sustainable.

Another growing trend is a desire to minimise what people have around the house or declutter, so actually you might be buying stuff you might think is nice but the other person might not appreciate it at all.

3 Ways To Avoid The Christmas Spending Hangover Without Being A Grinch

1. Buy Unique Second Hand Gifts

Buying second hand gifts can emanate a certain stigma but often second hand presents can look as good as new.

Many consumers are embracing second hand shopping, swapping quantity for quality.

Think of it this way – accept second hand presents and you’ll get more!

65% of Australians say that they would be happy to receive a second-hand gift this Christmas – Gumtree.

TIP: Look for antiques and items that are limited edition, with a bit of ‘sweat equity” you may just uncover something that is a bit more unique and more valuable than a brand new present.

2. Give The Gift Of Quality Time

Let’s face it, we’re all time poor.

We could all use more time, so why not give some of yours as a gift?

You can give an act of kindness without spending any money!

Instead of a $100 gift how about spending half a day helping a family member to declutter their home or do the gardening.

TIP: Think of an activity that would be really beneficial to your family member or friend and book a time when you can help them with it together – it’s quality time together doing something that is much needed and appreciated.

3. Commit To A Spending List

Nobody likes to budget but everyone likes to spend so how about committing to a spending list!

Write down a list of everything that you are planning to spend on, not just gifts but think of also Christmas cards, social events and travel expenses.

Also, make a list of family and friends and ideas for what you can do for each of them.

Write down a list of who you want to spend your money and / or time on and use it as a guide.

This will help act as a guide, so when you have used up all of your holiday spending budget, you’ll know that it’s time to stop spending.

Be sure not to forget anyone.

TIP: Spread the cost of Christmas throughout the year, put the money into a Christmas savings account or simply reserve the money in your normal savings account. This will allow you to purchase your Christmas gifts without overspending or worrying about how much you have to spend on gifts.

Remember Your Savings Target

Even though you think you might be doing something nice for others by taking a step back and looking at the big picture you’ll realise that maybe it’s not actually what they want.

This advice is particularly relevant if you are a potential first home buyer looking to show at least three months of genuine savings.

Remember your savings target and that you need to achieve this target within three consecutive months.

Two good months and one bad month means that you will have to start all over again.

So enjoy your Christmas holidays but keep these tips in mind so you can start the new year on the right track.

Kym Russell

Consultant

BTW we have a question for you. If you could have a private conversation with one of our team, what two questions would you like to ask?

Just let us know via this link.

P.S. We’re really serious about this – go ahead, click on the link now and tell us your question. What do you need help with?

Sources:

• How to avoid the Christmas spending hangover, News.
• ‘Cost is an issue’: Environmental concerns hit Christmas shopping, Sydney Morning Herald
• 7 Tips to Help You Stop Making Holiday Shopping Mistakes, The Balance.

The post How To Avoid The Christmas Spending Hangover Without Being A Grinch appeared first on Nieuvision.

Video transcript:

What we need to be careful of is renovations on your property. Yes, you can get mortgage finance assistance to help you with renovations, check out one of our other videos on that one.

But what I want to talk to you about is really making sure your strategy in renovating a property is a mathematical one, and not an emotional one. And you can discard this video if you’re doing renovations on your forever house, because it’s your forever house and so you do whatever you want.

But if you’re doing renovations on a house just because you want to do renovations, just be careful on what you invest, and what you spend in that house that you’re going to get the money back.

Time and time again, I’m seeing people either overdevelop a house, and what I’m talking about there is they knock down and rebuild a big mansion for a suburb where the price point is way above the medium price of that suburb.

And so what happens is every suburb has a ceiling, so most suburbs out in the greater middle area of the city, they will have a ceiling which is really impenetrable and it doesn’t really go beyond that.

You got luxury suburbs where you can have higher marking price point properties inside it. But for the normal working class, if we use that horrible title, you’d say that every suburb has a ceiling to it, so if we knock down and build a house, $300,000 over the ceiling of that suburb, it’s going to be a very difficult property to sell at that inflated price, and there could be consequences.

Other things I’ve seen people do is add in new gardening and landscaping and spend a lot of money or expensive swimming pools, like a $100,000 swimming pools, and then you don’t get the return on that investment for what you’ve outlaid.

So when you’re looking at renovating a property, usually one that you’re going to live in, just make sure you take the emotion out of it. Maybe even get a real estate agent, get a couple, get some appraisals.

Say, “Hey, this is our house. We’re thinking of doing these renovations”. What do you think this is going to do to the value of our property? Will it make much difference? Would buyers be interested in purchasing our property for 700,000 when most houses are being sold for 400,000 in the suburb?

Because naturally what you’re going to find is if you got a $700,000 value house, in a $400,000 suburb, well then you’re going to have 700,000 property people value wise comparing your suburb that you’re in, to other suburbs, which are stronger in name for the value of that price.

Little bit confusing I know, but I hope that’s sort of put into perspective the nature and causality of overcapitalising in renovations.

The post Home Renovation Warning: How To Avoid Over-Capitalising appeared first on Nieuvision.

Can I use a home renovation loan or can I get a home loan to include renovation costs?

Yeah, well of course you can. We’ve got to be careful that you’re not classed as an Owner Builder.

The banks aren’t particularly fond of lending to Owner Builders.

So we’ll take that out of the equation, and let’s just assume that you are a normal purchaser, got a new house, but you want to put some add-ons

Yes, you can get a loan that includes renovation costs.

The banks may ask to see invoices for the works that you are going to do, and also have that work reflected in evaluation for improvement in the cost or the value of the property.

Another option is to get a home renovation loan Australia that includes a little extra for renovations and have a component of that loan sitting there for renovations, that might be an easier way.

All this is dependent on the equity that you do have.

If you’re under an 80% LVR, most banks will allow you to take your loan to that, and really not ask any questions about the nature of why you want that additional money.

Another loan structure you could do is have that additional money sitting in an offset account and that way, it’s just waiting there for when you want home improvement loan.

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