How to use your Home Loan for renovations - 1
.
Would you like to renovate your Home ?
If you are looking at updating your kitchen, or bathroom,
build a house extension, or do some extensive Do-It-Yourself repairs,
you may need to take out a Loan to achieve your renovation plans.
.
If you want to use the equity in your Home Loan,
you should be careful to avoid redraw pitfalls.
.
One of the major dangers with drawing on your equity
is not creating a Clear Goal before starting your project.
.
An example that sometimes occurs is a Homeowner who decides to redraw $50k
to renovate their bathroom.
When the Home Loan is about to be drawn down for this purpose,
an uneducated Mortgage Broker suggests to the Householders that they should
'Consolidate their Loans' to save interest charges,
by using part of the $50k.
As a result of the Householder not having a clearly defined goal,
they then get sidetracked with the Broker's suggestion,
and only use $25,000 on the bathroom ,
and the other $25,000 to consolidate personal loans and Credit Cards.
.
.
The problem with this confusion of purpose
is that the $25k left over is not enough to pay for all the expenses of the new bathroom .
Hence the original purpose of the Loan increase has been dissipated,
and valuable Home Equity has been wasted on 'Loan Consolidation'.
Mortgage Brokers who irresponsibly recommend this type of
confusion of purpose have not been educated by the
Alpha Professional Development Webinar Program.
.
Would you like deal with a Mortgage Adviser who assists you
to achieve your Home Renovation Goals ?
.
.
Phone Craig Holme on 0423 585 932
.
Adelaide - Ashford Business Centre - Jeremy Reynolds 0402 905 818
.
.
Craig Holme Consulting
.
.
Would you like to renovate your Home ?
If you are looking at updating your kitchen, or bathroom,
build a house extension, or do some extensive Do-It-Yourself repairs,
you may need to take out a Loan to achieve your renovation plans.
.
.
Would you like a new kitchen like this ?
.
If you want to use the equity in your Home Loan,
you should be careful to avoid redraw pitfalls.
.
One of the major dangers with drawing on your equity
is not creating a Clear Goal before starting your project.
.
An example that sometimes occurs is a Homeowner who decides to redraw $50k
to renovate their bathroom.
When the Home Loan is about to be drawn down for this purpose,
an uneducated Mortgage Broker suggests to the Householders that they should
'Consolidate their Loans' to save interest charges,
by using part of the $50k.
As a result of the Householder not having a clearly defined goal,
they then get sidetracked with the Broker's suggestion,
and only use $25,000 on the bathroom ,
and the other $25,000 to consolidate personal loans and Credit Cards.
.
.
The problem with this confusion of purpose
is that the $25k left over is not enough to pay for all the expenses of the new bathroom .
Hence the original purpose of the Loan increase has been dissipated,
and valuable Home Equity has been wasted on 'Loan Consolidation'.
Mortgage Brokers who irresponsibly recommend this type of
confusion of purpose have not been educated by the
Alpha Professional Development Webinar Program.
.
Would you like deal with a Mortgage Adviser who assists you
to achieve your Home Renovation Goals ?
.
.
Phone Craig Holme on 0423 585 932
.
Adelaide - Ashford Business Centre - Jeremy Reynolds 0402 905 818
.
.
Craig Holme Consulting
.
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