We'll help you get the money you need to take care of those much needed home renovations.
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.
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. MB offers free draws via Internet Banking and Mobile Banking1
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 penalties for early repayment.
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.
Security is a fundamental right for our customers, and we hold it as one of our core values.
General
Information current as at date of appearance and subject to change. Lending criteria, terms and conditions, fees and charges apply. You should consider the relevant Terms and Conditions or Product Disclosure Statement (PDS) before deciding whether to acquire any IMB products or facilities. Target Market Determinations available here.
Rates and features
1. Minimum redraw $500.
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