Owner-occupiers took out a record $694 million of new loans in April for the purpose of alterations, additions and repairs, according to the latest data from the Australian Bureau of Statistics.
Renovations activity in April was a staggering 45.2% higher than the year before.
It seems that with property prices rising to record levels in many parts of the country, some owners are deciding it’s more affordable to renovate an existing home rather than purchase a new one.
One way to fund a renovation is to refinance your existing home loan and ‘cash out’ any equity you’ve accumulated since you bought the property.
