Faced with a low property valuation from their bank, our client was unable to access equity for renovations. We stepped in as mortgage brokers, securing multiple no-cost valuations. The result was a higher valuation from one bank, enabling the client to refinance for a better rate and withdraw $150,000 for home improvements. Consequently, the renovations enhanced both their living space and property value, leaving the client thoroughly satisfied.
The Challenge
We had a client looking to access equity from their owner-occupied property to help fund cosmetic renovations on their property. The client originally approached their existing bank and had a valuation completed. The valuation was completed but did not allow for any further lending.
The Solution
We spoke with the client and explained that as mortgage brokers, we can order valuations with multiple banks. We approached three different banks and ordered three valuations at no cost to the client. One bank valuation came back with a much higher result that allowed the client to refinance their existing home loan to a better interest rate and access $150,000 to go towards their kitchen, bathroom and landscaping upgrades.
The Outcome
Empowered with the ability to upgrade their living space, the client successfully utilised the additional funds to design their property to their style of livability and functionality. Their investment in key home improvements not only increased their quality of life but also added substantial value to their property. With a more competitive interest rate and a home tailored to their tastes and needs, needless to say, the client was delighted with the outcome.
