With the banks tightening up following the Banking Royal Commission, money is more difficult to come by than at any time in recent memory. This is proving a challenge for homeowners who want to sell but need to do a bit of work on their house before listing for sale.
To solve the problem, the building industry has come up with a novel new reno financing option that sees a builder funding home improvements.
The catch is that the homeowner has just 20 days to list the property for sale once the reno is done, and up to 6 months to sell it. This period is interest free, but if the property fails to sell, interest of 15% applies.
It’s an interesting new scheme designed to get around the difficulty of getting a loan top-up from the banks, and if all goes well it’s a great solution. But owner beware the interest charge if the property fails to sell!
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