Page 16 - Smartline eBook - Upgrading your home
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 CHAPTER THREE
  How to finance your upgrade
Once you have decided whether to renovate, rebuild or upsize, it’s time to work out how you will fund the project.
Assess your finances
Before you meet with your Smartline Adviser, spend some time considering your finances using the Smartline budget calculator:
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What is your current income and savings?
What are your current debts and expenses?
What are your assets worth and do they need to be sold to finance your upgrade?
Are there any foreseeable changes to your circumstances (such as having children, buying a new car or taking an overseas holiday) that might affect your household income or ability to save in the future?
What is your equity? Equity is the difference between the bank’s valuation of your home and the amount you still owe on your mortgage. The wonderful thing about not being a first home buyer is that you probably have some equity in your current home, which means that you’re already a step ahead when it comes to borrowing.
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Upgrading your home
 




















































































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