How To Finance Your Renovation
So how do you pay for the reno you want?
It depends how you look at debt. It’s obvious you can spend more in a lifetime if you limit the interest you pay, so it’s important to relate to debt better.
This difference in perspective is the largest single thing that separates the independently wealthy from those who retire on only an age pension.
Most mortgages are designed to keep you in debt, especially those with offset accounts or lines of credit. As with credit cards it’s too easy to view the bank’s money as your own.
There is no perfect solution but the best approach is to look at debt differently. Rather than consolidating it, which is what banks and mortgage brokers say to do, approach it in bite-sized chunks instead.