Home renovations can be expensive, so it's not always easy to find the funds to make the changes you want. While it makes sense not to over-capitalise, a carefully planned kitchen or bathroom renovation using home equity for renovations will not only enhance your lifestyle, it can also add significant value to your home.

A key advantage of some home equity release loans is the flexibility to drawdown the funds as a line of credit. This means that you only access the funds when it’s time to pay the builder or supplier, and with Inviva's home equity release loan you don’t pay interest until you need the funds.

Home equity release loans typically allow you to borrow larger sums of money compared to personal loans or credit cards. The amount you can borrow depends on the equity you have in your home and the age of the youngest borrower. With a larger amount of funding at your disposal, you could potentially undertake a more extensive renovation project without worrying about exceeding your credit card limits or depleting your savings.

Home equity release loans for home renovation often come with lower interest rates compared to some other types of consumer loans, such as personal loans or credit cards. This is because the loan is secured by your home, which reduces the lender's risk, making a home equity release loan potentially a more cost-effective option for funding your renovations.

In some cases, the interest paid on a home equity release loan for home repairs or upgrades may be tax-deductible, depending on the purpose of the loan. If you use the funds for home repairs, upgrades or to improve your home, you may be able to deduct the interest charged to the loan, reducing your overall tax liability. It's important to consult with a tax advisor to understand the specific tax implications of your situation.

In summary, a home equity release loan for renovation or maintenance can be a great way to fund upgrades for your home while preserving your savings and cash flow. However, as with any major financial decision, it's essential to carefully consider your circumstances and future needs and to assess if a home equity release loan is the right choice for you. With proper planning, you can turn your renovation dreams into a reality while maximising the value of your investment.