How long do I have to wait to re-finance

We bought this house in March and settled in June this year. Currently working on its renovation. We are running a bit low on cash at the moment. Thinking to re-finance the house to draw the equity out of it. But don't know how long we need to wait. Is it 6 months?

If we do the refinance after renovation, do we need to provide the bank with renovation invoices for cost estimation?

Hi Tom,

Some banks have lending guidelines which restrict refinances within six months. However if the value of the security property has increased since settlement then they often can waive this requirement.

If you are part way though renovations and your house is not habitable (i.e. you could not rent it out in its current condition) then some lenders will decline your loan. This would depend on a variety of factors e.g. are you an owner builder? Do you have a lot of equity? What stage is construction at? etc

In future it is always best to seek finance before you commence construction or renovations.

Thanks. I may just have to wait a bit and remove some things from our to-do-list to lower the cost for now.