Mum and dad, if you are planning on doing a house reno before you sell (to maximise your selling price) get your finance sorted before you stop working. Equity is fantastic to have but if you don’t have any income to prove you can repay a loan the bank won’t lend you any money.
If you are living off investment income such as interest, dividends and rent check the lenders policy to ensure it can be considered.
Rather borrow whilst working and leave your lump sum in redraw or off-set until you need it. Your interest costs remain the same until you need the funds.
