Our home is already paid and we would like to do improvements/renovations. Can we apply for a home loan to finance this, and if not, what would be the best borrowing option?
However, if you have a family member who offers to lend you the money, which would be cheaper and less hassle, it is advisable to record the agreement in a contract to protect both parties. Contact your bond provider and see if you are able to borrow against the existing facility again. It may be a case that you simply need to complete some forms to restart the loan.
If that option is no longer available, you can register a new bond, but this can be time-consuming and expensive. Registering a bond on a property means paying legal fees, but a bond will generally be granted at a better rate than a normal bank loan, so it is worth contacting the bond provider to see what your options are first.