Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.
Maintaining a home
Should you apply for a renovation loan?
24 April 2020
Renovating your home can be an incredibly exciting experience. You can get that modern kitchen you’ve been dreaming of, upgrade your outdated bathroom, or just finally get rid of that worse-for-wear looking carpet. As easy as it is to let your imagination carry you away, there’s often one thing sure to bring you back down to the ground quick smart; finances.
Unfortunately, that updated stove top (probably) isn’t going to pay for itself. Fortunately, there are a few options that you can explore to potentially pay for your renovation. Of course, everyone’s needs and circumstances are different, so it’s important to really consider your options before you decide how you want to pay for your renovation.
Thinking about
making
eco-upgrades
to your home?
-
Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.
Top up your home loan
If you’ve built up enough equity, increasing your home loan with an ‘Add’ or ‘Equity’ Loan might be a viable option. They could help you obtain the funds you need to complete your dream renovation.
An Add Loan works by adding the amount you want to borrow onto your existing home loan. That will mean your current repayment amount will increase, but the remaining loan term and loan type won’t change. An Equity Loan, on the other hand, is an entirely new loan. It’s granted based on the equity you’ve built up on your current loan.
Read More About Add & Equity Loans
Use your credit card
If you’re able to budget right and your renovation costs aren’t too much (or can be spaced out over time without you getting impatient), you can potentially use a credit card to fund your fit out. There are a lot of options out there when it comes to interest rates and benefits, which are all important to consider when deciding the best credit card option for you and your needs.
Compare Suncorp’s Credit Cards
Renovate on a tight budget
Of course, trying to find an instant source of money for your renovations isn’t the only option. There’s also the potential to be savvy with your savings and focus more on cutting down the overall costs of giving your property that much needed facelift.
It doesn’t necessarily mean you have to give up your big renovation dreams, either. Check out our 4 tips for making your renovation more affordable and see if being a bit thrifty could be the solution for you.
Discover Renovation Loan Options
Read more on Learn About:
- Renovating a house: where to start
- Renovation costs: how to avoid overinvesting
- Renovation costs: advice from a builder
Things you should know
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.
Comparison Rate Warning specific to this offer:
##The comparison rate is based on $150,000 and over 25 years. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 5.82% p.a) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate (currently 9.07% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023 until 29 February 2024 unless withdrawn earlier.
Maintaining a home
Should you apply for a renovation loan?
24 April 2020
Renovating your home can be an incredibly exciting experience. You can get that modern kitchen you’ve been dreaming of, upgrade your outdated bathroom, or just finally get rid of that worse-for-wear looking carpet. As easy as it is to let your imagination carry you away, there’s often one thing sure to bring you back down to the ground quick smart; finances.
Unfortunately, that updated stove top (probably) isn’t going to pay for itself. Fortunately, there are a few options that you can explore to potentially pay for your renovation. Of course, everyone’s needs and circumstances are different, so it’s important to really consider your options before you decide how you want to pay for your renovation.
Thinking about making eco-upgrades to your home?
Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.
Top up your home loan
If you’ve built up enough equity, increasing your home loan with an ‘Add’ or ‘Equity’ Loan might be a viable option. They could help you obtain the funds you need to complete your dream renovation.
An Add Loan works by adding the amount you want to borrow onto your existing home loan. That will mean your current repayment amount will increase, but the remaining loan term and loan type won’t change. An Equity Loan, on the other hand, is an entirely new loan. It’s granted based on the equity you’ve built up on your current loan.
Read More About Add & Equity Loans
Use your credit card
If you’re able to budget right and your renovation costs aren’t too much (or can be spaced out over time without you getting impatient), you can potentially use a credit card to fund your fit out. There are a lot of options out there when it comes to interest rates and benefits, which are all important to consider when deciding the best credit card option for you and your needs.
Compare Suncorp’s Credit Cards
Renovate on a tight budget
Of course, trying to find an instant source of money for your renovations isn’t the only option. There’s also the potential to be savvy with your savings and focus more on cutting down the overall costs of giving your property that much needed facelift.
It doesn’t necessarily mean you have to give up your big renovation dreams, either. Check out our 4 tips for making your renovation more affordable and see if being a bit thrifty could be the solution for you.
Discover Renovation Loan Options
Read more on Learn About:
- Renovating a house: where to start
- Renovation costs: how to avoid overinvesting
- Renovation costs: advice from a builder
Things you should know
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.
Comparison Rate Warning specific to this offer:
##The comparison rate is based on $150,000 and over 25 years. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 5.82% p.a) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate (currently 9.07% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023 until 29 February 2024 unless withdrawn earlier.
Variable Rate
A rate that is variable and is subject to change over the loan term.
Comparison Rate
A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.
