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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 You can get that modern kitchen you’ve been dreaming of, upgrade your outdated bathroom, or just finally get rid of that worse-for-wear looking carpet.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.

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

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