Property renovations can be a incredibly rewarding experience – financially and personally.
They can add value to your property. Allow you to make better use of existing space and help add a personal touch to your home.
Regional Australia Bank recognises that whatever the size and scale, renovating your home is a significant financial undertaking.
Property renovations require careful planning, with a number of considerations to make along the way:
- Design – Have a clear idea of what you want to achieve and develop detailed sketches, plans, and instructions. This provides strong foundations ensuring future steps are realistic and affordable. Check out a range of websites, magazines and TV shows for inspiration.What does refinancing your home loan actually mean, what are the benefits, when should you refinance, and how can you do it?
- Checklist and Timeline – A to-do list, which includes key dates in the project, breaks down your renovation into small chunks making the process easier to manage. Seek input from any contractors you use to ensure your timeline is realistic; and don’t forget to celebrate achieving key moments in the journey.
- Tradespeople – Be sure to ask for references from your tradespeople, along with their licences and insurance policies.
- Approval - Whatever your renovation, it is a good idea to always check with your local council and authorities for approval first to avoid any unwanted surprises.
- Financing & Costs – Many experts advise adding up to 20% to your initial budget, for any unexpected costs. Be sure to review Regional Australia Bank's financing options available to ensure you get the best deal for your needs.
- Materials - You may want to consider energy-efficient, sustainable, compliant, and termite resistant materials. These may occur additional costs but may also provide future savings through utility bills and property maintenance.
- Insulation and Water and Energy Efficiency – Boost savings and help the environment by selecting energy-efficient lighting, solar-powered systems, rainwater tanks, flow restrictors on taps, and the highest grade Water Efficiency Labelling and Standards toilets and showers where possible.
- Waste – Make sure you have a skip for safely disposing and recycling your waste in the best ways possible.
Take a look at the Australian Government’s Your Home Guide for further information aiding your property renovation.
Regional Australia Bank provides a range of specialist financial support and services to guide you through your property renovation:
- Loan Top-Ups – Increase the value of your existing home loan to get the funds you need while consolidating finances. Regional Australia Bank’s Partnership Home Advantage Home Loan is a great option for those renovating, as there are no Regional Australia Bank fees for topping up your loan.
- Refinancing Options – Take out an entirely new home loan to cover the costs of your mortgage and renovations. Alternatively, for smaller renovations, a personal loan may be more suitable.
- Mortgage Overdraft – Take advantage of a line of credit style all-in-one home loan and transaction account for maximum financial flexibility during your renovation.
- Insurance – Whether you’re a landlord or live-in owner, Regional Australia Bank have partnered with CGU to deliver an insurance partner with over 160 years of experience to provide Home Insurance and Landlord Insurance.
Book an appointment with one of Regional Australia Bank’s home loan specialists today to kick-start your property renovation.
This information is not to be considered as financial or legal advice. Please ensure that you speak to your accountant or solicitor in relation to your situation.