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 You can get that modern kitchen you’ve been dreaming of, upgrade your outdated bathroom, or just finally get rid of that worse-for-wear looking carpet.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?
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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 Bank’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.
Published 24th April 2022
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The information is intended to be of general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
^^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 28 February 2025 unless withdrawn earlier.
# COMPARISON RATE:
A comparison rate is a rate that indicates the true cost of a loan. This comparison rate is based on $150,000 over a term of 25 years and incorporates certain fees and charges that are applicable for the chosen product.
WARNING: This comparison rate applies only to the example or examples 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. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.
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.
