Renovation costs

How do you determine the cost of renovating kitchens, bathrooms, bedrooms and more?

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Planning a renovation? It can be hard to get a good understanding of the costs involved, but working out a budget is a good first step. Start by asking yourself these questions:

  • What are you hoping to achieve with this renovation? Are you looking to add value to the property through renovating? Are you trying to make your home more comfortable for your growing family?
  • How much can you afford to spend? Getting a clear idea of what you can actually afford helps you to clarify the scope of your renovation ambitions.

Once you've got a clearer idea of your renovation plans, there are several steps you can take to get a rough estimate of your costs.

How to work out your renovation costs

Take the following steps to get a better understanding of your potential renovation costs:

  • Consider the materials you need. Researching the materials you'll need for the renovation will give you a better idea of costs. The quality of timber, tiles and so on can really impact your costs. But be mindful of value as well. Higher-quality materials can have a greater impact on the value of your property in the long run.
  • Consider your appliances. In the same vein, you may need to purchase new fixtures or appliances as part of the renovation. Again, think about cost but also quality. Sometimes, cheap just isn't cheap at all.
  • Work out your renovation space in square metres. Measure out the floor space of the room or rooms you're renovating to help you estimate costs more clearly.
  • Use an online calculator. There are many online renovation calculators that you can use to get a rough estimate of costs per square metre.
  • Get quotes from local tradespeople. The best way to really judge cost is to get quotes from licensed tradespeople in your area. Get several quotes to help you compare, provide as much information as you can and try to get a detailed cost breakdown.
  • Talk to people who've renovated recently. If you know people who've renovated recently, it's a really good idea to ask them about their experience, including costs, time and any problems that occurred.

Cover your renovation costs with the right loan

You can finance a renovation through a home loan top up, refinancing, taking out a line of credit or even a personal loan. You can compare some options in the table below or head here to learn more about renovation finance.

Compare the latest refinancing home loans below.

Rates last updated February 29th, 2020
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
St.George Fixed Rate Advantage Package - 2 Year Fixed Rate LVR 60% to 80% (Owner Occupier, P&I)
2.89%
3.77%
$0
$395 p.a.
80%
Refinancers borrowing $250,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply). A low variable interest rate for home buyers and refinancers. Application fee waived for loans above $150,000.
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
2.79%
3.25%
$300
$10 monthly ($120 p.a.)
80%
Buy your home and lock in a low rate for the first two years.
Bank of Melbourne Advantage Package Fixed Home Loan - 2 Year Fixed (Owner Occupier, P&I) LVR above 60% up to 80% New customers
2.89%
3.77%
$0
$395 p.a.
80%
Refinancers borrowing $250,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply). A low variable interest rate for home buyers and refinancers. Application fee waived for loans above $150,000.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.69%
3.19%
$395
$0 p.a.
80%
An online home loan offer with a fixed interest offer for 3 years.
Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)
2.79%
3.82%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.

Compare up to 4 providers

Compare the latest line of credit home loans below.

Rates last updated February 29th, 2020
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
State Custodians Low Rate LOC - LVR up to 80% (Owner Occupier, IO)
3.15%
3.16%
$0
$0 p.a.
80%
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate. This loan is not available for construction.
AMP Professional Package Line of Credit - $750,000 and above (Owner Occupier, IO)
3.74%
$0
$349 p.a.
80%
Low fee line of credit loan with package benefits.
Aussie Select Line of Credit - (LVR 80.01% to 90%) (Owner Occupier)
3.94%
$0
$15 monthly ($180 p.a.)
90%
A low rate line of credit with low ongoing fee.
State Custodians Low Rate LOC - LVR up to 70% (Owner Occupier, IO)
3.08%
3.10%
$0
$0 p.a.
70%
Withdraw up to 70% of your home equity with this competitive line of credit loan. This loan is not available for construction.
AMP Professional Package Line of Credit - $500,000 to $749,999 (Investor, IO)
3.84%
$0
$349 p.a.
80%

Compare up to 4 providers

Compare the latest construction home loans below.

Rates last updated February 29th, 2020
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
Greater Bank Great Rate Home Loan - Construction Loan (Owner Occupier, P&I)
3.91%
3.92%
$0
$0 p.a.
95%
Fund the construction of your new family home with a very competitive variable interest rate. Available with a 5% deposit.
Adelaide Bank SmartFix Home Loan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.91%
3.25%
$375
$15 monthly ($180 p.a.)
95%
A three year fixed rate loan with 100% offset account.
Greater Bank Ultimate Home Loan - Construction Loan (Owner Occupier, P&I)
3.71%
4.12%
$0
$395 p.a.
95%
Build your new home with a variable interest rate and enjoy a 100% offset account. 5% deposit option available.
AMP Construction Loan - Owner Occupier (IO)
5.95%
5.27%
$350
$10 monthly ($120 p.a.)
80%
Build a home or investment property and take advantage of interest-only repayment options.
Pepper Money Essential Prime Construction Full Doc Home Loan - LVR up to 55%
4.06%
4.28%
$999
$10 p.a.
95%
A flexible variable rate home loan for borrowers with a good credit history.

Compare up to 4 providers

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