Renovation costs

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

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Working out your renovation costs requires a bit of research and a few phone calls to qualified tradespeople. And if you're doing it yourself, a clear idea of your time and cost in materials. 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.

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Deposit

HSBC Fixed Rate Home Loan Package
1.88%
2.87%
  • App: $0
  • Ongoing: $390 p.a.
$547
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.79%
2.18%
  • App: $0
  • Ongoing: $0 p.a.
$540
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.

Suncorp Home Package Plus Fixed P&IHome 2Y Fixed≥ 20% Deposit

Suncorp Home Package Plus Fixed
1.89%
2.85%
  • App: $0
  • Ongoing: $0 p.a.
$548
$3,000 refinance cash bonus
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan. $3,000 refinance cash bonus for eligible borrowers. Other terms, conditions and eligibility criteria apply.

UBank UHomeLoan Fixed P&IHome 3Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.85%
2.13%
  • App: $0
  • Ongoing: $0 p.a.
$545
A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit.

Well Home Loans Balanced Fixed Home Loan P&IHome 1Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
1.84%
2.01%
  • App: $250
  • Ongoing: $0 p.a.
$544
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
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Compare the latest line of credit home loans below.

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

Well Home Loans Equity Plus P&IHome≥ 40% Deposit

Well Home Loans Equity Plus
1.87%
1.90%
  • App: $250
  • Ongoing: $0 p.a.
$546
Borrowers with 40% deposits or equity can get this low variable rate loan. 100% offset account included.

Bank First Equity Line of Credit P&IInvestment≥ 20% Deposit

Bank First Equity Line of Credit
4.49%
  • App: $300
  • Ongoing: $300 p.a.
$761
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Compare the latest construction home loans below.

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

Suncorp Back to Basics Home Loan P&IHome≥ 10% Deposit

Suncorp Back to Basics Home Loan
2.59%
2.60%
  • App: $0
  • Ongoing: $0 p.a.
$601
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.

loans.com.au Green Home Loan IOHome≥ 10% Deposit

loans.com.au Green Home Loan
2.08%
2.39%
  • App: $0
  • Ongoing: $0 p.a.
$562
Construction Loan: A competitive variable rate loan available for the construction of an energy-efficient home.

Suncorp Back to Basics Home Loan P&IHome≥ 20% Deposit

Suncorp Back to Basics Home Loan
2.44%
2.45%
  • App: $0
  • Ongoing: $0 p.a.
$590
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.

loans.com.au Green Home Loan IOInvestment≥ 10% Deposit

loans.com.au Green Home Loan
2.59%
2.90%
  • App: $0
  • Ongoing: $0 p.a.
$601
Construction Loan: Investors building an energy-efficient property can get a discounted rate on this green investment loan with interest-only repayments.
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