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Renovation costs

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

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.

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
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Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.35%
Comp. Rate p.a.6.26%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.35%
Comparison Rate
6.26%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$935
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Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositInvestment
Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositInvestment
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Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.65%
Comp. Rate p.a.6.53%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.65%
Comparison Rate
6.53%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$964
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Ubank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Ubank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
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Product NameUbank Flex Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6.41%
Minimum Loan Amount$80,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
6.41%
Fees
Application: $0
Ongoing: $250 p.a.
Monthly Payment
$900
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Macquarie Bank logo
Principal & Interest 3Y Fixed30% min. depositInvestment
Macquarie Bank logo
Principal & Interest 3Y Fixed30% min. depositInvestment
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Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.55%
Comp. Rate p.a.6.42%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.55%
Comparison Rate
6.42%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$954
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Ubank logo
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Ubank logo
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
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Product NameUbank Flex Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6.09%
Comp. Rate p.a.6.45%
Minimum Loan Amount$80,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.09%
Comparison Rate
6.45%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$909
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Compare the latest line of credit home loans below.

{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"SAMPLE_COMPARISON_V2_TEMPLATE","nicheCode":"AUFHL","fields":[{"name":"LOAN_AMOUNT","value":"150000","options":"","label":"Borrowing amount","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":""},{"name":"PERIOD","value":"30","options":"","label":"Period","suffix":"years","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""}]}
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Interest Rate
10.28%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$1,349
Interest Rate
8.76%
Fees
Application: $0
Ongoing: $20 p.a.
Monthly Payment
$1,182
Well Money logo
Principal & Interest40% min. depositOwner-occupierOffset account
Well Money logo
Principal & Interest40% min. depositOwner-occupierOffset account
Product NameWell Money Equity Plus
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.16%
Comp. Rate p.a.6.19%
Minimum Loan Amount$200,000
Maximum Loan Amount $20,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments
Interest Rate
6.16%
Comparison Rate
6.19%
Fees
Application: $250
Ongoing: $0 p.a.
Monthly Payment
$916
Interest Rate
8.10%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$1,112
AMP Bank logo
Interest only20% min. depositInvestmentOffset account$100K to
AMP Bank logo
Interest only20% min. depositInvestmentOffset account$100K to
Product NameAMP Bank Professional Package Line of Credit
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.7.19%
Comp. Rate p.a.7.43%
Minimum Loan Amount$100,000
Maximum Loan Amount $499,999
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
7.19%
Comparison Rate
7.43%
Fees
Application: $0
Ongoing: $349 p.a.
Monthly Payment
$1,018
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Showing 5 of 7 results

Compare the latest construction home loans below.

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
loans.com.au logo
Interest only10% min. depositOwner-occupier
loans.com.au logo
Interest only10% min. depositOwner-occupier
Product Nameloans.com.au Green Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.43%
Comp. Rate p.a.6.68%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,200,000
Maximum Loan Term30 years
Maximum LVR ≤90%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments No
Interest Rate
6.43%
Comparison Rate
6.68%
Fees
Application: $0
Ongoing: $0 per month
Monthly Payment
$943
Great Southern Bank logo
Principal & InterestInterest only10% min. depositInvestment
Great Southern Bank logo
Principal & InterestInterest only10% min. depositInvestment
Product NameGreat Southern Bank Basic Variable
Interest Rate TypeVariable rate
Repayment Type Principal & Interest Interest Only
Interest Rate p.a.6.34%
Comp. Rate p.a.6.40%
Minimum Loan Amount$100,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan Facility
Fixed Interest Option
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.40%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$934
AMP Bank logo
Principal & InterestInterest only40% min. depositInvestmentOffset account$500k+
AMP Bank logo
Principal & InterestInterest only40% min. depositInvestmentOffset account$500k+
Product NameAMP Bank Professional Package Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest Interest Only
Interest Rate p.a.6.84%
Comp. Rate p.a.6.78%
Minimum Loan Amount$500,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.84%
Comparison Rate
6.78%
Fees
Application: $0
Ongoing: $349 p.a.
Monthly Payment
$983
Great Southern Bank logo
Principal & Interest20% min. depositOwner-occupier
Great Southern Bank logo
Principal & Interest20% min. depositOwner-occupier
Product NameGreat Southern Bank Basic Variable
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.24%
Comp. Rate p.a.6.30%
Minimum Loan Amount$100,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan Facility
Fixed Interest Option
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.24%
Comparison Rate
6.30%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$924
Greater Bank logo
Principal & Interest20% min. depositOwner-occupier
Greater Bank logo
Principal & Interest20% min. depositOwner-occupier
Product NameGreater Bank Great Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.7.86%
Comp. Rate p.a.7.87%
Minimum Loan Amount$30,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
7.86%
Comparison Rate
7.87%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,087
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Showing 5 of 9 results

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