{"id":5540,"date":"2025-01-23T12:03:56","date_gmt":"2025-01-23T02:03:56","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5540"},"modified":"2025-01-23T12:03:56","modified_gmt":"2025-01-23T02:03:56","slug":"how-to-finance-your-2025-home-renovation","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/","title":{"rendered":"How to finance your 2025 home renovation"},"content":{"rendered":"

\"\"Bathroom blitz? Kitchen kit out? Or perhaps some landscaping love might be on your house upgrade wishlist for 2025? If so, it\u2019s worth knowing what reno finance options are available. Today we\u2019ll explain some ways to fund your home improvement project.<\/strong><\/p>\n

Spending on\u00a0home renovations has boomed over the past five years<\/a>, and it seems we\u2019re not done yet.<\/p>\n

The\u00a0Housing Industry Association<\/a>\u00a0says high property values are giving Australians more home equity \u2013 and confidence \u2013 to go ahead with home improvements at near-record levels.<\/p>\n

It\u2019s exciting stuff, especially as home improvements can boost your lifestyle and your home\u2019s value.<\/p>\n

Here are some of the renovation loan options that could help transform your place into your dream home.<\/p>\n

Use your offset account or redraw<\/h3>\n

You may have cash stashed in a home loan offset account. Or, perhaps you\u2019ve been paying more than the minimum loan repayments, providing a source of funds via redraw.<\/p>\n

Both could provide money to help fund your renovations.<\/p>\n

But be sure to talk to us first about the possible impact on your home loan.<\/p>\n

Savings held in an offset account, or those extra loan repayments, can help you save on loan interest.<\/p>\n

So you\u2019ll want to crunch the numbers before you dip into an offset account or redraw facility.<\/p>\n

Top up your existing home loan<\/h3>\n

If you have sufficient home equity, you may be able to borrow a bit extra with your existing home loan through a loan top-up.<\/p>\n

While this option may be more straightforward than switching to a new lender, it\u2019s worth noting that some lenders can charge fees to top up a home loan.<\/p>\n

Refinance to a new loan<\/h3>\n

Another possible source of reno funds could be refinancing to a new loan.<\/p>\n

Your old loan may no longer have a competitive interest rate or the features you need.<\/p>\n

The beauty of refinancing is that it can put any additional home equity you\u2019ve recently acquired to work, which could provide the funds needed to pay for renovations.<\/p>\n

The added sweetener could be interest rate savings and\/or more flexible loan features.<\/p>\n

Consider a construction loan<\/h3>\n

If you\u2019re planning a major project, such as a new extension or a knock-down-and-rebuild, a construction loan could be worth a look.<\/p>\n

A construction loan is purpose-built for renovation and building projects.<\/p>\n

The funds are drip-fed to you as each stage of your project is completed. You only pay interest on the funds drawn down, and during the building phase you will typically only need to make interest-only repayments. This can help you save money on interest costs.<\/p>\n

As an added plus, some lenders may provide pre-approval for construction loans even before you\u2019ve chosen your builder.<\/p>\n

Getting pre-approval can be a good way to know how much you can spend on your renovations, helping you set a project budget.<\/p>\n

Understand the options available for your project<\/h3>\n

It\u2019s difficult to start planning a renovation until you know just how much you can afford to spend.<\/p>\n

So if you\u2019d like to get a clearer idea of what\u2019s possible for your 2025 renovation plans, contact us today and we\u2019ll work hard to help you get rolling on your project.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bathroom blitz? Kitchen kit out? Or perhaps some landscaping love might be on your house upgrade wishlist for 2025? If so, it\u2019s worth knowing what reno finance options are available. Today we\u2019ll explain some ways to fund your home improvement project. Spending on\u00a0home renovations has boomed over the past five years, and it seems we\u2019re […]<\/p>\n","protected":false},"author":23,"featured_media":5541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5540","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHow to finance your 2025 home renovation · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to finance your 2025 home renovation · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Bathroom blitz? Kitchen kit out? Or perhaps some landscaping love might be on your house upgrade wishlist for 2025? If so, it\u2019s worth knowing what reno finance options are available. Today we\u2019ll explain some ways to fund your home improvement project. Spending on\u00a0home renovations has boomed over the past five years, and it seems we\u2019re […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\" \/>\n<meta property=\"og:site_name\" content=\"FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-23T02:03:56+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-renovation-2025.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"733\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"FinancialPlus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"FinancialPlus\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\"},\"author\":{\"name\":\"FinancialPlus\",\"@id\":\"https:\/\/financialplus.com.au\/#\/schema\/person\/7b0d029a6587cbef16ed101f41756057\"},\"headline\":\"How to finance your 2025 home renovation\",\"datePublished\":\"2025-01-23T02:03:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\"},\"wordCount\":644,\"publisher\":{\"@id\":\"https:\/\/financialplus.com.au\/#organization\"},\"image\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-renovation-2025.jpg?fit=1100%2C733&ssl=1\",\"articleSection\":[\"Home Loans\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\",\"url\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\",\"name\":\"How to finance your 2025 home renovation · FinancialPlus Mortgage Broker Gold Coast\",\"isPartOf\":{\"@id\":\"https:\/\/financialplus.com.au\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-renovation-2025.jpg?fit=1100%2C733&ssl=1\",\"datePublished\":\"2025-01-23T02:03:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-renovation-2025.jpg?fit=1100%2C733&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/financialplus.com.au\/wp-content\/uploads\/Blog-1100x733-renovation-2025.jpg?fit=1100%2C733&ssl=1\",\"width\":1100,\"height\":733},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/financialplus.com.au\/how-to-finance-your-2025-home-renovation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/financialplus.com.au\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to finance your 2025 home renovation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/financialplus.com.au\/#website\",\"url\":\"https:\/\/financialplus.com.au\/\",\"name\":\"Financial Plus Mortgage Broker Gold Coast\",\"description\":\"Gold Coast mortgage broker - 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