How to Pay for your Home Improvement

So many beautiful images have passed through your hands, you’ve been so inspired to start renovating and upgrading your home, and you’re keen to get to the next step and get cracking on your renovation – So what now?  … Budgeting and Finance.

Set A Budget

After doing your research about the style of your renovation, you want to know what your budget will be for paying for the project.  Talking to a team of design professionals about your budget and your wish-list and the realistic costs will enable you to make that final decision on what you can and can’t have in your new kitchen/bathroom/laundry space.  Once your designer has worked with you to provide a detailed quote on how much your beautiful new project will cost, you have to think about how you are going to pay for it all.

Speak to an expert and research property prices in your area

Speaking to a trusted Finance Expert or Broker who has years of experience behind them, will give you an insight into the world of finance that is otherwise a maze to unravel.  Your Finance Expert/Broker can find the right options for your situation and for your goals. They will be able to use their contacts to source an edited version of finance options best suited just for your circumstances and run through the pros and cons of each with you.

Ask all the questions up front and consider all the options and their outcomes before you commit yourself.


Although you might have been saving up already, realistically, you might not be able to cover all the costs straight away, or the final quote is out of the range of your actual cash savings.  

Credit Card

For small renovations, you might able to utilize a credit card facility – who doesn’t want to increase their frequent flyer points right?  But, consider the interest fees as these might be higher than personal loan options. You will also have to keep an eye on the spend and make sure you’re not over-spending as is usually the enticement when using credit cards.  

Refinancing your home loan 

Refinancing with another lender could offer you a lower interest rate, but you should look at the period of the loan in the long run.  If paying the lowest repayment option, you might be paying more interest on your new loan in the long run. Consider any exit fees from your current loan that may be applicable, and any paperwork that may be required and whether there may be any delays with approval.


Applying for a redraw against your existing home loan is another option if your current home loan has this facility.  Look out for redraw fees too if they are applicable.

Personal Loans 

Small amounts from $5K up to $50K can be accommodated for in Personal Loans.  Funds are usually available and accessible quickly. Shorter terms for repaying personal loans mean you can have the loan paid off quickly.  Personal loans are readily available and easy to apply for when other options are not available to you, meaning a popular and hassle-free way to finance your renovation works.  It also allows you to keep your investments or savings intact, whilst borrowing money to pay for your project, to increase the value of your home in the long run.


Remember to always consult your Finance Expert when considering the right finance facility for your circumstances.