Helpful hints
What you should consider before building your own home:
- Planning is essential – develop a long term plan that takes your goals, budget and life into account
- Ask yourself – Can I afford this? Will my future plans (e.g. having children) affect my renovation?
- Don't over-capitalise – if you spend too much on the renovation in proportion to properties in your local area you may not recover your investment
- Choose trades people carefully – make sure they are licensed, shop around for the best deal and ask for references
- Consult local government authorities to get regulations and requirements in your area.
Alternatives for renovators
If you need more funds to complete minor renovations, such as installing a new kitchen or building a swimming pool, you may be able to use the top-up or redraw features available with your home loan.
Review your options:
- Use our Budget Planner
- Test scenarios with our Repayment comparison calculator.1
Are these scenarios similar to your situation?
Agatha and Ben want to rebuild
Agatha and Ben want to knock down and rebuild the home they’re buying. What options do they have?
A loan with a progressive draw down feature, such as a Rocket Repay Home Loan, would let them draw on their funds at different stages of construction.
Janice wants a swimming pool
Janice has a Flexi First Option Home Loan. She has always wanted a swimming pool but has been unable to save enough money for it. How can she make her renovation dream come true?
Janice could apply for a top-up of her existing loan. This could save her time and money because she won't have to apply for a new loan.
Things you should know
- The information contained within this page is general in nature. It serves as a guide only and does not take into account your personal financial needs. Before you act on this information you should seek independent legal and financial advice.
- Terms and Conditions apply and are available on request. Application subject to normal credit criteria and approval.
- 1. A redraw request is subject to approval. A redraw fee applies.
- 1.The calculations we give you are a general guide only and are based on current interest rates which are subject to change. The formula used in these calculators may change. Before relying on the calculation you should seek independent advice. Calculations do not take into account fees and charges.
