4 ways to make the most of the HomeBuilder grant

The HomeBuilder grant is an exciting opportunity for those looking to build their dream home or fix up the place they're in.

If you’re eligible, the newly extended HomeBuilder grant offers $15,000 towards renovating or building their property - but what are some ways to spend the grant money to make it go further?

Firstly, it’s important to take the time to consider what adds value and how you intend to to use the space.

Eligibility for the grant will depend on your earnings, whether you plan to build or renovate, and the total cost of the project. You can read more about the eligibility criteria of the HomeBuilder here, or simply give us a call.

Contact your local broker to find out if you're eligible today

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So what are some ways that you could spend the grant money to make it go further? Let’s take a look at these 4 starting points which can help to get you started!

1 | Spruce up the bathroom

Renovating to add value is always a good idea! A good start is to look at the most-used areas of your home such as the bathroom. When looking to renovate or build a new bathroom, consider the fixtures, tiling, storage, underfloor heating, layout and so on. There is so much you can do in a bathroom to make it a space you can’t wait to kick back and relax in! 

Just remember, it’s important not to overcapitalise, but if you don’t plan on selling anytime soon it may not be an issue for you. 

2 | Cook away in a new kitchen

A brand new kitchen can change your day to day living dramatically. If you’re looking to update the fit-out of your existing kitchen consider installing modern bench tops and top-of-the-line appliances. If you’re installing a new kitchen, take the time to plan ahead and consider how you want to use the space and what layout you need. 

Lastly, look to invest in high-quality fixtures and finishes wherever you can, it will add a touch of class that will still be apparent later down the track when it comes time to sell.

3 | Knock down the walls and open it up

The open floor concept is becoming increasingly popular. By knocking down a wall (or a few walls!) it can create a more open floor plan and improve the flow of your home. 

But don’t start swinging the sledgehammer just yet! It’s important to get advice from the experts, they can let you know if the wall is structural and load-bearing, if there is asbestos present and if there is gas and electricity running throughout.

4 | Engage the professionals

Whether it’s a new build or a renovation - do your research on the possible builders, designers and architects you want to work with. Choose professionals with plenty of experience and knowledge about the type of project you want to undertake.

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While $15,000 is a lot of money on its own, it can get eaten up quickly! If extra funds are required to contribute to your renovation plans, depending on your situation, some options to consider could be a personal loan or even refinancing your existing loan to get cash out (you may even get a cheaper rate). If you're thinking of applying for a construction loan, we can also help you with this process.

No matter whether you choose to build or renovate, the way you will fund the project is central to a good result. Your local Mortgage Choice broker can provide tailored, expert advice on the range of funding choices available to you.

This article was originally published on 25 August 2020, and has since been updated.

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