Refinance your Home Loan to Make your House a Home

March 31, 2015
Annette Kennedy

Almost 50 per cent of Australian homeowners intend to renovate their property in the next 12 months, according to Mortgage Choice’s latest Happy As Index.

Across the country, one in three respondents said the bathroom was on the top of their ‘to do’ list. This was followed closely by kitchen and lounge room renovation plans.

Mortgage broker, John Kennedy of Mortgage Choice in Mudgeeraba, Gold Coast, said "it was likely that television programs such as the latest season of The Block would motivate Australians to kick start their own home renovations early in the year."

Before renovating prepare a budget as well as a timeline…..Time is also money.

Regardless of whether you are looking to make small cosmetic changes or demolish an entire room, you need to budget for the renovations and determine exactly how you will fund the project from the get-go.

Depending on the scale of the renovations, there are plenty of ways you can fund your project, from using their savings, to a loan top-up, refinancing their mortgage or even a construction loan.

For those looking to renovate their home on a budget this year, here are a few pointers to help keep costs down while adding value to your home:

 Get your hands dirty

 Don’t hire a trade if you don’t need to! Even if DIY isn’t usually your thing, doing some of the easier tasks yourself (like painting, replacing door knobs or handles and applying wallpaper) will help you put more money towards those rooms requiring bigger renovations.

 Expect the unexpected

Inevitably, costs you don’t plan for will crop up during renovations. It might be that a sun shower ruins insulation you left outside or your paint choice turns out to be a mistake. Because you don’t win a few thousand dollars each time you complete a perfect room, like those renovators on The Block, it is a good idea to keep a budget buffer to avoid a blow-out.

 Mates’ rates

While no one likes to take advantage of their friends, those with the right skills are normally happy to help a mate out if and when needed. Whether that means helping you buy materials at a discounted rate, or giving up a few hours of their time on a weekend to help with demolition, every little bit counts.

 Bathrooms and kitchens

 You are likely to see the biggest return on investment from sprucing up the bathroom or kitchen.  While these tend to be the more expensive rooms to renovate, by budgeting you can ensure the cost of the renovations is less than the value they will add to your property.

Don’t forget about the outside

If you are renovating for profit, don’t underestimate the significance of street appeal. While The Block usually delays ‘exterior week’ to the very end of each season, potential buyers may make up their mind before stepping through the front door. A fresh coat of paint on the exterior or maintaining a manicured front yard, are likely to be cost effective quick fixes.


To help make the right financial decisions when renovating your Gold Coast home, it is a good idea to seek help from a home loan expert.   Call Mortgage Choice in Mudgeeraba on 5559 2563,send an email to or drop in and see us.  We are just 5 minutes from Robina Town Center in Bell Central Shopping Centre, Mudgeeraba.

Posted in: Refinancing

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