step 1

Hammer or cheque-book?

Firstly, you should take the time to consider whether or not your renovation project is something you’d be willing to undertake yourself, or if you’ll be looking to a contracted professional tradesperson.

Be honest with yourself during this early stage – while there may be some cost benefits involved in DIY, if you’re not 100% confident you’ll have the skills required to complete the job, it’s best to realise it now. If you don’t, you may end up attempting a DIY reno, only to have to double down on your costs to call in a pro.

step 2

Make your plans and set up your budget

Once you know who’ll be completing work on your reno, you can start to make concrete plans and set up your budget. You should take the time to decide exactly what work you want done and how much you’ll be willing to pay for it.

  1. Use our Savings Goal Calculator

    Set up this project budget now by gaining a number of quotes or the proper DIY homework. This way, you’ll have a finite finance goal to aim for, regardless of whether you’re funding the reno yourself or with help from your bank.

    Savings Goal Calculator

  2. Find out more about our Bonus Saver

    If you’re looking to pay for the work out of your own pocket, our high-interest Bonus Saver Account is a perfect fit, rewarding you for your good saving habits each month. Open an account online today.

    Bonus Saver

step 3

Get the right finance

If you prefer to get financing for your renovation project, it’s worth your while to consider your options. 

  1. Existing Customers

    If you're a Greater Bank customer, however, you have a number of options available to you.

    - You can borrow additional funds on your current mortgage, allowing you to save money on interest in the long run

    - You may be able to redraw from any extra payments you have made on your current mortgage. Redraws made through our Internet Banking service are free, the funds are available immediately if transferred to a Greater Bank account, and we place no restrictions on the number of redraws you can make

  2. New Customers

    If you’re not currently a Greater Bank Home Loan customer, we recommend you take a look at our range of great value loans before you break ground. You may even be able to access the equity in your property by taking up our Greater Bank Line of Credit Loan

    Home Loans

step 4

Be prepared for incidentals

Even the best laid plans are still just plans. They can change at a moment’s notice – especially if you’ve decided to try your hand at a DIY renovation. If equipment breaks down, material orders come up short, or you need that one particular tool at a moment’s notice, your budget may not be able to absorb it.

In this instance, it’s good to know that you’ll be able to get what you need and get back to work. This is where a Greater Bank Visa Credit Card comes in handy. A simple, easy-to-use card, offering a great value rate and low fees. You’ll love it so much, you just might keep it in your tool-belt.

step 5

Live it up!

Once your work is completed, it’s natural to want to crack the champagne and get on with the good life, but this can be a rookie error. Now that you’ve put all that time, money and effort into improving your home, you deserve to enjoy it with peace of mind.

Once your renovation is complete, contact your insurer and let them know exactly what has changed at your place. Once they’ve updated your level of cover to reflect your improvements, you can kick off your shoes and start enjoying the fruits of your labour.