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Renovating on a budget - Greater Bank

Renovating on a budget

We all fancy ourselves pretty renovation-savvy these days, but the scope of our reno project may be defined by our budget. Here’s how to save money and get the most bang for your renovation buck.

Renovating on a budget - Greater Bank

Know your limits

Firstly, a caveat. When we say it’s possible to get a fantastic renovation on any budget, we don’t mean cutting corners to save money. You may have watched more than your fair share of ‘Selling Houses Australia’, but does that really qualify you as a renovation expert?

Once you have an idea of what you want to achieve with your reno project, you should be able to easily identify the jobs that are best left to the professionals. Things like electrical, plumbing and structural work are not to be trifled with – leave them to the experts.

That being said, make sure you get at least three quotes for the work you want done, and see if you can find any reviews of each tradie before agreeing to anything. Getting the job done right doesn’t have to cost heaven and earth, but you want it done right.

Working bee, anyone?

Once you’ve ruled out the stuff you can’t do yourself, you’ll probably quickly realise there is a whole lot you can get accomplished with a little help. Depending on the scale of your project, it can very quickly become a little overwhelming, but all you need to do is take stock of the assets at your disposal.

If you’ve got a group of friends or family that are willing to help out, so much the better! Here are some of the jobs you can put them to work doing (after a little research online or at your local hardware store).

Painting & landscaping

So simple even kids can get involved. Give your mates a roller or a shovel, and you’ll be amazed what can be accomplished in no time.

Fencing & floorboards

If any of your family or mates are ‘handy’ it can help here, but even if they aren’t, as long as they’ve got someone to give direction, they’ll surprise you!

Kitchen & tiling

Most flat pack kitchens are really straightforward to assemble over a day or weekend, and with the right advice you’ll be proud as punch of your new look bathroom tiles!

Think differently about savings

The earlier you can start pricing your reno project, the better, as you’ll give yourself a budget to work from, and can allocate some money for any unforeseen costs.

It’s important to remember that there are different ways to think about renovating that can save you money.

1. Head online

Don’t just settle for the first price you’re given for labour, supplies and materials. Head online and shop around – it may take a little bit longer but you can nab some serious bargains. Ask for trade prices, and look for ‘scratch and dent’ stock or used building materials too.

2. Think long-term savings

Often when we’re building, it can be easy to overlook using materials that will provide long term savings like solar panels, LED lights, rainwater tanks and good quality insulation. Trying to incorporate these features into your build may prove healthier for your wallet in the long run.

Compromise happens

No two renovation projects are the same, but there is one thing all projects have in common. None of them are perfect, and you should expect the unexpected.

Things happen on a reno site, scope changes – it’s gonna happen. That’s why it’s important to be able to compromise and adjust to suit your budget. Commit to a list of must-haves, and if things change, you can concentrate on the things you absolutely can’t do without.

Update insurance

Once you’ve finished your project, hopefully you’ll be happy with both the end result and the fact that you didn’t have to spend a fortune.

Since you’ve now updated your home at a bargain rate, you should inform your insurer of the changes you’ve made, so your Home & Contents policy can be amended.

If you’ve become accustomed to getting great deals, now might be the time to consider making the switch and ensuring your place through Greater Bank – no need to wait for renewal time!

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Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and free redraw available around the clock via online banking.
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
Interest rate 1.59 %# p.a.
Comparison rate 2.10 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest Rate 1.59 %# p.a.
Comparison rate 2.99 %^ p.a.
~2 year fixed discounted revert rate, owner occupied, principal and interest
Interest rate 3.90 % p.a.
Ultimate Line of Credit home loan base rate
Interest rate 1.89 %# p.a.
Comparison rate 3.14 %^ p.a.
~1 year fixed discounted revert rate, principal and interest
Interest rate 1.99 %# p.a.
Comparison rate 2.25 %^ p.a.
~2 year fixed discounted revert rate, principal and interest
Key Features
Great if you want a low-rate no-frills home loan.
Key Features
Great if you want a packaged home loan with a low rate and added benefits.
Key Features
Great if you want a continuous credit facility to access the equity in your home.
Key Features
Great if you want a great value packaged loan to invest in property.
Key Features
Great if you want a simple, no-nonsense investment loan with competitive rates.
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20%-25% dependent on security taken
Maximum loan term
N/A
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$10 per month
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Yes. Available once loan reverts to a variable interest rate.
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
$395 p.a. Package fee
Interest only available
Fixed rates available
Minimum deposit required (without requiring mortgage insurance or a Family Pledge)
20% of purchase price (plus costs)
Maximum loan term
30 years
Parental guarantee available
Property location
NSW, ACT & QLD
Multiple offset accounts
Free redraw online
Additional repayments
Split loan option
Can be used for land & construction (variable rates only)
Can be used for refinance
Fast refi
Available if self employed
Repayment holiday
Ongoing fee
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Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria. Greater Bank Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.

~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.

^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 90% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.

+Additional costs may apply if your loan has a fixed rate.

All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.