Blockheads beware - the one factor the reno shows don't address

Home renovation shows are in abundance, they inspire plenty of Aussies to launch their own renovation projects. But there’s one key factor the shows don’t address. 

Popular renovation reality shows have inspired plenty of Aussies to renovate their own home or rise to the challenge of buying a ‘fixer upper’.

While small screen renovations make for compelling viewing, these shows often gloss over one key factor: How to pay for the project.

Planning a renovation project

It’s no surprise that renovation reality shows focus on the latest home designs, with a bit of human drama for added interest.

A major renovation can add tremendous value to a property, and enhance the residents’ lifestyles but there is plenty to sort out long before you start comparing colour swatches and carpet samples.

Having your plans approved by the local council is an absolute must-do though it can be a drawn out process.

In NSW, for example, in 2022-23 it took an average of 106 days for a development application (DA) to be approved. In some areas that timeframe pushed out to 281 days 1 .

It is also critical to set a renovation budget. The cost of home improvements varies widely. According to trades site HiPages 2 , in 2024, you can expect to be quoted:

  • $10,000 - $45,000+ for kitchen renovations
  • $2,000 - $10,000+ for garden renovations
  • $10,000 - $35,000+ for bathroom renovations
  • $10,000 - $15,000+ for living room renovations
  • $2,000 - $35,000+ for bedroom renovations.

Whatever the final cost appears to be, think about adding a bit more. Renovation budgets have a habit of blowing out, and it’s important to allow some wiggle room.

Where does the money come from?

If your renovations are smaller in scale, you may be able to pay for the project using personal savings. The advantage is that you won’t pay additional funding costs such as interest. However, it makes sense to ensure you still have sufficient funds to cover unexpected or emergency bills.

Further along the scale, you may want to use a personal loan. Community First comes to the party with a variety of options.

Our unsecured Home Improvement Loan can provide the cash you need to make your home projects happen. Borrow from as little as $1,000 with loan terms from 1-10 years, and enjoy the freedom to pay out your loan early without penalty.

Our low rate Green Loans are especially designed to fund environmentally-friendly home improvements. Loans start from just $1,000 and can be used for ‘green’ projects such as installing solar panels or rainwater tanks.

For a major renovation project, a home loan top up may be an easy solution. This can also be an opportunity to review your old home loan and check if it’s still the right choice for your needs.

Refinancing to a Community First home loan can give you the potential savings of a competitive rate, while also providing the funding needed to complete improvements. You may be able to borrow against up to 80% of the available equity in your home which can be an alternative way to finance a renovation, giving you the benefit of competitive home loan interest rates.

Finally, for smaller projects you can also consider a low rate credit card. Ours come with one of Australia’s lowest ongoing credit rates and with up to 55 days interest free, it can be a handy companion in your wallet.

Create your own winning renovation

Renovation projects can be highly rewarding, and hopefully yours won’t have all the drama of an episode of a reality TV show.

If you get the plans right, and secure the funding best suited to your needs and budget, you can definitely come out a winner.

To learn more about financing your next home improvement project, call the Community First team on 1300 13 22 77, or visit one of our Community First stores.

Credit eligibility criteria, terms and conditions, fees and charges apply.

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1 https://www.planning.nsw.gov.au/policy-and-legislation/housing/housing-supply-insights/quarterly-insights-monitor-q4/development-assessment-pathways
2 https://hipages.com.au/article/renovation_guide_how_much_does_it_cost_to_renovate


Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170