More Australian home owners are choosing to renovate than to move, providing increased opportunities for brokers to help clients through refinancing options.
The Westpac Renovation Report
has found that Aussie home owners are choosing to spend an average of $47,984 on renovations to their current homes, as opposed to packing up and moving.
The top motivations for renovating revealed by the report are to make their home more comfortable (64%), update the style of their property (55%) and to increase the value of their property (41%).
Renovators are making sure they do their due diligence though, with the report citing that 80% thoroughly plan and prepare for their renovation.
Westpac’s General Manager for Broker Distribution, Tony MacRae, said this gives brokers an opportunity to help renovators plan and prepare, particularly through providing refinancing options.
“Over the last decade renovating has become a more viable option for home owners to have the home that they truly desire,” he said.
“While many people perceive timelines and budgets as some of the most challenging aspects of a renovation, these can actually be simplified during the planning process. Talking to a mortgage broker about refinancing options before making any hard and fast decisions is a smart move. [Brokers] can ensure that there is enough equity in the home to comfortably finance any home improvements.”