Powered by MOMENTUM MEDIA
subscribe to our newsletter

Suncorp launches new renovation tool

The non-major bank has partnered with CoreLogic to develop a new calculator that estimates the costs of home renovations.

Suncorp Bank has launched a new renovation calculator, powered by property research group CoreLogic, which enables renovators to determine the estimated costs of home renovations in a particular suburb.  

The calculator generates an estimate by user responses to a series of questions relating to their renovation objectives.

The tool leverages CoreLogic data (updated quarterly), which calculates the cost of labour, services and materials needed to complete the project in a given location.

Following the launch, Suncorp executive general manager, lending, Glenn Haslam said the tool would also help prospective renovators to better understand their financing needs.

Advertisement
Advertisement

“Finances are top of mind for most Australians, and with people spending more time at home, we know that many Aussies are starting to think about how they can make their house feel more like home,” he said.

“Before starting any renovation, it’s important to start with a budget. Suncorp’s renovation calculator helps provide tangible guidance on the likely cost you could face depending on the scale of your renovation.

“Our Suncorp lenders and brokers can also help prospective renovators understand options to finance their renovation while also balancing their financial goals.”

The tool has been launched ahead of an expected rise in renovation and construction activity in response to the launch of the federal government’s HomeBuilder package.

The renovation trend in Australia has been steadily increasing, especially in the current climate with people spending more time at home contemplating home improvements.

PROMOTED CONTENT


Lisa Claes, CEO of CoreLogic International, observed: “Schemes such as the HomeBuilder grant have also meant that more people are inclined towards a renovation over relocation.”

The $688-million HomeBuilder scheme provides a $25,000 grant to owner-occupiers “substantially renovating” or building a new home from 4 June to 31 December 2020.

A national price cap of $750,000 has been set for new home builds, while a renovation price range of $150,000 to $750,000 has been set for renovating an existing home with a current value of no more than $1.5 million.

The federal government recently reached an agreement with all states and territories to administer its scheme, with all states and territories becoming signatories to the HomeBuilder National Partnership.

[Related: HomeBuilder ‘arrests’ home sales decline]

Suncorp launches new renovation tool
Suncorp launches new renovation tool
mortgagebusiness

Latest News

The Victorian Government will deliver “an historic” $5.3 billion Big Housing Build to construct more than 12,000 new homes throughout me...

A “more optimal” retirement income system would involve retirees “more effectively” drawing on home equity to fund their standard of...

Non-major lenders continue to be the more highly rated lenders used by brokers for both turnaround times and policy, according to the lates...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Responsible Lending - what could lie ahead for lenders brokers and borrowers?

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.