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.
“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.
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]