Aussies want sustainable renovations but at what cost?

Around 3.5 million Australians are looking to make improvements to their home in the next six months, however only three-quarters are considering sustainable changes. 

This is according to research by KPMG and the Green Building Council of Australia, which also explores the benefit of eco-friendly options.

For example, when home renos factor in energy efficiency, it can save an Aussie household up to $1,600 per year on bills, according to KPMG and the GBCA. 

However, there are some barriers that are stopping people from sustainable renovations such as the overall expense, with 60% of people agreeing that costs can quickly rack up. 

A lack of information or knowledge is also seen as a hurdle, with the majority of those surveyed not knowing where to start. And, 27% weren’t actually sure about the benefits either. 

Yet, almost two-thirds were interested in learning more about how they could make their home more sustainable. 

Personal loans: finding your way with home renos

To help simplify sustainable renovations, Allianz Australia and GBCA have partnered to launch a technical manual and checklist for sustainable home improvements. 

While this helps fill the knowledge gap, there is still the issue of upfront costs. There’s no simple answer though personal loans can help, providing a great option if you need some extra help funding. 

A personal loan works like any other loan, where you borrow a principal amount and pay that amount back over a term and any additional interest, depending on the interest rate. 

For example, if you borrowed $15,000 at a 10.47% interest rate, which is the current average in the Mozo database, over a 5 term, your repayments would be $322 a month. This makes covering your reno expenses a bit more manageable!

If you are after the best interest rate for a renovation loan, check out our renovations loans providers page - or compare personal loans down below.