You can begin estimating the total costs of your home renovations by determining the scale of your project:
To estimate the costs of your home renovation loan, you’ll need to enter some basic details.
These are explained below:
This home renovation loan calculator uses amortisation when calculating interest and repayment amounts.
Amortisation is a more accurate calculation of repayments across the lifetime of a loan as it accounts for interest charges relative to the remaining loan balance, instead of using a fixed interest amount for each repayment.
When it comes to funding your renovations you’ve got several options to choose from.
You may be able to use your own money (or at least a portion of it) or refinance an existing mortgage to release equity in your home.
Borrowers looking to finance home renovations will generally consider a home renovation loan or construction loan, depending on the scope of the project.
Personal loans (secured or unsecured) can also be used to finance your renovations, and are offered by the majority of lenders in New Zealand.
Enter your existing debts, interest rates, and repayment amounts to see how much you could save by consolidating your debts into a single loan repayment.
Enter the loan amount, loan term, interest rate, and repayment frequency to calculate repayment amounts and total interest payable on various loan offers.