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Renovating my home > FAQ's
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If I spend money renovating my property, why does the value not increase by the same amount?
Renovating a home is part of maintenance, for example, repainting the house and replacing gutters. These expenses usually prevent your property from deteriorating but will not contribute to its appreciation in value. The upgrading of the property by replacing carpets with tiles, retiling the bathroom or adding another room may increase its value. These items are considered to be of a cosmetic nature and any increase is minimal compared to their retail cost.
Why do I have to pay an assessment fee, if I want my property reassessed after alterations and improvements?
The fee is to cover administration costs and for the assessor. Alternatively, you can advise us of the value in writing. Bear in mind that should there be a claim and the insurance assessor's find that your property is underinsured, the average clause will apply. Should you believe that we must assess your property, a fee will be charged to cover our costs.
I've paid off a fair amount of my home loan. Can I borrow again?
When you have paid off a portion of your home loan, you may borrow all or part of the repaid amount. This is known as a re-advance.
Will I have to register a new bond in this case?
No, but the property will be re-assessed.
What is a further advance?
Whatever changes you wish to make to your home, we offer you ways to borrow more money to improve your property. You can:
- Register a further bond on your property; or
- use your Access Bond to access the money you have already paid off on your bond
How does my property qualify?
If you want funds for extensions or additions to an existing property, you'll need to provide us with approved building plans. You must also comply with our minimum requirements and regulations.
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