According to Ric Battellino, deputy governor of the Reserve Bank, around half of all housing finance is for alterations and renovations.
Older, financially secure households have secured the biggest benefits of home price rises so far and have used the equity in their homes to borrow for upgrades and improvements later in life, creating a "significant factor" in the housing market over the past 10-15 years.
The proportion of people who owned their homes outright with no mortgage, has fallen from 42% in 1994-95 to 33 per cent in 2007-08, the Australian Bureau of Statistics said this month, while the amount owing on homes had doubled.
If you would like more information on how you can renovate your home and possibly make yourself up to 10% returns on a property when you sell the property, speak to Intellichoice today about the owner builder system. We can also help with finance for your renovations.
Older, financially secure households have secured the biggest benefits of home price rises so far and have used the equity in their homes to borrow for upgrades and improvements later in life, creating a "significant factor" in the housing market over the past 10-15 years.
The proportion of people who owned their homes outright with no mortgage, has fallen from 42% in 1994-95 to 33 per cent in 2007-08, the Australian Bureau of Statistics said this month, while the amount owing on homes had doubled.
If you would like more information on how you can renovate your home and possibly make yourself up to 10% returns on a property when you sell the property, speak to Intellichoice today about the owner builder system. We can also help with finance for your renovations.
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