With the holiday period looming, Australians considering home renovations in the new year will be assisted along the path to success thanks to the launch of ING’s Renovation Calculator.
In a first-of-its-kind partnership with CoreLogic in Australia – and drawing on Cordell construction cost and location data – the calculator is able to estimate the cost of renovation, be it a small paint refresh, or a complete kitchen overhaul.
“This tool comes in response to a desire our customers were expressing for a simple way to compare the cost and lifestyle benefits of renovating versus moving to a new home,” said ING Mortgages Lead, Julie-Anne Bosich.
“For those who were seriously considering renovating, effectively estimating the total cost has until this point proven challenging. Many simply haven’t known where to start and the time and energy required to adequately research a renovation project have proven huge barriers to achieving their goals.
“Through the creation of the calculator we’ve simplified the process, taking the stress out of renovation planning and helping to reduce the chance of budget blow-outs,” Julie-Anne added.
The calculator allows users to quickly and more accurately determine the estimated costs of various home renovations in any particular suburb, with an extensive range of renovation types.
It could also be helpful for Australians looking to enter the property market and seeking to understand the total costs of buying a home that needs work. ING research earlier this year found that a third (33%) of Millennials would consider buying a home that needs renovation work in order to get on the ever-challenging property ladder*.
Each renovation project has a question string that generates a separate cost depending on the respondent’s answers, calculating all facets of the build, including labour and materials.
“With renovators being a key and growing customer segment in the housing market, we wanted to support them through the planning and budgeting process with a simple, accessible tool to assist with this key life decision,” said Ms Bosich.
The ING Renovation Calculator can be accessed at https://renovation-calculator.corelogic.com.au/ing.
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*This survey was commissioned by ING and conducted by YouGov in September 2019. The sample comprised 1,010 Australians aged 18 – 39 years.
For more information contact Deanna Rose on 0413 317 225 or deanna.rose@ing.com.au
About ING
ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee-free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance.
ING manages $45 billion in savings and $50 billion in mortgages and is Australia’s most recommended bank, with the highest Net Promoter Score of any Australian bank. Source: Nielsen Consumer & Media View April’19-September ‘19 (n=11739) when compared by customers of 18 other banks operating in Australia.
Disclaimer
The Renovation Estimate generated by the Renovation Calculator is an estimate of the cost to renovate certain improvements. It uses answers to the calculator questions together with certain construction data to statistically derive a renovation estimate through a series of computer implemented algorithms. The Renovation Estimate does not take into account individual design features, site specific conditions, structural conditions and materials, local planning laws or any other regulations. Renovation Estimates include an allowance for builder’s margins and GST.
The Renovation Estimate is an indicative guide only and is provided for personal general information purposes only and must not be relied upon as an accurate representation of the costs associated with renovating your property. While CoreLogic uses commercially reasonable efforts to ensure the Renovation Estimate is current, CoreLogic does not warrant the accuracy, currency or completeness of the Renovation Estimate and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Renovation Estimate.
ING Bank (Australia) Limited ABN 24000893292 AFS and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.