Latest news with #MoneyMe
Daily Telegraph
06-05-2025
- Business
- Daily Telegraph
Top Australian suburbs where homeowners are renovating instead of moving
More Aussie homeowners are staying put and putting their efforts into turning their kitchens, backyards and garages into DIY gold. New figures from digital lender MoneyMe show and Craigieburn in Melbourne's north has claimed the title of the nation's renovation capital, topped the list for personal renovation loan applications, with locals borrowing an average of $22,400 to upgrade rather than relocate. It's a trend sweeping the country, as homeowners in Western Sydney, South East Queensland and coastal Western Australia opt to improve instead of upsize, spurred on by steep property prices, rising stamp duty and soaring relocation costs. RELATED: 8m Aussies' shockingly low amount in bank Asian mural creates backyard resort-style oasis at Melb home Shock move in Melbourne home prices revealed According to Hipages data, extension jobs have jumped by 37 per cent in New South Wales, while granny flat builds are up 20 per cent nationally in the past 12 months to January 2025. Ikea kitchen installations are also booming — up 23 per cent in NSW, 32 per cent in WA, and 12 per cent in Victoria — as homeowners choose affordable renovations over high-end overhauls. NSW led the nation for both the value and volume of personal renovation loans, with the average size hitting $22,640. ABS figures show the total average home renovation loan in the state climbed to $225,664, up nearly $20,000 in just a year. Hipages chief revenue officer Robert Tolliday said the trend reflected a mix of financial pressure and lifestyle changes. 'We're seeing a real surge in jobs like kitchen upgrades and granny flats targeted improvements that make a big difference without the cost of moving,' Mr Tolliday said. 'The transaction costs involved with relocating such as stamp duty, agents' fees, (and) legal costs all add up. For many people, it's just smarter to stay put and invest in what you already have. 'Granny flats in particular are growing fast. People are using them for elderly parents, adult kids, or even as rental income, they're a really flexible solution.' Mr Tolliday said the appetite for affordable, high-impact upgrades like Ikea kitchens was particularly strong in outer metro suburbs. In Victoria, Ikea kitchen installs rose 12 per cent, while extension and addition jobs fell 3 per cent, bucking the national trend. Renovation activity remained strongest in Craigieburn, Point Cook and Hoppers Crossing, along with Bayside and Melbourne's southeast. In Queensland, the most in-demand areas were the Gold Coast, Brisbane North and South, Sunshine Coast, and the Redcliffe and Caboolture regions. MoneyMe chief sales and marketing officer Richard Bray said renovation loans were becoming especially popular with younger buyers in outer-suburban growth corridors. 'Many first-home buyers can't afford the perfect home straight away, so they buy something affordable and renovate as they go,' Mr Bray said. 'We're seeing this trend particularly in fringe suburbs, where buyers are picking up homes with potential, then funding upgrades like bathrooms, kitchens and landscaping.' In Craigieburn, Ray White auctioneer Trish Orrico said renovation was simply part of the local mindset. 'It's a great area, I've lived here for 18 years and renovated my own home. I've chosen to improve rather than move,' Ms Orrico said. 'There's still land being released and it's not a fully established market yet, but once it is, I think we'll see even stronger capital growth. Buyers' advocate and host of The Buyers Bible podcast Amy Lunardi said more clients were becoming cautious about large-scale renovations but still keen to add value where they could. 'With the cost of building so high, many buyers now prefer homes that have already been renovated,' Ms Lunardi said. 'That said, if the layout and size are right, and it's in the right location, people are happy to do cosmetic updates later, just not the big structural stuff.' But Ms Lunardi warned that many Australians still underestimate how much time and money renovating really takes. 'Television shows make it look easy, but it's often a longer and more expensive process than people expect,' she said. 'I always tell clients to research costs and timelines properly, especially if they plan to live through the works.' Average renovation loan size by state and national demand share State Average Loan Size (MoneyMe) Loan Demand Share (MoneyMe) Ikea Kitchen Install Growth Extension Job Growth Granny Flat Job Growth New South Wales $22,640 28% 23% 37% 20% Victoria $22,491 27% 12% -3% 20% Queensland $20,677 21% N/A 20% 20% All Other States $20,772 24% +32% (WA) +36% (WA), -24% (SA) 20% Source: MoneyMe personal loan data and Hipages renovation job posting trends. Top 10 Aussie suburbs for home renovation loan applications Rank Suburb State 1 Craigieburn VIC 2 Point Cook VIC 3 Hoppers Crossing VIC 4 Cranbourne VIC 5 Alexandra QLD 6 Campbelltown NSW 7 Liverpool NSW 8 Blacktown NSW 9 Box Hill NSW 10 Frankston VIC Source: MoneyMe analysis of suburb-level personal loan applications for home renovations. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: 8m Aussies' shockingly low amount in bank Asian mural creates backyard resort-style oasis at Melb home Shock move in Melbourne home prices revealed
Herald Sun
06-05-2025
- Business
- Herald Sun
Top Australian suburbs where homeowners are renovating instead of moving
Craigieburn has emerged as Australia's top renovation hotspot, with locals borrowing big to upgrade. More Aussie homeowners are staying put and putting their efforts into turning their kitchens, backyards and garages into DIY gold. New figures from digital lender MoneyMe show and Craigieburn in Melbourne's north has claimed the title of the nation's renovation capital, topped the list for personal renovation loan applications, with locals borrowing an average of $22,400 to upgrade rather than relocate. It's a trend sweeping the country, as homeowners in Western Sydney, South East Queensland and coastal Western Australia opt to improve instead of upsize, spurred on by steep property prices, rising stamp duty and soaring relocation costs. RELATED: 8m Aussies' shockingly low amount in bank Asian mural creates backyard resort-style oasis at Melb home Shock move in Melbourne home prices revealed According to Hipages data, extension jobs have jumped by 37 per cent in New South Wales, while granny flat builds are up 20 per cent nationally in the past 12 months to January 2025. Ikea kitchen installations are also booming — up 23 per cent in NSW, 32 per cent in WA, and 12 per cent in Victoria — as homeowners choose affordable renovations over high-end overhauls. NSW led the nation for both the value and volume of personal renovation loans, with the average size hitting $22,640. Homeowners investing in kitchens, bathrooms and outdoor spaces instead. Picture Lachie Millard ABS figures show the total average home renovation loan in the state climbed to $225,664, up nearly $20,000 in just a year. Hipages chief revenue officer Robert Tolliday said the trend reflected a mix of financial pressure and lifestyle changes. 'We're seeing a real surge in jobs like kitchen upgrades and granny flats targeted improvements that make a big difference without the cost of moving,' Mr Tolliday said. 'The transaction costs involved with relocating such as stamp duty, agents' fees, (and) legal costs all add up. For many people, it's just smarter to stay put and invest in what you already have. Young families are leading the renovation wave in growth suburbs like Point Cook, VIC and Blacktown, NSW. 'Granny flats in particular are growing fast. People are using them for elderly parents, adult kids, or even as rental income, they're a really flexible solution.' Mr Tolliday said the appetite for affordable, high-impact upgrades like Ikea kitchens was particularly strong in outer metro suburbs. In Victoria, Ikea kitchen installs rose 12 per cent, while extension and addition jobs fell 3 per cent, bucking the national trend. Renovation activity remained strongest in Craigieburn, Point Cook and Hoppers Crossing, along with Bayside and Melbourne's southeast. Western Sydney suburbs including Blacktown and Parramatta are seeing a surge in renovation demand. In Queensland, the most in-demand areas were the Gold Coast, Brisbane North and South, Sunshine Coast, and the Redcliffe and Caboolture regions. MoneyMe chief sales and marketing officer Richard Bray said renovation loans were becoming especially popular with younger buyers in outer-suburban growth corridors. 'Many first-home buyers can't afford the perfect home straight away, so they buy something affordable and renovate as they go,' Mr Bray said. 'We're seeing this trend particularly in fringe suburbs, where buyers are picking up homes with potential, then funding upgrades like bathrooms, kitchens and landscaping.' New data shows homeowners are borrowing an average of $22,000 to fund home improvement projects. In Craigieburn, Ray White auctioneer Trish Orrico said renovation was simply part of the local mindset. 'It's a great area, I've lived here for 18 years and renovated my own home. I've chosen to improve rather than move,' Ms Orrico said. 'There's still land being released and it's not a fully established market yet, but once it is, I think we'll see even stronger capital growth. Buyers' advocate and host of The Buyers Bible podcast Amy Lunardi said more clients were becoming cautious about large-scale renovations but still keen to add value where they could. In southeast Queensland, renovation activity is rising as locals upgrade homes instead of relocating. Photo: Adam Yip 'With the cost of building so high, many buyers now prefer homes that have already been renovated,' Ms Lunardi said. 'That said, if the layout and size are right, and it's in the right location, people are happy to do cosmetic updates later, just not the big structural stuff.' From paintbrushes to power drills, Australians are transforming their homes one upgrade at a time. But Ms Lunardi warned that many Australians still underestimate how much time and money renovating really takes. 'Television shows make it look easy, but it's often a longer and more expensive process than people expect,' she said. 'I always tell clients to research costs and timelines properly, especially if they plan to live through the works.' Average renovation loan size by state and national demand share State Average Loan Size (MoneyMe) Loan Demand Share (MoneyMe) Ikea Kitchen Install Growth Extension Job Growth Granny Flat Job Growth New South Wales $22,640 28% 23% 37% 20% Victoria $22,491 27% 12% -3% 20% Queensland $20,677 21% N/A 20% 20% All Other States $20,772 24% +32% (WA) +36% (WA), -24% (SA) 20% Source: MoneyMe personal loan data and Hipages renovation job posting trends. Top 10 Aussie suburbs for home renovation loan applications Rank Suburb State 1 Craigieburn VIC 2 Point Cook VIC 3 Hoppers Crossing VIC 4 Cranbourne VIC 5 Alexandra QLD 6 Campbelltown NSW 7 Liverpool NSW 8 Blacktown NSW 9 Box Hill NSW 10 Frankston VIC Source: MoneyMe analysis of suburb-level personal loan applications for home renovations. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: 8m Aussies' shockingly low amount in bank Asian mural creates backyard resort-style oasis at Melb home Shock move in Melbourne home prices revealed
News.com.au
05-05-2025
- Business
- News.com.au
Top Australian suburbs where homeowners are renovating instead of moving
More Aussie homeowners are staying put and putting their efforts into turning their kitchens, backyards and garages into DIY gold. New figures from digital lender MoneyMe show and Craigieburn in Melbourne's north has claimed the title of the nation's renovation capital, topped the list for personal renovation loan applications, with locals borrowing an average of $22,400 to upgrade rather than relocate. It's a trend sweeping the country, as homeowners in Western Sydney, South East Queensland and coastal Western Australia opt to improve instead of upsize, spurred on by steep property prices, rising stamp duty and soaring relocation costs. According to Hipages data, extension jobs have jumped by 37 per cent in New South Wales, while granny flat builds are up 20 per cent nationally in the past 12 months to January 2025. Ikea kitchen installations are also booming — up 23 per cent in NSW, 32 per cent in WA, and 12 per cent in Victoria — as homeowners choose affordable renovations over high-end overhauls. NSW led the nation for both the value and volume of personal renovation loans, with the average size hitting $22,640. ABS figures show the total average home renovation loan in the state climbed to $225,664, up nearly $20,000 in just a year. Hipages chief revenue officer Robert Tolliday said the trend reflected a mix of financial pressure and lifestyle changes. 'We're seeing a real surge in jobs like kitchen upgrades and granny flats targeted improvements that make a big difference without the cost of moving,' Mr Tolliday said. 'The transaction costs involved with relocating such as stamp duty, agents' fees, (and) legal costs all add up. For many people, it's just smarter to stay put and invest in what you already have. 'Granny flats in particular are growing fast. People are using them for elderly parents, adult kids, or even as rental income, they're a really flexible solution.' Mr Tolliday said the appetite for affordable, high-impact upgrades like Ikea kitchens was particularly strong in outer metro suburbs. In Victoria, Ikea kitchen installs rose 12 per cent, while extension and addition jobs fell 3 per cent, bucking the national trend. Renovation activity remained strongest in Craigieburn, Point Cook and Hoppers Crossing, along with Bayside and Melbourne's southeast. In Queensland, the most in-demand areas were the Gold Coast, Brisbane North and South, Sunshine Coast, and the Redcliffe and Caboolture regions. MoneyMe chief sales and marketing officer Richard Bray said renovation loans were becoming especially popular with younger buyers in outer-suburban growth corridors. 'Many first-home buyers can't afford the perfect home straight away, so they buy something affordable and renovate as they go,' Mr Bray said. 'We're seeing this trend particularly in fringe suburbs, where buyers are picking up homes with potential, then funding upgrades like bathrooms, kitchens and landscaping.' In Craigieburn, Ray White auctioneer Trish Orrico said renovation was simply part of the local mindset. 'It's a great area, I've lived here for 18 years and renovated my own home. I've chosen to improve rather than move,' Ms Orrico said. 'There's still land being released and it's not a fully established market yet, but once it is, I think we'll see even stronger capital growth. Buyers' advocate and host of The Buyers Bible podcast Amy Lunardi said more clients were becoming cautious about large-scale renovations but still keen to add value where they could. 'With the cost of building so high, many buyers now prefer homes that have already been renovated,' Ms Lunardi said. 'That said, if the layout and size are right, and it's in the right location, people are happy to do cosmetic updates later, just not the big structural stuff.' But Ms Lunardi warned that many Australians still underestimate how much time and money renovating really takes. 'Television shows make it look easy, but it's often a longer and more expensive process than people expect,' she said. 'I always tell clients to research costs and timelines properly, especially if they plan to live through the works.' Average renovation loan size by state and national demand share State Average Loan Size (MoneyMe) Loan Demand Share (MoneyMe) Ikea Kitchen Install Growth Extension Job Growth Granny Flat Job Growth New South Wales $22,640 28% 23% 37% 20% Victoria $22,491 27% 12% -3% 20% Queensland $20,677 21% N/A 20% 20% All Other States $20,772 24% +32% (WA) +36% (WA), -24% (SA) 20% Top 10 Aussie suburbs for home renovation loan applications Rank Suburb State 1 Craigieburn VIC 2 Point Cook VIC 3 Hoppers Crossing VIC 4 Cranbourne VIC 5 Alexandra QLD 6 Campbelltown NSW 7 Liverpool NSW 8 Blacktown NSW 9 Box Hill NSW 10 Frankston VIC
News.com.au
01-05-2025
- Business
- News.com.au
New CDR rules give power back to the people, as well as fintech lenders
CDR flips the power back to the people Non-banks get their shot from 2026 Fintechs gear up for a fairer fight Back in 2019, Australian lawmakers kicked off something called the Consumer Data Right, or CDR. The idea was to give everyday Aussies the power to take back control of their personal financial data. Instead of banks and big institutions hoarding all the information, the CDR means people can choose to share them safely with trusted providers to get a better deal – whether that's on loans, power bills, or other services. It officially launched in mid-2020, starting with the big four banks. Since then, it's been rolled out to more financial players and even other industries. For consumers, the CDR has literally changed the game. If you're chasing a loan, for instance, you can now share your bank data directly with a lender who's signed up to the CDR framework. It means you can tell your bank, "Oi, send my data to this lender I actually want to deal with.' This allows those lenders to see your real financial habits, not just a credit score or a payslip. They can then make sharper decisions, and you could potentially score a better deal. And because the information is real-time and accurate, lenders can make quicker decisions, and the chance of defaults is lower, making everything run smoother for both sides. CDR to be expanded to non-bank lenders Now, the Australian Government is taking things even further. In a move announced last month, they've committed to expanding the CDR to non-bank lenders by mid-2026, opening up a whole new world of options for consumers. This is part of a much bigger plan to 'reset' the CDR and give Aussies more control. Stephen Jones, the Assistant Treasurer and Minister for Financial Services, said that 'uplifting' the CDR will 'deliver a better deal for more Australians.' The idea is to make sure that not only the banks, but also credit unions, fintech lenders, and buy-now-pay-later (BNPL) services, all get a piece of the action. By mid-2026, the CDR will include non-bank lending products like personal loans, car loans and even reverse mortgages. Tap straight into customers' data This will bode well for fintech lenders on the ASX. This includes companies like Plenti Group (ASX:PLT), which has surged in 2025 with record loan growth in Q4 and booming cash profit. Then there's Wisr (ASX:WZR), which is eyeing a 90% loan surge as AI powers 80% of its loan processing. MoneyMe, meanwhile, has powered past $1.5bn in its loan book, with originations up 65% and strong credit shaping a leaner, smarter portfolio. But these fintechs don't currently have the same access to real-time financial data that banks do, and that's where the expanded CDR comes in. Come mid-2026, the CDR will let MoneyMe and these other non-bank lenders tap straight into the financial data of consumers, data that until now has mostly been kept behind the walls of big banks. They can then potentially make faster, more accurate decisions about who qualifies for loans and under what terms. More muscle to compete But it's more than about speed. The CDR also opens the door to personalising loan products even more. For example, with MoneyMe now developing new credit card products, access to richer data through the CDR framework could be a game-changer. MoneyMe could look at a customer's actual spending habits, income trends, and even their history with other types of loans. And take car loans, for example. MoneyMe's got its own vehicle finance product called Autopay, while Plenti runs a white-label program called NAB powered by Plenti (NPBP). With the expanded CDR, these lenders could plug straight into a customer's real-time banking data. Armed with this kind of information, they could potentially design products that are better suited to each individual's lifestyle. This move also means that fintechs like MoneyMe will have more muscle to compete with the traditional banks. With CDR's expansion, everyone could well be playing on a more even field.
