SHED FINANCE
Financing a steel shed can be challenging, as it’s not always feasible to pay upfront for a new shed, slab, erection, and other potential associated costs like power, council/certification fees, or a new driveway. Therefore, you might consider borrowing funds to cover these expenses.
FINANCING OPTIONS FOR SHEDS, GARAGES & CARPORTS
Some shed companies offer financing assistance, such as Ranbuild’s BetterPay, which allows you to pay off the shed kit in installments if you qualify. However, you will still need to find funds to pay the concreter and erectors if you are not handling these tasks yourself as an owner-builder.
Alternatively, you may explore one of the following options to finance your project:
- Personal Loan: Taking out a personal loan for a shed or the associated concrete and erection work is quite common.
- Renovations Loan: A new shed is often included in renovation plans for other parts of the home. People typically get several quotes for the shed they want and submit these with their application for renovation funds, which might also cover improvements to the bathroom, kitchen, or both.
- Home Loan Redraw: A popular method is to redraw on the equity built up in your home loan to fund the shed you desire.
- Refinance and Use Equity: This option is also popular. When drawing on equity, many people take the opportunity to perform a home loan health check and consider switching lenders for a better deal while building their shed.
- Equity Loan: You can create a separate loan guaranteed against the equity in your home or draw directly on your home’s equity.
- Borrowing from Family: This can be economical but may come with potential interpersonal complications.
- Credit Card: Some people use a credit card to earn various rewards, such as frequent flyer points.
