The average cost of a New Zealand roof replacement, out of pocket, is around $15000 to $30000, although this amount can fluctuate depending on the requirements of your property. That means it isn’t an affordable expense for most. And, for larger roofs, the labour and material costs increase also, which steepens this price even more. So, can you finance a roof replacement? The answer is yes.
Because of how complex and costly some roof replacements can get, there are a range of options available for homeowners to finance their roof replacements without hassle. Depending on your situation, each method has its benefits, and all are fairly unique to New Zealand’s landscape.
Find out more, here.
Personal Loans
Personal loans have long been a popular choice for financing home improvement projects. Most homeowners can apply for a personal loan from a bank or finance company, though banks are thoroughly vetted. When it comes to financing your roof replacement in Auckland through a personal loan, pay attention to their fixed interest rates and repayment terms. These terms allow you to budget for your replacement over a long time, which saves your bank account from taking a serious hit.
Home Equity Loans or Lines of Credit (HELOC)
A HELOC – or home equity line of credit – is an arrangement that enables homeowners to borrow against the equity in their homes. It should be considered as a second mortgage that allows you to access cash as needed. You’ll likely be able to borrow as much as 85% of your home’s equity – a sizeable amount for most Auckland residents. We recommend a HELOC as it is designed to cover major home expenses like roof replacement.
A home equity loan is slightly different to a HELOC. You receive a lump sum upfront, and must pay fixed monthly instalments over a set period of time. Nevertheless, you still borrow money using the equity in your home as collateral.
Government Grants
In New Zealand, the government is willing to cover some home maintenance and repair costs. This might not include the entirety of your roof replacement, but it could reduce the cost by a chunk.
If you’re on benefit or a NZ pension, it’s important to enquire about the financial aid you’re able to receive. You will have to pay this money back to Work and Income. Unfortunately, the maximum financial support homeowners tend to receive is $1000 – but other government-endorsed schemes such as Community Group Assistance or the Housing New Zealand improvement loans are also available.
Entrust your roof replacement to a professional that you can rely on, with a reputation and experience that speaks for itself. At Markus and the Brothers, we operate across North and West Auckland and have proudly garnered a reputation for quality craftmanship and amazing customer service. For an accessible and high-quality roof replacement that won’t break the bank, contact us today.
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