New research – the Bank of Ireland Home Improvement Survey – shows that 60% of customers surveyed plan to make home improvements at some point this year. Of those, 60% plan to spend less than €5,000 while 30% plan to spend €5,000 or more and almost 20% of respondents plan on spending over €10,000.
To support customers undertaking home improvement, Bank of Ireland has introduced a reduced personal and home improvement loan rate of just 7.5% APR* with terms of up to 10 years available on loans between €300 and €65,000.
Bank of Ireland also provides an Equity Release option that can spread the cost of improvements over longer terms up to 30 years. Equity Release is available at the Bank’s range of very competitive fixed and variable mortgage interest rates and also qualifies for 2% Cashback where the loan is drawn down before the 31st December.
The Home Improvement Survey shows that the main improvements that customers plan to undertake are:
In addition, 66% of customers planning on spending €5,000 or more have heard of the Government Home Renovation Incentive Scheme** and 77% intend to apply for it.
Commenting on the survey results, star of RTE’s Room to Improve Dermot Bannon says, “It’s fantastic to see that so many Irish people are planning to undertake some home improvements. The best advice I would give to those who are planning on undertaking home improvements is to do your research in advance. It’s such a unique and personal experience for everyone, you want to do everything possible to make sure you’re happy with the results. The survey highlights the majority of people are aiming to spend less than €5,000 on improvements so I would urge them to shop around to ensure they get the best possible value for money”.
The survey also highlighted that 84% of customers will choose a tradesperson based on word of mouth or recommendations. 73% won’t be taking time off work to compete their home improvements with people citing friends and relatives (30%) as the most popular source of inspiration and ideas for home improvements.
Commenting, John O’Beirne, Head of Retail Cards and Loans, Bank of Ireland said: “The launch of our new 7.5% APR* loan rate reflects renewed economic confidence which is driving our customers to invest in their homes. While savings and income can be the main source of funds for these projects our highly competitive new loan rate and reduced rates for mortgage top-ups means our customers now have a have a market-leading lending proposition if they wish to borrow. Our customers get a quick turnaround on approvals and do not have to leave savings in place to guarantee their loan, leaving them more time to get on with their DIY.”