Many home owners are prioritizing saving for renovations over other household upgrades, according to a survey by Loan Market.

Loan Market Corporate Spokesman Paul Smith said 37 per cent of respondents said the main household item they were saving for this year was a major renovation. Mr Smith said that 23 per cent of the 532 respondents were saving to landscape their property and 30 per cent of Gen-Y respondents said they were saving to buy new appliances or furniture.

Mr Smith said that many lenders looked upon home owners who were borrowing for renovation purposes favourably because they were investing in their home and adding to its value.

Source: Loan Market