Thanks,
The plan is rent out and  redraw equity.

Thanks guys,

The question probably would have been better put as, what renovations are best to improve a bank value?
Having friends in the right trades always helps with cost/profit.

Thanks again.

Thanks JacM.

Being your locked in I would probably go with 3 if I were in the situation.

I google search the calculators and use the online ones, hope that helps.