Buying guide
Home renovation loans: How to get one + how they work
Let’s finance those renos
AI summary
Planning a renovation? A mortgage top-up is often the best financing option. This adds to your existing home loan at lower interest rates but requires a fixed-price building contract and limits borrowing to 80% of your home's completed value.
Alternatively, a separate personal renovation loan is available but has significant drawbacks:
- Much higher interest rates
- Shorter terms and higher repayments
- Lower borrowing limits
Always explore all options and be cautious with high-interest debt to avoid financial stress.
For many people a mortgage top up is the best option
Can’t borrow against your home? Consider a renovation loan
Before you start knocking down walls make sure your finance is sorted.
Drawbacks of renovation loans (there are a few)
ALWAYS APPROACH WITH CAUTION
How to keep your renovation budget down
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