Buying guide
Home renovation loans: How to get one + how they work
Let’s finance those renos
AI summary
Financing a renovation? A mortgage top-up is often the best choice, adding costs to your home loan at lower interest rates. This usually requires a fixed-price building contract and allows borrowing up to 80% of the home's completed value.
Alternatively, a personal renovation loan is an unsecured option with significant drawbacks. Expect much higher interest rates, shorter repayment terms, and smaller loan amounts, making it a riskier and more expensive choice. Always explore all financing options carefully.
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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