Home renovation loans: How to get one + how they work

Financing your reno? A mortgage top-up is often the best option, adding to your existing home loan with lower interest rates. This requires a fixed-price building contract and usually limits borrowing to 80% of your home's post-renovation value.

If you can't top up your mortgage, a personal renovation loan is an alternative. However, these are often unsecured, meaning much higher interest rates, shorter loan terms, and lower borrowing limits. Always proceed with caution and stick to your budget.