Buying guide
Home renovation loans: How to get one + how they work
Let’s finance those renos
AI summary
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.
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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