Getting funding for your home renovation in advance can help you work out how much you have to spend, so you can stick to your budget.

There are a number of ways you can fund your renovation, depending on the size of the project and your available funding. 

Use the equity in your home

Eligible CommBank customers can access the equity in their property to top up (increase) or redraw on their home loan.


Whether you're planning renovations, consolidating your debts or just need extra cash, topping up your home loan may be a suitable solution.

You may be able to borrow additional funds on your existing home loan without having to take out a separate loan. Plus, you can take advantage of a lower interest rate compared with some other loan types; for example, a personal loan.


If you have a CommBank Variable Rate Home Loan and you’ve made additional repayments on your mortgage, you may be able to redraw those funds to use for your renovation. Just keep in mind that over time, your available redraw is adjusted so that at the end of your agreed loan term, both your loan balance and the available redraw will be zero.

Refinance your home loan

Renovations are an ideal opportunity to review your home loan and check whether it still suits your needs. Our Home Lending Specialists can see if there’s a better choice among our flexible home loan options and help you make the switch.

If you’re with another lender, you could enjoy greater flexibility and a wide range of features by refinancing your home loan with CommBank.

Take out a construction loan

If you’re ready to start building the home of your dreams, a CommBank Construction Loan can help you get started. Whether it’s a small extension or a complete knock-down rebuild, a construction loan allows you to draw funds from the loan progressively as your invoices arrive. This saves you money, as you only pay interest on the progress payments made until the loan is fully drawn.

Take out a personal loan

A personal loan can be ideal for smaller renovations, and with one of our Variable Rate Personal Loans you can make additional repayments to help pay off your loan sooner without being charged a fee. Personal loans often have a lower interest rate than credit cards, and there is no need to provide collateral if you choose an unsecured loan.

CommBank offers personal loans from between $4000 up to $50,000.

Book a time with a Home Lending Specialist instantly to discuss financing your home renovation

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.