How to finance your renovation
Getting funding for your renovation in advance can help you work out how much you have to spend, so you can stick to your budget. It may also allow you to complete the renovation more quickly, as you won’t have to halt progress until you can afford to continue.
There are a number of ways you can fund your renovation, depending on the size of the project and your budget.
If you’re an eligible CommBank customer, you can use the equity in your property to top-up or redraw.
If you're planning renovations, consolidating your debts or just need extra cash, topping-up your home loan could be the perfect solution.
You can borrow additional funds on your existing home loan without taking out a separate loan, saving time and paperwork. Plus, you can take advantage of a lower interest rate compared to some other loan types.
Redrawing on your existing home loan is a fast and easy option. If you have an existing 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.
Renovations are an ideal opportunity to review your home loan and see if it still suits your needs. Our lending specialists can see if there is a better choice among our choice of flexible home loans and help you make the switch.
If you’re with another lender, refinancing your home loan with CommBank can help you fund your renovations and enjoy flexible repayments and a wide range of features for many years to come.
If you’re ready to start building the home of your dreams, our construction loans 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.
A personal loan is ideal for smaller renovations (you can borrow from $5000 or more), and with a variable rate loan you can make additional repayments to help pay off your loan sooner with no penalty. 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.
The convenience of a credit card is hard to beat, especially for smaller renovation projects. Choose from our low interest rate cards if you’re not paying the balance back straight away, or great reward options if you want more from your card.
Preparing to renovate
Talk to a Home Lending Specialist
Applications are subject to credit approval.Full terms and conditions will be included in our loan offer. Fees and charges are payable.