A renovation loan is usually a ‘top-up’ to your existing mortgage which you can use for renovating your home. Renovation is fun! If done well it will add value to the property, potentially increasing your equity.

Aside from that, a simple renovation can do wonders to your living space — making it look fresh and new! Whether you want to add a pool, change your kitchen and bathroom, or simply add new furnishings, a renovation loan can help you fund it now. It’s common for renovators to borrow between $20,000 $80,000 for a simple renovation, but you may need significantly more if you are considering structural change to the property.

TIP: If your renovation does require structural change, under the terms of your home loan agreement you may first require permission from your lender.