Renovation loans

From tear downs to spruce ups, here’s a quick guide to popular choices for financing your home renovation project.

Where to begin

Before you start drawing up plans, map out your costs and timeline.

Plan your project

Start a renovation to-do list, prioritising what’s most important. Research local property prices to understand what’s most likely to increase your home's value.

Estimate costs

Include materials, labour and permit costs. For major projects, factor in alternative accommodation and even takeaway meals.

Assess your situation

Take stock of your savings, income and monthly spending. Consider your repayment timeframe and whether you’ll need financing up front or in stages.

Tip: use our Budget Planner

Ways to finance your renovation

Construction Finance

A home loan designed to suit your major renovation project

Looking at rebuilding or expanding your home, or doing other major renovations?

You may want a new home loan specifically designed for financing a construction project. With most home loans, you borrow a single lump sum at the start. With construction financing, your home loan is paid out out in what are called ‘progress payments’. Suncorp Bank will draw down your loan and pay your builder in stages in accordance with the payment schedule set out in your building contract.

More about construction loans

Add Loans

Financing that ‘tops up’ your existing home loan

Existing Suncorp variable rate home loan customers can consider an “Add Loan” . This will increase the amount of your current home loan by the amount of your renovation financing, subject to credit approval.

Your repayment amount will increase, but your loan term and type won’t change. It’s easy to manage and you’ll have all the benefits of your current home loan built-in.

Find out more about eligible loans, fees and terms.

Talk to a home loan expert

Equity Financing

A new loan based on your current home equity

Your home equity is the difference between your home’s value and the balance of your mortgage. With an Equity Loan, you can use your equity to take out an additional loan.

By keeping your renovation financing separate from your current home loan, it can be easier to track and manage your reno costs. Plus, with a new Equity Loan, you can choose a different type of loan to your current home loan.

Find out more about eligible loans, fees and terms.

Talk to a home lending specialist

Credit Cards

A low-rate card can be a convenient choice

If you’re financing a smaller project over a shorter timeframe, you may prefer the convenience of a low-rate credit card.

Find out more, including rates, fees and terms, about the Suncorp Clear Options Standard Credit Card.

More about Credit Cards

Helpful tools & resources

Home loan calculators

Home loan FAQs

How to plan and manage your renovation budget

Renovating a house: where to start

How much does the average home renovation cost in Australia?

Green Upgrades Equity Home Loan Offer

An equity home loan you can feel good about.

Find out more

Variable Rate

^{^^}

Comparison Rate

^##

Discounted Back to Basics Variable Rate with Green Upgrades Equity Home Loan Offer. Owner Occupied or Investment. New to bank lending ≥ $10k-25k. Maximum LVR 80%. Principal and Interest Repayments. View complete eligibility requirements, terms and conditions.

Green Upgrades Equity Home Loan Offer

An equity home loan you can feel good about.

Find out more

Variable Rate

^{^^}

Comparison Rate

^##

100% obligation free advice

A Suncorp home lending specialist can help you understand what renovation financing could be right for you.

Our experienced home lending team are happy to answer all your lending questions. We’ll reply within two hours or by the next business day.

Talk to a home loan expert

Or call 1300 711 973 Mon-Fri 8am-7pm and Sat-Sun 9am-2pm (AEST)

Things you should know:

Home loans and other banking products are provided by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No. 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Fees, charges, terms and conditions apply and are available on request. Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document, Lending Fees and Charges and Terms and Conditions documents before making any decision about a product. We do not accept any legal responsibility for any loss incurred as a result of reliance upon this information – please make your own enquiries.

National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”) promotes and distributes Suncorp Clear Options Credit Cards on NAB's behalf under an agreement with NAB. NAB has acquired the business relating to this credit from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Suncorp Bank will not guarantee or otherwise support NAB's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Internet Banking and Suncorp Telephone Banking).

Comparison Rate Warning specific to this offer:
^##The comparison rate is based on $150,000 and over 25 years. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^^Discounted rate is only available for new Personal/Owner Occupied or Investment loans taken out as part of the Suncorp Bank Green Upgrades Equity Home Loan Offer. Existing lending ≥$150,000 and new equity lending between $10,000-$25,000 and borrowings ≤80% of the security property value (LVR) inclusive of lenders mortgage insurance (if applicable), with Principal and Interest repayments. The discounted rate (currently 5.82% p.a) is calculated by subtracting a discount of 2.83% from the Standard Back to Basics Variable Rate (currently 8.65% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.25% from the Standard Back to Basics Variable Rate (currently 9.07% p.a.) for Investment Loans. Rates and discounts are subject to change and may be varied if the loan purpose or repayment type is changed. Pre-approvals excluded. The discounted rate is available on eligible loans applied for from 17 November 2023 until 29 February 2024 unless withdrawn earlier.

Button