Renovation loans

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.

Tip: use the Renovation Calculator by CoreLogic¹

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 lending specialist

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

Personal Loans

Financing for smaller renovations

You can use a Personal Loan for any aspect of your renovation, from carpentry to carpeting. Suncorp Bank offers fixed and variable rate options, with a minimum loan amount of $5,000. When you apply online, you can get a first stage outcome in as little as 15 minutes.

Find out more, including rates, fees and terms, about Personal Loans for renovations.

More about Personal Loans

Kickstart your project with the new $25K HomeBuilder Grant

The new HomeBuilder grant program offers eligible owner-occupiers a $25,000 grant to build or substantially renovate their home.

How it works & how to apply

The grants are subject to eligibility criteria and conditions. They will only be available for a limited time. Please make your own enquiries.

Helpful tools & resources

Renovation Calculator by CoreLogic¹

Home loan calculators

Home loan FAQs

How to plan and manage your renovation budget

Planning for your home renovation with The Block’s Shaynna Blaze

From house to home with Shaynna Blaze

100% obligation free advice

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

We’re happy to answer all your questions so you know what to expect and how to get started. All advice and assistance are 100% obligation-free.

Get in touch and we’ll call you within 24 hours.

Talk to a home loan expert

Or call 13 11 55 Mon - Fri 8am - 7pm (AEST)

Things you should know:

¹The Renovation Calculator is hosted and operated by RP Data Pty Ltd, trading as CoreLogic Asia Pacific (“CoreLogic”). Estimated renovation costs are indicative only and do not represent Suncorp-Metway Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 ("Suncorp Bank") making an offer of credit or providing loan approval. Suncorp Bank does not accept any legal responsibility for any loss incurred as a result of reliance upon this tool - please make your own enquiries.

Personal loans, 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.

Citigroup Pty Limited ABN 88 004 325 080 AFSL No. 238098 (“Citigroup”) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp Bank promotes and distributes Suncorp Clear Options Credit Cards on Citigroup’s behalf under an agreement with Citigroup. Suncorp Bank will not guarantee or otherwise support Citigroup’s obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Bank internet banking and telephone banking). Suncorp Bank does not assist you to make the application and does not suggest you apply for any particular Suncorp Clear Options Credit Card type. Citigroup, not Suncorp Bank, will be assessing your application.