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.

Circle 1

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.

Circle 2

Estimate costs

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

Circle 3

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 drawn down 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.

Add Loans

Financing that ‘tops up’ your existing home loan

Existing Suncorp Bank 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.

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.

Helpful tools & resources

Home loan calculators

Home loan FAQs

Green Upgrades Equity Home Loan Offer 

An equity home loan you can feel good about.

 

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.

 

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.

100% obligation free advice

A Suncorp Bank 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 13 11 75 Mon-Fri 8am-7pm and Sat 9am-2pm (AEST)

It may be necessary to vary the terms of your product to convert it to a different replacement product. This means you may end up with a product that has different terms and features from those you initially applied for. In any event, Suncorp Bank will give you more information about these changes before they take effect. You may also wish to consider applying for other products instead. If you have any questions, please contact us on 13 11 75.

Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.

The information is intended to be of general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.

^^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 5.08% p.a)  is calculated by subtracting a discount of 2.82% from the Standard Back to Basics Variable Rate (currently 7.90% p.a.) for Owner Occupied Loans, or by subtracting a discount of 3.24% from the Standard Back to Basics Variable Rate 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 22 August 2025 until withdrawn or varied in accordance with these Terms and Conditions.

# COMPARISON RATE:
A comparison rate is a rate that indicates the true cost of a loan. This comparison rate is based on $150,000 over a term of 25 years and incorporates certain fees and charges that are applicable for the chosen product.

WARNING: This comparison rate applies only to the example or examples 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. Comparison rates for Interest Only Fixed Rate home loans are based on an initial Interest Only period equal in length to the fixed rate period. Comparison rates for Interest Only Variable home loans are based on an initial 5 year Interest Only period.

Comparison Rate

A comparison rate is a rate that indicates the true cost of a loan. This rate incorporates certain fees and charges that are applicable for the chosen product. For more information about the comparison rate and the comparison rate warning, please refer to the things you should know section of this page.

Variable Rate

A rate that is variable and is subject to change over the loan term.