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.
Ways to finance your renovation
Home loan calculators & resources
I’d like to learn about…
Frequently Asked Questions
Still have questions:
Yes, if you’ve built up equity in your home, you may be able use it to increase your existing home loan to access funds for renovations.
A home loan top-up allows you to borrow more on your existing home loan, usually for smaller-scale renovations that don’t involve major structural changes.
A construction loan is designed for larger projects, where funds are released in stages as work progresses.
Before applying, it could be helpful to:
- Get quotes from builders and tradespeople so you know how much funding you’ll need.
- Check how much equity you have in your home (if refinancing).
- Consider whether a fixed or variable loan option suits your plans.
- Think about how the renovation will impact your home’s value.
- Understand the loan terms, interest rates, and any associated costs.
Our home lending specialists can help you plan your budget and explore your loan options.
The amount you can borrow depends on:
- the value of your home and available equity
- your income, expenditure and financial situation
- the size and cost of your renovation project
As well as materials and labour costs, make sure to budget for:
- council permits and approvals (if needed)
- temporary accommodation (if major renovation work means you need to move out)
- unexpected costs, such as delays or extra materials
- loan fees and interest if you’re borrowing to fund the renovation.
- loan fees, interest and any other associated costs.
Planning ahead can help you to estimate your loan requirements as accurately as possible.
Interest rates fluctuate based on economic conditions, inflation and monetary policy set by the RBA. Keeping an eye on RBA announcements and financial forecasts can help you make informed decisions about your loan.
The Reserve Bank of Australia (RBA) sets the cash rate, which influences interest rates offered by banks. When the cash rate changes:
- variable home loan rates may go up or down
- fixed home loan rates remain unchanged for the term of the fixed period, however, the financial institution may change their current rates for new borrowers. Keeping track of the RBA’s decisions can help you decide when to refinance or lock in a fixed rate.
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.
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.
