Your home, how you’ve always imagined it.

You’ve lived in it long enough to know exactly what you’d change. The kitchen that never quite worked. The bathroom that’s been on the list for years. The outdoor space that could be so much more. Now’s the time – and the right finance makes it possible without the stress.

How renovation finance works

Funding a renovation is different to buying a home.

There’s no single “renovation loan.” The right finance for your project depends on how much you need, whether you’re doing structural work or cosmetic updates, and what your current home loan situation looks like. Getting this right from the start saves you money and avoids complications down the track.

As an independent broker, we look at your whole situation – your equity, your existing loan, your renovation scope, and find the right solution from across our lender panel. Not just whatever one bank happens to offer.

Finance options

The main ways to finance a home renovation.

Redraw

If you’re ahead on your home loan repayments and your loan has a redraw facility, you may be able to access those extra payments to fund smaller renovation work. It’s a low-cost option, but you’re limited to what you’ve already put in. Good for smaller projects where the funds are there.

Loan top-up

If you’re happy with your current lender, a loan top-up adds to your existing home loan to give you access to extra funds. Your lender will want a property valuation, and your repayments will increase – but it can be a simpler process than refinancing.

Refinancing

If you’ve owned your home for several years, there’s a good chance you’ve built up equity. Refinancing to a new loan can be a great way to access that equity at a competitive rate, while potentially getting a better deal on the loan overall. A renovation is often the right time to review whether your current loan is still the best option for you.

Personal loan

For smaller renovations that don’t warrant tapping into your home loan, an unsecured personal loan can get money in your account quickly without putting your home up as security. Generally suited to projects under $50,000.

Construction loan

For major structural renovations, extensions, or anything requiring a licensed builder and progress payments, a construction loan may be the right fit. Funds are released in stages as the work progresses, and you only pay interest on what’s been drawn down. Take a look at our construction loans page for more detail on how these work.

Pretty much anything that improves your home. The most common projects we help with include kitchen renovations and upgrades, bathroom renovations, extensions and additions, outdoor entertaining areas and landscaping, pool installations, energy efficiency upgrades like solar and insulation, internal fit-outs and flooring, and full property makeovers. If you’re not sure whether your project qualifies or which finance option suits the scope, that’s exactly the conversation to have with us first.

It depends on your equity, your financial position, and the scope of the work. As a general guide – minor cosmetic renovations typically run from $20,000 upward. Mid-scale renovations like a full kitchen or bathroom are often in the $30,000 to $80,000 range. Major structural work, extensions, or full property overhauls can run to $150,000 or significantly more.

If you’re using equity in your home, most lenders will lend up to 80% of your property’s value – though some will go higher with Lenders Mortgage Insurance. If a licensed builder is involved, some lenders will go up to 95% of the completed value.

We’ll work out exactly how much you can access before you commit to anything.

Using equity

Already own your home? Your equity could fund the renovation.

If your property has gone up in value since you bought it – and in Adelaide’s market over recent years, there’s a good chance it has – you may be sitting on more usable equity than you realise. That equity can be put to work funding your renovation without touching your savings.

We’ll calculate your usable equity properly, explain how accessing it affects your overall loan position, and make sure you’re not borrowing more than makes sense for your situation.

Practical tips

A few things worth knowing before you start.

Build in a contingency

Renovations almost always throw up surprises. Most experienced builders and brokers recommend having 10-20% above your budget set aside for the unexpected. We can sometimes build a contingency buffer into your loan structure so you’re not scrambling if costs shift.

Think about overcapitalisation

Spending more on a renovation than you’ll get back in property value is a real risk, particularly in some price brackets. We’re not property advisors, but we’ve seen enough renovation projects to know it’s worth having a conversation with a local agent about comparable sales before you go all in.

Council approvals can affect timing

Major structural work, extensions, or anything that changes the exterior footprint of your home typically needs council approval before work can start. Your builder should manage this, but it’s worth factoring into your timeline.

Check your insurance

Your existing home and contents policy may not cover a property under renovation. Worth checking with your insurer before the first tradie sets foot on site.

When you go to your bank, they’ll tell you what they can do with your existing loan. When you come to Oracle, you see the full picture – every lender, every product, every option for your situation.

We’ve been helping Adelaide homeowners finance renovations since 2005. We know which lenders are most flexible on renovation finance, how to structure things to protect your cashflow, and how to put together an application that gives you the best chance of getting what you need.

And we stay involved through the process. If you’re doing structural work with progress payments, we’ll manage each drawdown stage so your builder isn’t kept waiting and your renovation stays on track.

Loan Repayment Calculator

Work out what your repayments could look like after adding renovation costs to your home loan.

Borrowing Power Calculator

Estimate how much you could borrow to fund your renovation based on your income and expenses.