Question 1

Will banks lend money for renovations?

Accepted Answer

Yes. Most lenders will fund renovations. Smaller upgrades can be covered by a home loan top up, refinance, redraw or offset funds. Structural or major works usually use a construction-style loan with progress payments. Approval depends on equity, borrowing capacity, the scope of works and documents like plans and a fixed-price contract.

Question 2

Which bank is best for a renovation loan?

Accepted Answer

There is no single best bank because lenders assess renovations differently. The right fit depends on your equity and LVR, the renovation type, your income situation and whether the property is owner-occupied or an investment. We compare more than 50 lenders and match you to the one that fits your project and timeline.

Question 3

Which loan is best for home renovation?

Accepted Answer

For cosmetic upgrades many clients use a home loan top up or refinance, redraw or offset. For major or structural works lenders usually use a construction-style loan with staged drawdowns. A small personal loan can suit quick, minor jobs. We will compare total cost and cash flow so you do not overpay.

Question 4

What salary do you need for a $500,000 loan?

Accepted Answer

There is no set salary. Lenders look at the interest rate and term you choose, living expenses, other debts, dependants and buffers. Two people on the same income can have very different borrowing power. A quick assessment will show your true number and the best way to structure it.

Question 5

Is it worth getting a personal loan for renovations?

Accepted Answer

It can be useful for small, fast jobs because approval is quick and you do not need to change your home loan. The trade-off is usually a higher interest rate and a shorter term which means higher repayments. For larger projects a secured top up, refinance or construction-style loan is often cheaper.

Question 6

What is the best way to borrow money for home renovations?

Accepted Answer

Start by sizing the project. For smaller works consider a top up or refinance, redraw or offset funds. For major or structural work use a construction-style loan with progress payments. We will compare options across more than 50 lenders and map the steps so funding lines up with your builder.

Question 7

Is a renovation loan better than a personal loan?

Accepted Answer

For big or structural projects a renovation or construction-style loan is usually better because it uses progress payments and is secured against your property which can mean a lower rate. For small, quick fixes a personal loan can be fine if the higher rate and shorter term still suit your budget.

Question 8

How much can I borrow if I earn $100,000 a year?

Accepted Answer

It depends on your full profile. Lenders consider your income after tax, living expenses, existing debts, the rate and term, and any dependants. The fastest way to know is a borrowing power check where we run your details across several lenders and show the range you qualify for.

Question 9

How much would a monthly payment be on a $500,000 loan?

Accepted Answer

Repayments depend on the interest rate and term. As a guide only, on a 30-year term the monthly repayment is about $2,839 at 5.5%, about $3,160 at 6.5%, and about $3,496 at 7.5%. Your rate and product features will change this. We can model it for your situation in a few minutes.

Question 10

How much do you have to earn to borrow $600,000?

Accepted Answer

There is no single income number. Lenders test your budget at an assessment rate and factor in living costs, debts and dependants. As a guide only, a 30-year repayment on $600,000 at 6.5% is about $3,792 per month before buffers and expenses. A quick assessment will confirm what you can safely borrow.

Question 11

Which bank is best for a home renovation loan?

Accepted Answer

The best choice depends on your plans, equity, property type and income. Some lenders are stronger on construction-style loans, others on simple top ups. As a broker we compare policies and pricing across more than 50 lenders and recommend the one that fits your project.

Question 12

Can I borrow to renovate?

Accepted Answer

Yes. You can use a home loan top up, refinance, redraw or offset funds for smaller works. For major or structural projects you will likely use a construction-style loan with progress payments. We guide you on documents, valuations and timing so funds arrive when your builder needs them.

Services	Stryve	Traditional lender	Online lender
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Renovation loans in SydneyStress free finance across NSW

Simple ways to fund your renovation

Smaller cosmetic upgrades

Major or structural renovations

Investor or self-employed scenarios

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