Stryve - finance home renovation banner new

Finding ways to finance your home renovation?

It’s a project we’ve all dreamed of: taking an outdated house and turning it into the home of our dreams.

But before you start home repairs, tearing down walls and clearing out closets, there’s one big factor to consider — financing.

There are plenty of resources available for Australian homeowners looking for loans for home improvement. Read on to explore what renovation loan options may be open to you

Financing Your Home Renovation 101

What is a renovation loan?

A renovation loan in Australia is a type of loan that allows borrowers to finance renovations and home repairs. It can be used for anything from minor cosmetic upgrades to major structural changes.

A renovation loan often has a low interest rate, making it an attractive option for those looking to renovate their home without going over budget. Generally, these loans are flexible and can be tailored to meet the borrower’s unique needs.

Different types of home renovation loans

Below are the most common loans to renovate a house.

1. Use equity to renovate

Using your equity to finance a home renovation in Australia is a great way to save money.

But what is equity? Equity is the difference between your property’s market value and the amount you still owe on it. By using the equity in your property, you can access funds for home renovations without taking out an additional loan or increasing the size of your existing mortgage.

It’s important to note that before taking this route it’s worthwhile examining all available options as fees and other costs associated with equity loans may be higher than those associated with more traditional loans. Additionally, depending on the specific loan agreement, you may need to pay back any borrowed funds within a certain period of time, making it important to determine if this type of financing fits into your budget before committing to anything.

2. Refinance for renovations

Refinancing your mortgage allows you to access funds for renovations without taking out an additional loan or increasing the size of your existing mortgage.

It’s important to note that refinancing home loans may require you to pay more over time than other options such as equity loans. So, it’s essential that you research all available options or consult a mortgage broker before committing to anything.

Additionally, you should take into account any fees and taxes associated with refinancing depending on the specific loan agreement. Ultimately, refinancing is a great way of funding your renovation project in Australia, but it pays to do your research first.

3. Construction loan for renovations

A construction loan for renovation is a loan taken out by a borrower as a means for financing home renovations or repairs.

The main difference between a standard mortgage and a construction loan is that with a standard mortgage, the property being purchased serves as security for the loan. With a construction loan, the property being built or renovated serves as security for the loan. Rates for construction loans are charged higher than those of regular mortgages.

Construction loans are also typically shorter-term loans than regular mortgages, because the lender wants to make sure that they’re repaid before the property is completed and sold.

How do construction loans work? When you take out a construction loan, the lender will typically provide you with the money in several stages as the construction progresses. This method is known as progress payments or progressive drawdown.

A construction loan can be a great option for those buying a fixer-upper that needs some repairs or renovations before it’s ready to live in. Another use for a construction loan is to finance commercial properties.

4. Personal loans for renovations

Taking out personal loans for renovation is an attractive option if you don’t want to use the equity from your property or refinance your existing mortgage.

Using a personal loan to renovate home may require you to compare different loan rates and terms. This is so that you get the best deal for your needs, as well as assess any fees and taxes associated with personal loans depending on the specific agreement.

Personal loans generally offer lower interest rates than credit cards, meaning you’ll pay less over time. They also often have longer payment terms than other options such as home equity lines of credit, meaning you can spread the cost out over many months or years.

However, it’s important to understand that any new loan could affect your credit score, so it pays to be aware of this before taking out a personal loan.

5. Offset or redraw

Using an offset account or redraw to finance home renovation can be a good idea in some situations, but it’s important to carefully consider all the pros and cons before making a decision.

An offset account is a type of transaction account that is linked to your mortgage. By depositing money into the offset account, you can reduce the amount of interest charged on your loan. This means that any money saved in an offset account will effectively be earning you interest as well.

Redrawing from your mortgage is another option. This allows you to withdraw funds from your existing loan (if you have extra repayments) for other purposes such as renovations.

Both options offer advantages when it comes to financing home renovations:

access funds without needing to take out additional loans or increase their mortgage size;
they provide more flexibility than other forms of borrowing and allow homeowners to access needed funds quickly if need be.

On the downside,only a small amount of interest reduction may be achieved, depending on how much money is held in the offset account relative to the total loan balance. Similarly redraws can incur higher fees than taking out an additional loan or increasing your mortgage size. It’s important to check with lenders and compare different options before proceeding with any sort of funding for home improvement projects.

In addition, if substantial renovation work needs to be done over a long period of time then there are products specifically designed for financing home improvements that may provide better value for money than using an offset or redraw facility (i.e., construction loans).

6. Switching temporarily to interest-only repayments

Switching temporarily to interest-only repayments is an option many homeowners consider when financing a home renovation. This strategy can give you some financial breathing room, as for a set period of time you’ll only need to pay the interest on your loan instead of both the principal and the interest.

However, this doesn’t mean it’s always a good idea. Interest-only payments provide temporary relief, but they’re not a long-term solution. When the interest-only period ends, your payments will likely increase significantly and could be hard to manage. Additionally, you might end up paying more in total because you’re not making any progress toward paying down the principal balance of your loan during that period of time.

That said, if used wisely and with caution, going on an interest-only repayment plan can be beneficial when renovating your home. Before exploring this option further, make sure to speak with your lender or mortgage broker.

7. Tap into your savings

Dipping into your savings to finance a home renovation can be a tempting option, especially if you have money saved up.

However, when it comes to home renovations, there are a few considerations you should take into account before making the decision.


you don’t need to take out any loans or apply for any other type of credit.
no loan repayments
less money may be required than a bank loan would require apart from the interest charges
no additional interest charges
no risk associated with borrowing money from lenders


your funds may not cover any unforeseen expenses that come with renovating such as building permits, permits from local authorities etc., or even any labour costs
could affect your ability to build up a healthy emergency fund in case something unexpected happens down the line
you may need to break up the renovation into more manageable stages so that each stage can be budgeted accordingly

Let Stryve Finance help you get a
renovation home loan

Borrowing money for renovations has never been easier with Stryve Finance! We offer a wide range of lending products across a panel of over 30 banks. We negotiate between various lenders on your behalf to obtain competitive rates, fees and terms.


Can you borrow extra money on your mortgage for renovations?

Yes.There are a few ways to do this, and one of them is through a home loan top up. You can borrow additional funds on your existing mortgage without taking out a separate loan. It also has a lower interest rate compared with some other loan types,e.g., a personal loan.

Who can qualify for a renovation loan?

In order to qualify for loans to renovate a house, you need to meet certain criteria set by the lender. Generally speaking, this includes having good credit, sufficient income and money saved up for a deposit. It’s also important that your planned renovations are in line with the value of your property and don’t exceed it too much, as this could affect how much you can borrow from your lender.

How do I know how much I can borrow?

The amount you can borrow depends on several factors including but not limited to: how much equity is available in your home; whether you have enough savings available; what other debts (if any) you currently have; and finally your credit score and financial history. A qualified mortgage broker or financial advisor should be able to advise what size loan would suit your individual situation best. They can also help secure competitive interest rates from different lenders/banks.

What documents do I need in order to apply for loans for home renovation?

In most cases, lenders will require proof that you own the property (i.e., title deeds) along with recent bank statements and evidence that supports your income level (e.g., payslips). Depending on your individual situation, lenders may also want to see additional documents such as tax returns or other evidence detailing any assets or debts in addition to those outlined in your application form.

How long does it take to receive funding from a home renovation loan?

Once all documents have been submitted and approved by the lender, it usually takes around 2-6 weeks before funds are available depending on how quickly paperwork is processed by both parties involved (the lender and borrower). It’s important to be organised during this time frame so that everything runs smoothly without delays.

Real reviews, real results

See what our clients have to say about us

Kari Moffat
Kari Moffat

left us a 5 star review


Dylan is fantastic to work with and sorted problems so fast. Great communication, highly recommend!

Kari Moffat June 3, 2023

Really happy with Dylan's service. Dylan is professional and he makes things happened quick. Can't go wrong with his service.

Justin Wang May 18, 2023

I cannot recommend Dylan enough!!! My husband and I have a mixture of perm income as well as self employed - due to this, a few brokers turned us away, but not Dylan! He was able to listen to our situation and find a bank to approve us. He was so professional and he was just as excited as us when it all came together! Thanks again!


We highly recommend Dylan and the Stryve team. They're professional, knowledgeable and great communicators who listened to our mortgage needs and provided products that suited us. Stryve has assisted us multiple times with products and are proactive in seeking lower interest rates.

Sharnae Filcich April 28, 2023

Refinanced my mortage with Dylan. He did a fantastic job and helped me with every aspect of it. I would highly recommend him to anyone.

patrizia tarantola April 19, 2023

Dylan is an absolute star and fantastic broker! From the moment we began the process to refinance an investment and make a new purchase with the equity, all the way through to settlement, Dylan was attentive, supportive and proactive. His dedication to the outcome and continual value checks to ensure we were getting the best possible rates were such a great service. Dylan made the seemingly daunting task of this whole process a pleasant and positive experience, always transparent and happy to take the time to explain all the moving parts and answer all our questions. Will definitely be engaging Dylan for our future financing needs and cannot recommend him enough! Thanks Dylan!

metcaelfe April 17, 2023

Dylan and the team at Stryve have been fantastic from day one, with a personable approach to business and a strong knowledge of the market. Dylan has helped us secure the best possible rates available and navigate the finance processes for our first home, and two cars. I highly recommend the team at Stryve and want to thank Dylan, Jake and all the team for their ongoing support and guidance up to settlement and beyond as we continue our journey.

Lucas Maidment April 12, 2023

Dylan Bertovic provided expert support and guidance from the very earliest stages of my property buying journey in Australia. Dylan delivered pragmatic advice, and was able to understand and deliver according to my specific property goals. Bonus points is that Dylan was patient enough to repeat himself when I kept forgetting minor details along the way!

Simon Moore March 9, 2023

On behalf of my husband and I, we would like to truly thank Dylan Bertovic for all his assistance in helping us with our new loan - approved in time before our settlement. Dylan worked above and beyond expected. He took the time to explain every step and process with us. Any questions we had, Dylan would go out of his way to ensure they were answered. He made the process stress free and ensured we got the best possible deal. Thank you for your professionalism, your hard work and your friendliness as well. We now live in our dream home and we have you to thank for that :) We highly recommend Dylan to all our family and friends.

Merna Yalda March 7, 2023

Dylan assisted my partner and I through the purchase of our home. From getting pre approval through the completing the application and purchase of our home it was seamless. We cannot thank Dylan enough for being accessible and communicating with us through the whole process. We will be recommending to all our family and friends!

Tamara February 8, 2023

I really can’t rate Jake Fuller highly enough. Jake came along to help me get a home loan refinance through the toughest time in my life through a messy marriage separation. This involved countless interactions with banks, finance companies, lawyers and various agencies. It was a very complicated matter added with the emotional stress of the situation. For all the people I had to work with through this, I can honestly say Jake went above and beyond on so many occasions and was by far the only one throughout the whole process who I could completely rely on. He was always extremely supportive, positive, showed a huge amount of compassion and care, and was able to find me a fantastic financial outcome which worked perfectly for me and relieved a huge amount of stress, uncertainty and pressure. Through all of this Jake was an absolute rock. I honestly don’t think I could’ve done it without him. His service went far above and beyond the financial side, he clearly cared and went out of his way to get onto every stumbling block that came our way, nothing was a problem for him and he acted so quickly and effectively handled every step with the utmost of professionalism. I honestly can’t thank him enough and can’t rate him highly enough. I’ve made it to the outside now with a fantastic outcome. Thanks so much Jake!

Luke Jackson January 25, 2023

Thank you very much Dylan, you made purchasing my first home possible under such short times and everything else. Your work ethic and client centric approach really speaks for itself. I can’t recommend you enough you are amazing thank you

Audrey Eshiloni January 25, 2023

Dylan made the process of buying our first house stress free and easy. He was approachable to start with and very responsive to all of our questions throughout the process. Can not recommend enough.

Blake Ridges January 25, 2023

Dylan helped me for 18+ months until I found the right property. Would 100% use his services again and recommend to friends and family.

Emilio Mattiuzzo January 10, 2023

I highly recommend Dylan. I bought my first home with Dylan’s help and couldn’t have done it without him. His organisational skills and responsiveness made the process way less stressful. He also has a great ability to think outside the box and got me the best deal possible. I look forward to using Dylan again when I remortgage or buy my next property.

Chad H December 19, 2022

Dylan worked fast and went above and beyond to help me refinance. He spoke honestly and clearly and was always pushing for my best interest while working with lenders. Highly recommend.

William Nguyen December 13, 2022

I wanted to give a huge thanks to Dylan, he is so informative and knowledgeable, he guided me through step by step to obtain the loan. It was easy and comfortable process working with him! I will definitely use him again.Thank you for you support!

Giuseppe Soriano November 21, 2022

Huge THANK YOU to Jake for helping us sort out our loans and refinancing them so my husband and I can start fresh and get our foot started with saving for a home. Jake was super professional and quick to respond with any questions we had. He explained the process to us perfectly and made the process so much easier for us. We cannot thank Jake enough for his time and effort getting our loan sorted. Looking forward to working with Jake in the near future. Highly recommended 10/10

Tessa Manumua October 26, 2022

Thank you Dylan! Dylan was so informative and knowledgeable. He made the process seamless and kept me updated every step of the way. I couldn’t recommend him enough. Refinancing through Dylan was the best decision I made . Thank you again Dylan!

Alex Talia October 26, 2022

Jake helped us re-finance our home during a very stressful time for our family. His compassion, efficiency and thorough understanding of mortgage made this experience painless and easy. I highly recommend Jake for your mortgage broking needs! 10/10!

Sarah Townend October 25, 2022

Dylan has been absolutely great along the process. He is professional, responsive, a great communicator and wonderful support throughout. Highly recommended.

Monica Velez Posada October 19, 2022

Was an easy and comfortable process working with Dylan! Dylan is super knowledgeable and will definitely use him again. Thank you for you support!

Angela Maiuolo October 17, 2022

Fantastic customer service. Dylan made our purchase a straightforward, smooth journey from start to finish. He kept us in the loop throughout all stages of pre-approval and purchase of our home and was always available for any questions/queries we had. Thanks Stryve!!

Joseph Caccamo October 17, 2022

Dylan was an absolute legend to work with. His communication is amazing and explains everything so you are never in the dark. I can't recommend Dylan and his team enough.

Andrew Marrone October 16, 2022

We came across Dylan Bertovic after spoken with several brokers. Our experiences with Dylan were great and we knew after spoken with him that he has the heart to help people fulfill their dreams. He was very professional, prompt to respond whenever we reach out to him. He was on top of his works, and we highly recommended him to anyone whose looking for a broker who is willing to help you all the way.

Liuvao Tamati October 13, 2022

Dylan is really professional and responsive, guided me through all the steps with buying my first home. I would highly recommend him to all my friends and family.

sandra petros October 1, 2022

Got recommended to Dylan by one of my mates and I couldn’t be more pleased with the out come, will definitely be going through dylan again!

Jhy Rowley August 19, 2022

Dylan was amazing to work with, he was punctual to the minute and always followed up with his client. He was knowledgeable in my peculiar case and was upfront about the whole process. He always found a way to answer my concerns and help me with my application process. I would 100000% recommend Dylan to family and friends, and hopefully work with him again soon. Cheers Dylan

Nashwan Istephan August 6, 2022

The team at Stryve really made the whole refinancing process easy. Their expertise in the home loan landscape made the process quick and mostly hands off, which being so busy myself was a lifesaver.

Alicia Valderrama August 2, 2022

Absolutely impressed with the professionalism displayed by Dylan from Stryve. Throughout the whole process, I was kept in the loop and well informed. There was ongoing communication via call, email and text. Achieving a loan could not have been simpler - Dylan was optimistic and extremely helpful.

Melissa Xerri July 26, 2022

As first home buyers, we can’t be more grateful for the help and support we received from Dylan and the rest of the team at Stryve. Throughout the whole process they were consistently professional and helpful and provided us answers to anything and everything we were curious about. There was never a time when we couldn’t reach them and on top of that we were even provided with regular check-ins. We felt at ease throughout the whole process of purchasing our first home and we are highly grateful to have found them. We could not imagine the process with anyone else and will continue to recommend them to all our friends and family. We will be definitely using them again in the future.

Maria Olivia July 22, 2022

Dylan and the team were fantastic in assisting us with the purchase of our first home. The whole process from enquiry through to settlement whilst daunting for a first home buyer, was made extremely smooth and easy through their expertise and prompt responses to our many questions. We will absolutely be engaging with Dylan, Jake and the team for future services and will highly recommend to anyone interested!

Hayden Watts July 13, 2022

After speaking with multiple brokers who were no help at all, my partner and I found Dylan. From the start he has been nothing but helpful and professional. He answered all of our questions and was available at odd hours, which may have been inconvenient for him just so he could accommodate for our shift work / rotating roster. He went above and beyond what we even expected by contacting the land developer in regards to our settlement when our conveyancer failed to do so. Dylan is very knowledgeable, and we have already recommended him to family and friends which he has been a great help for them also. We will definitely be using Stryve Finance again in the future.

Kadison Reid July 12, 2022

Massive thanks to Jake for helping us out with our mortgage. Extremely helpful and was with us every step of the way. He kept us updated and was able to answer any of our questions. We trusted his information and the process was seamless! Highly recommend!

Kaitlin King July 7, 2022

Dylan has helped us with our mortgage requirements for many years now and cannot recommend him highly enough. With the assistance of Dylan and Jake, our most recent enquiry was the fastest and easiest yet! If you’re after mortgage solutions tailored to your requirements, do not hesitate speaking with Dylan.

Chris Sullivan June 29, 2022

Dylan was recommended to me by a friend and I’m glad. He went above and beyond. Everything went smoothly and any questions I had, Dylan would be on the phone straight away explaining everything to me. He is very knowledgeable and has a great team by his side. Everything you need in a mortgage broker, prompt & reliable service! Thank you to Dylan and his team!

Samantha Mizzi June 16, 2022

My husband and I have used Dylan twice over the years. First to help us secure a loan for our first home when we were struggling to find anyone else to help us! Then second to refinance our property. Both interactions working with Dylan and his team were amazing. A very reliable team who make's it all too easy, all whilst maintaining an extremely friendly and caring environment for their clients. Highly recommend this team to help you secure your financial goals!

Elise Castersen June 15, 2022

Massive thank you to Dylan and the team. They made my entire experience from start to finsh an absolute breeze. Truly cannot recommend them enough, and hope to use them again in the future.

Ryan Shepherd June 14, 2022

Buying a first home can be really daunting and stressful .. but working with Dylan and the Stryve Team took all the worry and stress away. Dylan not only looked after the pre-approval and settlement of my loan, but most recently the refinance of my loan. Dylan is professional, knowledgeable, patient and kept me in the loop throughout the whole process. Answering all my questions without hesitation and always coming back to me in a timely manner. I would highly recommend Dylan and the Stryve Finance Team, and I look to working with them again in the future. Thank you for everything, Dylan :)

Carla Kokozian June 14, 2022

A huge thank you to Dylan for the second time in refinancing a loan to purchase our second investment property. From the start to the end of the process our experience in dealing with him was so easy and stress free. He would always respond to any questions we had instantly and will be using him again in the future. We highly recommend Dylan to anyone who needs his services.

Nardia Gioiosa May 10, 2022

At the start of the year I decided I wanted to try buy my first property in Sydney. My Mum gave me Dylan’s contact number and within the first phone call he had the ball rolling and from there the process was so easy. As this was my first time entering the property market I had no idea about anything however Dylan talked me through it all and kept me in the loop with everything. And just last week settled on my first unit. I can’t thank him enough for all he’s help and support. I will be recommending him to all my family and friends when they decided to start buying and will in the future continue to work with him. Thank you Dylan for everything

nicole lucas April 27, 2022

Thank you Dylan for your fantastic support and knowledge in helping us to own our first house. You just went beyond customer service and made us feel so comfortable. We asked so many questions and you answered them all with so much patience. We highly recommend Dylan's services to anyone out there. Thank you again Dylan!

amanda jonker April 6, 2022

Dylan went above and beyond and nothing was too much trouble. We spent over 12 months looking for a house and he answered every single question I had without any hesitation. With the 101 questions we finally secured a house and he turned everything around so quickly to ensure everything was sorted for settlement. I have had the best experience with Dylan and will be coming back when needed again. Thanks again!

Emily Brown March 31, 2022

My experience with Dylan & Stryve Finance has been nothing but positive & enjoyable. If you’re ever contemplating finance i highly recommend reaching out

Daniel Beardall March 17, 2022

Dylan helped me achieve my dream of owning my own home. His dedication, commitment and professionalism is outstanding. I will definitely be recommending Dylan to my family and friends! Thank you Dylan!!!

Emily Kitch January 28, 2022

The greatest broker of all time. Dylan provided nothing short of a world-class service. When it came to documentation and applying for a loan, Dylan made everything a breeze. Never would I have ever thought that I would find a broker who was going to make this such a quick, fun and enjoyable process. I have come across many brokers and Dylan is by far the man you would rather have in your corner. Dylan, you are second to none. Thank you Dylan for your help, I look forward using your services in the future as well as referring you many clients to come!

Jack Cailotto January 6, 2022

We had the pleasure of having Dylan help us with buying our forever home, his support, patience, knowledge and willingness to help at all times has been nothing but outstanding. Purchasing a property can come with a lot of stressful scenarios Dylan has been amazing and created a stress free experience! Thank you Dylan! Rest assured if anyone is in need of your service you will be highly recommended!

karolina luburic January 5, 2022

Absolutely brilliant, from start to finish, Dylan goes far and beyond all expectations, from 600km away home loan approved and settled within weeks, even blew our solicitor out of the water with his prompt services, would recommend Dylan 110%

Dale Sutcliffe January 4, 2022

Dylan assisted me throughout the process of getting my loan from start to finish. He is extremely knowledgeable, helpful and prompt. Due to my lack of understanding in the beginning, he gave great recommendations and guided me the whole time with his unmatched expertise in the industry which in the end lead to me finalising a brilliant loan. Wouldnt go to anyone else - thanks mate!

Libz December 10, 2021

Dylan's service was absolutely outstanding, I cannot recommend him highly enough!! From the first phone call to the follow up after settlement he went way beyond my expectations as a first time buyer. Within 6 weeks I was settled in my first home and couldn't be happier. No question was a silly one and always answered in a thorough way with clear communication. If reading these testimonials - you'd be silly not to engage Dylan as your broker! I look forward to future dealings with Dylan.

Jess Mirtschin December 10, 2021