Can You Get A Home Loan That Includes Renovation Costs?

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Can I use a home renovation loan or can I get a home loan to include renovation costs?

Yeah, well of course you can. We’ve got to be careful that you’re not classed as an Owner Builder.

The banks aren’t particularly fond of lending to Owner Builders.

So we’ll take that out of the equation, and let’s just assume that you are a normal purchaser, got a new house, but you want to put some add-ons

Yes, you can get a loan that includes renovation costs.

The banks may ask to see invoices for the works that you are going to do, and also have that work reflected in evaluation for improvement in the cost or the value of the property.

Another option is to get a home renovation loan Australia that includes a little extra for renovations and have a component of that loan sitting there for renovations, that might be an easier way.

All this is dependent on the equity that you do have.

If you’re under an 80% LVR, most banks will allow you to take your loan to that, and really not ask any questions about the nature of why you want that additional money.

Another loan structure you could do is have that additional money sitting in an offset account and that way, it’s just waiting there for when you want home improvement loan.


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