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Renovating your home – where to start

From simple makeovers to major structural work, we're here to help you figure out your plans and explore how best to finance them.

  1. Answer a few questions about your renovation
  2. We’ll suggest some loan options for you
  3. Use our handy tools, articles, tips and FAQs

 

Not sure whether you want to renovate?

Should you renovate your home to rent out or live in – or sell and move somewhere better?

 

Tell us about your reno and we’ll suggest our loan options

Do you have a home loan on this property?

Will your reno involve structural changes (like an extension)?

How much are you looking to spend?

Your options

Based on what you've told us.

Increase current Westpac home loan

If you have equity in your property or land, you may be able to use it to ‘top up’.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Available on variable and fixed rate loans
  • Option to consolidate other debt

Personal loan

For smaller renovations, you could consider a separate personal loan.

 

At a glance:

  • Interest rate generally higher than home loan rate
  • No need to use home as security

Your option

Increase current Westpac home loan

If you have equity in your property or land, you may be able to use it to ‘top up’.

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Available on variable and fixed rate loans
  • Option to consolidate other debt

Your option

Home loan: construction option

For larger or complex renos, you may need to add our construction loan option to any of our home loans.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • Required for structural changes, when using the property as security

Will your reno involve structural changes (like an extension)?

Your option

Home loan: construction option

For larger or complex renos, you may need to add our construction loan option to any of our home loans.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • Required for structural changes, when using the property as security

Will your reno involve structural changes (like an extension)?

How much are you looking to spend?

Your options

Based on what you've told us.

Switch to Westpac and increase

Refinance your current home loan to us, and borrow more.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Potential for lower interest rate
  • Option to consolidate other debt

Personal loan

For smaller renovations, you could consider a separate personal loan.

 

At a glance:

  • Interest rate generally higher than home loan rate
  • No need to use home as security

Your option

Switch to Westpac and increase

Refinance your current home loan to us, and borrow more.

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Potential for lower interest rate
  • Option to consolidate other debt

Your option

Switch to Westpac and increase

If you're planning major renos to your property, you can include the costs in your total loan, and use our construction option.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • No fees for construction option or progress drawdown
  • Potential for lower interest rate
  • Option to consolidate other debt

Will your reno involve structural changes (like an extension)?

Your option

Switch to Westpac and increase

If you're planning major renos to your property, you can include the costs in your total loan, and use our construction option.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • No fees for construction option or progress drawdown
  • Potential for lower interest rate
  • Option to consolidate other debt

Will your reno involve structural changes (like an extension)?

How much are you looking to spend?

Your options

Based on what you've told us

Use equity in the property

You could borrow against equity in your property.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Increase your loan on another property

If you have a Westpac home loan on another property, you may be able to increase that loan.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Personal loan

For smaller renovations, you could consider a separate personal loan.

 

At a glance:

  • Interest rate generally higher than home loan rate
  • No need to use home as security

Your options

Based on what you've told us.

Use equity in the property

You could borrow against equity in your property.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Increase your loan on another property

If you have a Westpac home loan on another property, you may be able to increase that loan.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Your options

Based on what you've told us.

Home loan: construction option

For larger or complex renos, you may need to add our construction loan option to any of our home loans.

 

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • Required for structural changes, when using the property as security

Increase your loan on another property

If you have a Westpac home loan on another property, you may be able to increase that loan.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Will your reno involve structural changes (like an extension)?

Your options

Based on what you've told us.

Home loan: construction option

For larger or complex renos, you may need to add our construction loan option to any of our home loans.

 

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • Required for structural changes, when using the property as security

Increase your loan on another property

If you have a Westpac home loan on another property, you may be able to increase that loan.

 

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Construction option available
  • Option to consolidate other debt

Will your reno involve structural changes (like an extension)?

How much are you looking to spend?

Your option

Take out a larger home loan

You can include your reno costs in your total home loan amount.

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Option to split your loan to keep your reno funds separate
  • Option to consolidate other debt

Your option

Take out a larger home loan

You can include your reno costs in your total home loan amount.

At a glance:

  • Minimise interest by only drawing down money when you need it
  • Option to split your loan to keep your reno funds separate
  • Option to consolidate other debt

Your option

Take out a larger home loan

If you're planning major renos to your property, you can include the costs in your total loan, and use our construction option.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • No fees for construction option or progress drawdown

Will your reno involve structural changes (like an extension)?

Your option

Take out a larger home loan

If you're planning major renos to your property, you can include the costs in your total loan, and use our construction option.

At a glance:

  • Manage cash flow: funds in instalments, after each construction stage
  • Only pay interest on released funds
  • No fees for construction option or progress drawdown

Frequently asked questions

If you’ve registered for redraw and are ahead on repayments, you can tap into your Available funds whenever you need.


Westpac App – tap your home loan account and tap Transfer to move funds to a Westpac account or Pay to transfer to another bank account.

 

Haven’t set up your redraw? Simply login to online banking to submit your request or print, sign and email a scanned copy (or hi-resolution photo) of our Redraw Authority form (PDF 66KB) to loanmaintenance@mortgage.westpac.com.au (no need to include a stamp from the bank). Redraw is subject to approval.


More on home improvement loans

Things you should know

Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.

 

1 Break costs on prepayments and switching: Customers can make total prepayments of up to $15,000 (cumulative) for loans fixed prior to 21 March 2009, $25,000 (cumulative) for loans fixed between 21 March 2009 and 16 March 2012 or $30,000 (cumulative) for loans fixed on or after 17 March 2012, without costs or fees applying. Prepayments exceeding this threshold may incur a break cost.

If at any time before the end of a fixed rate period you switch to another product, interest rate (fixed or variable) or repayment type, then a break cost may apply.