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MortgageSMART™by Emanate Finance
Renovating
Use the equity that's already sitting in your home.
General information only — illustrative modelling, not credit assistance or an offer of finance. Actual outcomes depend on your circumstances, lender policy, rates and fees.
Refinancing to fund a renovation turns equity you can't spend into a home you actually want to live in — sooner, rather than one day.
Kitchens, bathrooms, flooring, a pool, a granny flat, solar and efficiency upgrades, or just finishing off what the builder left. Same address, different house.
Why renovate
Moving costs money you never get back
Selling and buying carries fees at both ends — agent commission, stamp duty, conveyancing, and the cost and chaos of actually moving. None of it improves where you live.
Renovating puts that same money into the home you already own. You keep the street, the neighbours and the school run, and the spend goes into the property rather than into transaction costs.
- Kitchens, bathrooms and flooring
- Extensions and reconfigured living areas
- A pool or outdoor entertaining area
- A granny flat or second dwelling
- Solar, insulation and efficiency upgrades
- Finishing the parts of the build you skipped
Do it properly
The renovation trap to avoid
Here's the part that gets skipped: most lenders will add your renovation to the loan and write the whole thing out over a brand-new 30-year term. The repayment looks manageable, and the finish line moves years further away.
Set it up with the term in mind — and where it makes sense, tidy up other debts at the same time — and a renovation doesn't have to cost you years of your plan.
Whether that's achievable for you depends on your equity, income and circumstances. This page is general information only.
- Borrowing sized to the actual scope of work
- Term kept close to the years you have left
- Funds released in stages for structural work
- Other debts reviewed at the same time
- A payoff date you can still see from here
- Rate reviewed again after settlement
Before you borrow
Check what your mortgage looks like first
Two minutes on your current loan tells you how much room you have, what the renovation would add, and what it does to your payoff date.
Two minutes · no documents · no credit check
Got a project in mind?
Book a complimentary video call and bring your rough budget. We'll talk through what's possible and what lenders will want to see.
Video, phone or email — whatever suits you.
Good to know
Renovation finance questions
How much equity can I access for renovations?
Lenders generally lend up to a set percentage of the property value, so your available equity is that limit less what you currently owe. Going above 80% of the value usually brings lenders mortgage insurance into play.
Does the lender need to see quotes or plans?
For cosmetic work, often not. For structural work, extensions or anything requiring council approval, lenders usually want plans, a fixed-price contract and may release funds in stages.
Will renovating increase my property value?
Sometimes, but not always dollar for dollar. Valuers look at the finished property against comparable sales in the area, so the value added can be more or less than what you spend. Treat any uplift as general information, not a promise.
Is it cheaper to renovate than to move?
Selling and buying carries fees on both sides — agent commission, stamp duty, conveyancing and moving costs. Renovating puts that money into the property you already have, though it comes with its own budget and disruption.
Will adding to my loan push my payoff date out?
It can, if the extra borrowing is written back over a fresh 30-year term. Keeping the term aligned to the years you have left is what stops a renovation quietly costing you a decade.
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