Renovation funding that matches the size of the job.
- Unsecured funds often within 2 business days, secured typically 2 to 6 weeks
- Loans from $5K to $500K, secured and unsecured
- Homeowners on salaried income, self-employed ABN holders, and irregular income
- Kitchens and bathrooms through to extensions, structural work, and granny flats
- Full-doc (tax returns), low-doc or alt-doc (BAS, bank statements or an accountant's letter instead) options across our 90+ lender panel
Renovation finance is not one product, and picking the wrong one is the most common expensive mistake on this job. A cosmetic renovation under about $50,000 is usually best funded as a simple loan or a mortgage top-up, quickly and with minimal paperwork. A structural renovation, anything involving extensions, a second storey, or moving walls, generally needs a construction facility that releases funds in stages against the work completed. Borrowers who fund a structural job on an unsecured loan often run out partway through. Joseph Farhat and his team will match the funding to the actual scope before you commit to a builder.
Who we can help access finance
- Homeowners funding a kitchen, bathroom, flooring, or a cosmetic refresh.
- Owners undertaking a structural renovation: an extension, a second storey, or a reconfigured floorplan.
- Borrowers with equity in their home who want to release some of it rather than take unsecured debt.
- Owners renovating to increase value before selling, where the finished valuation supports the spend.
- Investors improving a rental property to increase the rent or bring it up to standard.
- Self-employed borrowers and ABN holders with strong equity whose income takes longer to evidence.
- Owner-builders doing part of the work themselves, where the lender list narrows sharply.
- Borrowers whose renovation has already started and stalled, and who need funding to finish it.
How Renovation Finance Works
There are three routes. A mortgage top-up or equity release draws on the equity you already have, prices at home loan rates, and suits cosmetic work where no council approval is needed. An unsecured personal loan is faster and does not require a valuation, but costs more and is generally capped around $75,000. A construction facility is the route for structural work: the lender assesses the on-completion value, approves a total facility, and releases funds in progress payments as each stage is finished, with interest charged only on what has been drawn. Which route suits you depends on scope, approvals, and equity. Joseph Farhat and his team will price the realistic options against your actual plans.
What Lenders Assess for Renovation Finance
Scope of work
cosmetic versus structural is the deciding factor. It determines the product, the documentation, and how quickly funds are available.
On-completion valuation
for construction facilities the whole approval is sized against what the finished home is worth, not what it is worth today.
Equity available
how much of the renovation your existing equity can carry before additional borrowing is needed.
The builder and the contract
a licensed builder on a fixed price contract is the cleanest position. Cost-plus and trade-by-trade arrangements narrow the lender list considerably.
Council approval
structural work generally needs council approval (in NSW, a development application or a complying development certificate), and lenders will want to see it.
Contingency
lenders expect a buffer of 5% to 10% in the budget, because variations during a renovation are the norm rather than the exception.
Owner-builder status
permitted by some lenders at a lower loan-to-value ratio (LVR), the loan as a share of the property's value, with more scrutiny of the budget and the build schedule, and excluded by others.
Serviceability
you need to carry the new repayment alongside your existing mortgage, and for a construction facility, alongside rent if you are moving out during the work.
The Renovation Finance Process: What to Expect
- Talk to Joseph Farhat and his team about the scope, the budget, and your equity before you sign a building contract. Contract type strongly affects which lenders will fund you and is hard to change afterwards.
- Provide the basics: plans and quotes or the building contract, council approval if the work is structural, your current mortgage details, and your income evidence.
- We identify the right route, top-up, personal loan, or construction facility, and price the realistic options across the panel.
- For a construction facility, a valuer assesses the on-completion value and the lender issues an approval with the drawdown schedule set out. For a top-up, the process is much shorter.
- Funds are released, either as a lump sum or in progress payments against completed stages. We stay involved through the draws, which is where renovation facilities most often run into trouble.
Indicative Finance Options
| Route | Pricing | Typical Amount | Funds Released | Approval Needed | Speed |
|---|---|---|---|---|---|
| Mortgage top-up or equity release | Sharpest available pricing | $20K to $500K | Lump sum | Valuation, usually no council approval for cosmetic work | 2 to 4 weeks |
| Construction facility | Home loan pricing tier | $50K to $500K | Progress payments by stage | Council approval, fixed price contract, valuation | 3 to 6 weeks |
| Unsecured personal loan | Priced for flexibility | $5K to $75K | Lump sum | None beyond standard assessment | Within 2 business days |
Indicative figures only. Actual terms depend on your circumstances, the property, and lender assessment at the time of application. We quote your rate and comparison rate for your specific loan amount and term before you apply. Terms are subject to change.
Why borrowers choose Settled With Joe for renovation finance
We represent you, not the lender
Joseph Farhat and his team act in your interest, and on consumer lending that is a legal duty, not a slogan.
Matching the product to the scope is the whole job
funding a structural renovation on an unsecured loan is how people end up with a half-finished house and no facility left.
Talk to us before you sign the building contract
contract type is one of the biggest drivers of which lenders will fund you.
Progress draws are where renovations stall
a lender slow to release a payment holds up your builder and costs more than a slightly better rate saves.
On-completion valuations decide the facility
we set expectations against a realistic valuation rather than the number you hope the renovation will add.
Every route priced side by side
a top-up, a personal loan, and a construction facility can all suit different jobs, and we set out each one.
90+ lenders on one panel
bank, non-bank, and specialist, including lenders comfortable with owner-builders and with stalled projects.
Private finance for unique scenarios
where bank and non-bank lenders are not the right fit, we can introduce you to private finance options.
Usually no direct cost to you
as a broker we are typically paid by the lender on settlement.
An honest answer early
if the budget does not have enough contingency in it, we will say so before the lender does.
Frequently asked questions
What is renovation finance?
Renovation finance is funding used to improve a property you own. It is not a single product: it covers mortgage top-ups and equity releases for cosmetic work, unsecured personal loans for smaller jobs, and full construction facilities for structural work that release funds in stages against completed work. Which one suits you is determined by the scope of the renovation, whether council approval is required, and how much equity you have.
Do I need a construction loan, or will a top-up do?
The dividing line is structural work. Cosmetic renovations, meaning kitchens, bathrooms, flooring, painting, and landscaping, generally do not need council approval and can be funded with a top-up or personal loan as a lump sum. Anything involving extensions, a second storey, moving load-bearing walls, or changing the footprint usually needs council approval, and lenders will want a construction facility with staged drawdowns. Getting this wrong is the most common expensive mistake on renovation finance.
How much can I borrow to renovate?
For a top-up or equity release, the limit is your available equity and your serviceability, commonly allowing borrowing up to 80% of the current value less what you owe. For a construction facility, the assessment is against the on-completion value, which can support a materially larger amount. Unsecured personal loans generally cap around $75,000. Joseph Farhat and his team will work out which route gives you the capacity you actually need.
Will my renovation add as much value as it costs?
Not always, and it matters here because the lender will form its own view through the valuation. Kitchens, bathrooms, and additional bedrooms tend to hold value best. Highly personalised work, pools, and spending more than similar homes on your street sell for generally do not return their cost. A valuer assesses the on-completion figure independently, and if it comes in below your expectation the facility is sized to their number. It is worth being realistic about this before you commit to the scope.
Will applying affect my credit score?
Every credit application is recorded on your file, and several applications in a short period read poorly to the next lender. On renovation finance this is easy to trip over, because borrowers often approach several lenders while still deciding on the route. We work out the right route and lender before an application is lodged, so your file carries one enquiry rather than several.
What is a comparison rate, and why are no rates shown on this page?
A comparison rate combines the interest rate with the standard fees into a single figure so two loans can be compared honestly. An advertised rate on its own can look sharp and still cost more once establishment and ongoing fees are counted, and a comparison rate is only meaningful for a specific amount and term. With renovation finance the routes also price on completely different tiers, so a single headline number would be actively misleading. We quote your rate and comparison rate for your real structure instead.
Do you act in my best interests?
Yes. When we provide credit assistance on consumer lending we owe you a best interests duty. We make reasonable enquiries into your financial situation, requirements, and objectives, and we must not suggest or help you apply for a loan that is unsuitable for you. On this product that duty is largely about matching the facility to the scope, since an underpowered loan on a structural job is unsuitable regardless of its rate. Before we provide credit assistance you will receive our Credit Guide.
Do you work with borrowers with bad credit?
Yes, we do. A default, an old arrears listing, or a thin credit file does not rule you out, and it is not something we will make you feel awkward about. Several lenders on our panel weigh the equity and the on-completion valuation far more heavily than the credit file, and price for the risk rather than decline it. Telling us early lets us approach the right lender first.
Can I get renovation finance as an owner-builder?
Yes, though the lender list narrows considerably and the LVR is usually lower. Lenders scrutinise the budget, the build schedule, and your relevant experience more closely, because there is no head contractor carrying the risk. Some lenders will not consider owner-builders at all. You will also need an owner-builder permit for work above the threshold in your state. Joseph Farhat and his team will tell you which lenders on the panel accept it and what they require.
What happens if the renovation goes over budget?
Variations are normal, which is why lenders expect a contingency of 5% to 10% in the budget from the start. If costs exceed the facility, the shortfall generally has to be funded by you or through a further advance, which is assessed again and takes time you may not have with a builder on site. Where a facility has run out partway through, it can often be refinanced to complete the work, and that is a scenario we see regularly. Call early rather than late.
Can I stay in the house during the renovation?
That is between you and your builder, but it matters to the lender for one reason: if you need to rent elsewhere during the work, that rent forms part of your serviceability assessment alongside the mortgage and the new repayment. Mention it at the first conversation so the numbers are right from the start.
Why work with Settled With Joe to finance your renovation?
Because matching the funding to the scope is the whole job, and it is the step that decides the rest. Most of the people we help are homeowners, investors, and self-employed borrowers who have quotes in hand and a builder waiting, and who want to know which route suits the scope of the work. Those situations are not unusual to us and there is no judgement in the conversation. What matters is the scope, the on-completion valuation, your equity, and the building contract. Progress draw speed decides whether a renovation runs to schedule, and it varies a lot between lenders. Our panel covers 90+ bank, non-bank, and specialist lenders. We are based in Sydney and work with borrowers Australia-wide. Joseph Farhat and his team will tell you honestly and early what is achievable.
Do you give financial advice?
No. We do not guide you on your finances, nor give financial advice. We focus on outcomes and solutions of presenting your unique scenario to the right lender so you can access funding in a timely and compliant manner.
Do you help with renovation finance outside Sydney?
Yes. Settled With Joe is based in Sydney and arranges renovation finance Australia-wide, covering both metro and regional areas. We work with clients in Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra, as well as regional areas including Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast, and Toowoomba. Approval requirements differ by state and council, and valuation turnaround varies by location. Joseph Farhat and his team will identify which lenders on the panel are the best fit for your property and scope.
