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Renovating my home

Got a plan and a vision for your existing home? We can help turn those home renovation dreams into reality.

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Talk to us about how to finance your renovation

Ways to finance your home renovation

Top up your existing variable rate loan

You may be able to borrow additional funds against your existing home loan, subject to credit approval. Please contact us to enquire about a top up to pay for your renovation.

Make use of your equity with a supplementary loandisclaimer

If you have equity in your existing home or investment property, you can access it with a supplementary loan. Choose from eligible ANZ loans (ANZ Standard Variable, ANZ Simplicity PLUS or ANZ Fixed). Then you can use that money for a variety of different purposes according to your needs.

Redraw your extra repayments to fund your renovations

ANZ Redraw could let you access extra payments you’ve made to an eligible loan when you need to.disclaimer You can easily access your redraw funds via ANZ Internet Banking and other convenient ways.

Use the money in your offset account

If you have money in an ANZ One offset accountdisclaimer, consider using these funds to pay for your renovation. You can leave the money there, offsetting your home loan, until it's time to make a payment.

 

Are you thinking of a major renovation?

If you're planning a structural renovation (generally, when it's something that will require council approval or a building permit), you should apply for a construction loan instead.

With a construction loan, you can progressively draw funds as required during the renovations, to help you save on interest.

How construction loans work

Explore our home loansdisclaimer

Flexibility with plenty of features

ANZ Standard Variable

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Principal and interest

Comparison ratedisclaimer

 
Discounted standard variable rate when borrowing 80% or less of the property value.disclaimer

 

  • Make extra repayments any time
  • Redrawdisclaimeravailable funds (if you make extra repayments)
  • Save on interest with an offset account ($10 a month)disclaimer

More on ANZ Standard Variable

  

Keep it simple with basic features

ANZ Simplicity PLUS

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Principal and interest

Comparison ratedisclaimer

 
Interest rate with special offer discountdisclaimer when borrowing 80% or less of the property value.disclaimer

 

  • Competitive variable interest rates
  • Make extra repayments any time
  • Redrawdisclaimer available funds (if you make extra repayments)

More on ANZ Simplicity PLUS

  

Flexibility with plenty of features

ANZ Standard Variable

 disclaimer disclaimer

Interest rate

Comparison ratedisclaimerTooltip

 
Discounted standard variable rate when borrowing 80% or less of the property value.disclaimer

 

  • Make extra repayments any time
  • Redrawdisclaimer available funds (if you make extra repayments)
  • Save on interest with an offset account ($10 a month)disclaimer

More on ANZ Standard Variable

   

    See all rates Apply online

Have an existing ANZ Breakfree Package and want to link your loan? See here

You've got questions
We've got answers.

Interest is calculated based on the unpaid daily balance of your loan. For example, if you had a loan balance of $150,000 and your interest rate was 6% p.a., your interest charge would be: $150,000 x 6% divided by 365 days = $24.66 for that day. For most ANZ Home Loans, interest is usually calculated daily and charged monthly. For details refer to the ANZ Consumer Lending Terms and Conditions (PDF 412kB) and your letter of offer.

  

A comparison rate is designed to help you work out the total cost of a home loan by building the known costs like up-front and ongoing fees into that rate. It doesn’t include things like government charges, redraw fees or fee waivers. 

You can use comparison rates to help you compare the cost of different home loans with similar features. When deciding which home loan is right for you, it’s important to think about what features each home loan offers, and how much these matter to you. Keep in mind that you may not necessarily pay the comparison rate that is advertised for your loan type.  This is because, for example, you may not pay all the fees and charges which the comparison rate includes.

  

If you choose interest only, the minimum payment amount on your loan will be lower during the interest only period because you are not required to repay any of the loan principal. You will have to repay the principal down the track and so you may end up paying more over the life of your loan. There may be additional restrictions on the amount you can borrow or loan type you can select if you choose to pay interest only.

Choosing to repay principal and interest means that, with each repayment, you're paying off interest charges as well as some of the loan principal.

Learn more about payment types.

  

LVR stands for 'Loan to Value Ratio' and it's the amount you’re looking to borrow, calculated as a percentage of the value of the property you want to buy (as assessed by ANZ). For instance if you’re borrowing $400,000 to buy a $500,000 property, your LVR would be 80% (because $400,000 is 80% of $500,000).

LVR is important because it may affect your borrowing power. Generally, the lower the LVR the better, as it carries less risk for the lender. If your LVR is above 80% (that is, you're looking to borrow more than 80% of the value of the property you want to buy), you may need to pay Lenders Mortgage Insurance (LMI). This insurance protects the lender - ANZ, not you - if you default on your home loan and there’s a shortfall following the sale of the property. Generally speaking the higher your LVR, the more LMI will cost.

Learn more about ANZ LMI with our Key Fact Sheet (PDF 370kB) or read our article on Lenders Mortgage Insurance.

*Property value is ANZ's valuation of the security property and may be different to the price you pay for a property.

 

  

Contact us or apply

Quick Start home loan application

Get started in just 5 minutes. Apply for pre-approvaldisclaimer, a new home loan or to refinance or top up your existing ANZ home loan.

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Connect with a mobile lender disclaimer

Find a mobile lender

  

Visit a branch or ANZ Home Centre

Find your nearest location

  

Call us

1800 100 641

Monday - Friday
8am to 8pm (AEST)

   

You can also chat to an ANZ accredited broker for help with your home buying, investing or refinancing needs.

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There’s a lot to think about when considering your next move. For example, is now the right time to buy a new home? Or perhaps you’re better off staying put and renovating?

  

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Using the equity in your home

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Equity is the difference between the value of your property and how much you owe on it. Find out how unlocking the equity in your home could open up opportunities.

  

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Redraw facilities: the what, why and how

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Redraw lets you access extra principal repayments you’ve made on your loan. This could come in handy if you need some extra cash down the track. 

  

The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditionsProduct Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product. 

Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.

Terms and conditions apply including a maximum loan term of 10 years. Minimum loan amounts vary depending on loan type. Fees and charges apply.

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Terms and Conditions and eligibility criteria apply to ANZ Redraw. ANZ Redraw is not available on loans in a company name. For further information on ANZ Redraw please refer to the ANZ Consumer Lending Terms and Conditions (PDF 412kB).

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Terms and Conditions, fees and charges apply. Refer to ANZ Personal Account Fees and Charges booklet (PDF 139kB).

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Interest rates shown on this page are current as at  and are subject to change. 

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The interest rate shown includes an interest rate discount from the index rate and applies to home loan applications or renewals submitted on and from 19 March 2022. For ANZ Standard Variable, this discount is  for loans with a Loan to Value Ratio (LVR) of greater than 80% and  for loans with a LVR 80% or less. For ANZ Fixed, this discount is  for loans with a LVR greater than 80% and  for loans with a LVR 80% or less. This interest rate discount is not available for eligible loans linked to an existing Breakfree Package. Eligible loans linked to the Breakfree Package will receive an interest rate discount under the Breakfree Package. To view rates that apply to loans linked to the ANZ Breakfree Package and for more information, see here.

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Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly payments, including any applicable interest rate discounts. These rates are for secured loans only.

WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

For interest only variable loans, the comparison rates are based on an initial 5 year interest only term. For fixed rate interest only loans, the comparison rates are based on an initial interest only period equal in term to the fixed period.

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Property value is ANZ's valuation of the security property and may be different to the price you pay for a property.

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Please refer to ANZ Personal Banking Account Fees and Charges (PDF 100kB) for fees and charges that apply.

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The rate shown is the Simplicity PLUS Home Loan index less the applicable special offer discount. Rates are subject to change. Eligibility criteria apply to special offer discounts, including $50,000 or more in new or additional ANZ lending. Offers can be withdrawn or changed anytime.

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Rates shown apply during the interest only period of your loan. Choose from 1-5 year interest only terms for owner occupied on an ANZ Standard Variable (Land Loan up to three years) and ANZ Fixed (Land Loan up to three years) and choose from 1-5, 7 and 10 year interest only terms for residential investments on an ANZ Standard Variable (Land Loan up to one year), ANZ Fixed (Land Loan up to one year) and ANZ Simplicity PLUS. If you choose to make interest only payments on ANZ Fixed, your fixed period and interest only period will be the same. After the interest only period, your rate will switch to the applicable variable rate for a principal and interest loan. At the end of the interest only period, minimum repayment amounts may increase to cover principal and interest. Interest only loans are not for everyone and you should consider if this is the right strategy for you.

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Interest rate discounts apply to eligible loan accounts linked to the ANZ Breakfree Package which meet minimum lending requirements (total mortgage lending must be at least $150,000) and apply while you hold a package and your loan remains linked to your ANZ Breakfree Package. Annual package fee of $395 will be waived if it falls due from 12 February 2022 as the ANZ Breakfree Package will be discontinued on or about 10 September 2022 and Breakfree benefits will cease to apply. On and from 19 March 2022, the ANZ Breakfree Package will no longer be available for sale.

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Rates shown apply during the fixed period of your loan. After the fixed period, your rate will switch to the applicable variable rate for a principal and interest loan.

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Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly payments, including any applicable interest rate discounts. These rates are for secured loans only.

WARNING: This Comparison Rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fixed home loans aren’t for everyone and early repayment costs may apply if you repay your loan or switch to another one before the end of your fixed term or make early or additional repayments. Once the fixed rate period ends, the loan reverts to a variable rate loan and repayment amounts will change. For fixed rate interest only loans, the comparison rates are based on an initial interest only period equal in term to the fixed period. 

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The rate shown is the Simplicity PLUS Residential Investment Property Loan index less the applicable special offer discount. Rates are subject to change. Eligibility criteria apply to special offer discounts, including $50,000 or more in new or additional ANZ lending. Offers can be withdrawn or changed anytime. 

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ANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.

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ANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.

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