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Things to consider before you renovate

Need money to renovate? Think about increasing your existing loan

If you need additional funds for your renovation costs, please contact one of our home loan specialists to discuss your options. 

Are you an existing ANZ home loan customer? We can look into a:

You could also consider an ANZ Personal Loan.

Or if you're ahead on your repayments, consider redrawdisclaimer instead

If you've made additional repayments to an eligible loan account, you could apply to access these funds using ANZ Redrawdisclaimer.

Got money sitting in your ANZ One offset account? That could be an option too.

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 renovation, to help you save on interest.

More info

How we may be able to help with your renovation plans

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.

Our home loans

Explore our home loans

ANZ Standard Variable Home Loan


Standard Variable Home Loan Rate

interest rate

comparison ratedisclaimer

  • Make extra repayments to pay your loan off faster
  • Redraw your extra repaymentsdisclaimer

ANZ Simplicity PLUS Home Loan


Standard Simplicity PLUS Home Loan Rate

interest rate

comparison ratedisclaimer

  • Low variable interest rates and no monthly fee
  • Make extra repayments any time

Package your loan

Are you an existing ANZ Breakfree customer?

Add another home loan to your ANZ Breakfree packagedisclaimer, disclaimer and enjoy ongoing features and discounts under the same package fee.

What you get

  • Interest rate discounts on nominated loan accountsdisclaimer
  • Credit card annual fee waiverdisclaimer
  • Everyday account fee waiverdisclaimer
  • Optional insurance discountsdisclaimer
  • Choice of variable or fixed home loan options
  • No limit on the number of eligible home loans under the one package. 

For example, you could save over

$2,000 in the first year

if you take out a $250,000 ANZ Standard Variable Home Loan with a  interest rate discount and fee waivers under the Breakfree package. Take a closer look at how you can save

For an annual fee of


Other fees and charges apply


Get your questions answered

   What are LMI and LVR?

If you need to borrow more than 80% of the amount your property is valued at by ANZ you may need to pay Lenders Mortgage Insurance (LMI). Banks often call this percentage the ‘LVR’ , which stands for ‘Loan to Value Ratio’. LMI protects the lender if you default on your loan. For some property types, LMI might be required when LVR is less than 80%. 

   Should I get an offset account?disclaimer

If you have money in an everyday banking account, you may choose to move it into an ANZ One offset account. You can link it to your ANZ Standard Variable loan or one-year ANZ Fixed loan to help you save on interest charges. The money you have in ANZ One will offset the amount you owe on your home loan, and you’ll only be charged interest on the difference.

   Principal and interest, or interest only?

Let’s put it this way: if you choose interest only, your minimum repayments will be lower during the interest only period because you are not required to repay the principal balance. You will have to repay the principal down the track and you will pay more over the life of your loan. Choosing to repay principal and interest means that you’re actually paying off the total loan amount over the period of the loan, not just the interest charges.

   How is interest calculated?

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.

Contact us

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Call a Home Loan Specialist

1800 100 641

Mon-Fri 8.00am to 8.00pm (AEST),
Sat-Sun 8.00am to 6.00pm (AEST)

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All applications for credit are subject to ANZ’s credit assessment criteria. Terms and conditions are available on application. Fees and charges apply. 

Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the Terms and Conditions, Product Disclosure Statement and Financial Services Guide before acquiring any product. 

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

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The range of interest rates shown incorporate ANZ Breakfree Special Offer discounts which apply while you hold an ANZ Breakfree package and meet ongoing eligibility criteria. The applicable discount varies based on loan amount, total mortgage lending and other eligibility criteria. Eligibility for interest rate discounts of between 0.75% p.a. and 0.90% p.a.  are subject to ANZ Breakfree Package Special Offer Terms and Conditions (PDF 40kB) and the ANZ Breakfree Terms and Conditions (PDF 78kB), which include total mortgage lending requirements, lending to value ratio requirements, and new lending requirements for existing customers. For details, see ANZ Breakfree package.

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Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. 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. 

Availability and level of interest rate discounts under the Breakfree package vary based on minimum lending requirements and other eligibility criteria. See ANZ Breakfree Package Special Offer Terms and Conditions (PDF 40kB) for eligibility. 

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This comparison rate is for a loan of $150,000 over 25 years based on monthly repayments. 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. 

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Eligibilty criteria applies to the ANZ Breakfree package, including a minimum lending requirement of $150,000. Breakfree benefits only apply while you maintain the package and meet ongoing eligibility critieria.

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All ANZ Breakfree Package benefits are subject to the ANZ Breakfree Terms and Conditions (PDF 80kB) and any relevant Product Disclosure Statements or terms and conditions.

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Interest rate discounts apply to eligible loan accounts linked to the Breakfree package which meet minimum lending requirements (total mortgage lending must be at least $150,000).

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The Annual Account Fee is waived on one eligible ANZ credit card account held under an ANZ Breakfree Package. The waiver only applies while the account is held under the package. A Rewards Program Services Fee of $55 per cardholder may apply to ANZ Rewards and ANZ Frequent Flyer accounts.

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Account service fee waived on one eligible transaction account (ANZ Access Advantage account or ANZ One offset account).

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ANZ Home Insurance, ANZ Landlord Insurance and ANZ Car Insurance are issued by QBE Insurance (Australia) Limited (QBE) ABN 78 003 191 035 (AFSL 239545). ANZ Mortgage Protection Insurance is jointly issued by OnePath Life Limited (ABN 33 009 657 176) and QBE. This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs.  You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs. ANZ recommends that you read  ANZ Financial Services Guide (PDF 520kB) and the relevant ANZ Home insurance Product Disclosure Statement and Policy (PDF 936kB)ANZ Landlord Insurance Product Disclosure Statement and Policy (PDF 736kB)ANZ Car Insurance Product Disclosure Statement and Policy (PDF 656kB) and ANZ Mortgage Protection Insurance Product Disclosure Statement and Policy (PDF 307kB), available by calling 13 16 14 or visiting before deciding whether to acquire, or to continue to hold, any of these products. To be entitled to a discount on your insurance you must notify the issuers of these products at the time of application that you are an ANZ Breakfree Package customer. Please note for ANZ Home Insurance, ANZ Landlord Insurance and ANZ Car Insurance the discount is only applicable to the first year’s premium. Reference to insurance premium amounts for the purposes of calculating the applicable Breakfree Package benefits exclude any stamp duty, GST and other government fees, charges or levies components that are included in the total premium amount paid by you. These discounts are not available in conjunction with any other discount offer made by issuers of these products or ANZ.

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