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Steps to renovating your home

Whether it’s a small upgrade or a big extension, renovating can make your home more comfortable today and it can pay off financially in the future. At RACQ Bank we’re here to help you reach your property dreams. We can offer a renovation loan and guide you on the process so you know what to expect before you pick up the tools. When you’re borrowing money for a renovation, know you’re choosing a bank that’s going to be with you every step of the way.

Step 1

Planning to renovate

No matter the scale of your renovation, it’s always worth planning your project first. Know what you want to achieve with your renovation, get an idea of your budget, how much you want to spend, and chat to friends or family who may have some advice.

Renovating tip!

There can be plenty of pitfalls as you go along. To avoid these, take a look at our Home Renovation Survival Guide.


Consider the following questions before you embark on your project and be prepared from the get-go;

  • Is renovating the right option? How much value will your renovation add? Is there a risk you'll over-capitalising? Would you be better off buying another house or building a home from scratch?
  • What are your financial options? Know how you’ll fund the project. Do you have equity in your home? Are you redrawing on your mortgage? Or are you refinancing?
  • What's your budget – Crunch the numbers and set a solid budget. It’s also a good idea to include a 10% buffer to cover unexpected extras or surprises that can pop up.
  • What professionals will you hire? – Are you going to be using an architect, draftsperson or builder? Do your homework by looking at their previous work and perform some checks with regulatory bodies, like Master Builders Queensland.
  • Is your property protected? – The right Home and Contents Insurance can protect your property if it's undergoing some renovations.

Home loan calculators

Whichever way you’re planning on funding your renovation, it’s a great idea to work out the figures so you know you’ll stick to budget, know what you’ll pay if you increase your mortgage and what your home could be worth in the future. Try out our online calculators and get your results in under 60 seconds.

Step 2

Know how you’ll fund your renovation

Depending on your financial situation you could have several options available to help you fund your renovation including;

Step 3

Getting your loan

Once you’ve got an idea of why it is you’re refinancing, and the amount of money you might be able to borrow, it’s time to find the loan to suit your needs.

Fixed Rate

Lock in your repayments and plan your budget with confidence.

2 year fixed - Choices 3.59 % p.a Owner occupied
4.71 % p.a Comparison rate
View key features
  • Security of fixed repayment amounts
  • Additional repayments available, up to $10,000 p.a.
  • 1,2,3 and 5 year terms available

Mortgage Breaker Special

Enjoy a variable interest rate and pay off your loan faster.

Mortgage Breaker Special 3.64 % p.a Owner Occupied
3.68 % p.a Comparison rate
View key features
  • Available for new lending only
  • 100% offset facility
  • Flexibility of a split loan option
  • Unlimited additional repayments
Once you’ve decided on which loan may be right for you, it’s good to know how much you’ll need to repay. Work this out by running the numbers in the calculator below.
Download the home loan application checklist so you know what you'll need when you're ready to proceed with your home loan.
Step 4

Getting the most out of your RACQ membership

When it comes to renovating, we’re here to provide you with the same high level of service and help you’ve come to expect from us. Plus, you’ll also get access to the following advantages:

  • Great low rates and fees, with a range of loans to suit you
  • Flexible options
  • Dedicated lending specialists and access to mobile lending
  • Member discounts on homewares and home services
  • Queensland-based 24/7 call centres and dedicated branch network

Get the renovation process underway