Since your options for renovation loans may vary significantly, it’s a good idea to talk with a mortgage broker when you first start planning your renovation. For an extensive renovation that will incur significant cost, it may be worth refinancing your existing home loan to access the equity (rather than taking out another dedicated renovation loan). Another possibility is to apply for a mortgage “top-up” with your existing lender. This will increase your existing mortgage balance, and the added funds can be used to pay for the necessary renovation works. If you’re looking at a small-scale renovation (perhaps a bathroom or kitchen upgrade) then it may be more beneficial to apply for a personal loan (which can come with greater flexibility and a shorter loan term).