Salary Packaging Salary Packaging Loans

Adding a home office, bedrooms or living space to help to make the most of your home? Here are some different ways you can finance a renovation:

  • Top-up:

    You could top-up your budget by accessing equity or your redraw facility in your home.

  • Home equity loan:

    This uses the equity in your property to borrow additional funds for personal projects or investment.

  • Redraw:

    If your current loan has a redraw facility and you have been making additional repayments, you may be able to use these funds to finance your renovation.

  • Construction loan:

    This is for the purposes of a major renovation and allows you to draw on the loan in stages, designed to reflect the stages of a build. This helps you to save on interest throughout the project.

  • Line of credit:

    This type of finance lets you access extra money whenever you want, up to your credit limit. This allows you to use it as you need it, rather than apply for another loan.

  • Personal loan:

    A personal loan may be more suitable for smaller renovations as they can carry different interest rates and loan terms.

Perhaps it’s not a renovation, but an exciting new build you are looking at?

A construction loan gives you access to money progressively as you complete different stages of construction.

Features and Benefits of a construction loan:


Construction Loans have Interest Only payments during the construction period, meaning your repayments are lower throughout this time.


You can make additional payments into your Construction Loan at any time. This reduces your loan balance and means you may pay less interest.

Build in stages

Building a property or undertaking major renovations is a big protect, so it's important you know what to expect at each stage. Construction Loans give you the flexibility to draw down the loan at various stages of the build (also known as Progress Payments). Your Progress Payment Schedule will typically have 5-6 stages during the construction period.

Contact us today to determine which loan suits your needs, and take one step closer to that dream kitchen, bathroom or bedroom!