5 ways to fund a home spruce up

By Kylie Moss · · 2 min read
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Couple looking at paint swatches for a renovation

Tired of beige walls and a bathroom that hasn’t been updated since the 70s? Or maybe it’s your backyard that’s in serious need of attention? If your home could use some freshening up in time for Summer, now is the perfect time to get working on a project plan, and prepping your budget.

Depending on the scale of  the project you’re looking at tackling, there are several ways to fund a home makeover. Each option has its pros and cons so let’s run through them one by one. 

1. Using your own funds  

The simplest and most cost effective way for you to pay for any home improvement project is with funds that you have in your savings account. 

Pros: 

  • You don’t pay any interest or fees 

Cons: 

  • You might miss out on benefits such as credit card rewards, cashback, travel points, or purchase protection that other payment methods offer.

2. Redrawing on your mortgage

If you’ve been making extra repayments on your mortgage, this could be a good opportunity to access the available redraw. 

Pros: 

  • You can usually access these funds quickly via online banking or app 

Cons:

  • Your mortgage balance will increase again

3. Refinancing your mortgage

If you’re looking at a substantial reno project like a new kitchen & bathroom, you could look to refinance your existing mortgage for a larger amount to include the cost of your renovations. 

Pros:

  • Potentially get a better interest rate on the new mortgage

Cons: 

  • You may have to pay fees for refinancing, and it extends the time you are paying off a mortgage
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4. Using a credit card

For very small projects like soft furnishings and lighting, a credit card can be a suitable option.

Pros: 

  • Quick access to funds as well as possible other benefits such as rewards points and purchase protection.

Cons: 

  • Generally high interest rates, unless you are confident you can pay off the full balance before the due date. 
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Accessing a personal Loan 

Provides a lump sum with a fixed or variable interest rate and a set repayment term. Personal Loans are often suitable for smaller to medium-sized projects like an outdoor entertainment area or new flooring.

Pros: 

  • The fixed loan amount helps budgeting. Plus if you make extra repayments you could save on interest.   

Cons:

  • Interest rates can be high depending on your credit history.  

  • Compare personal loan deals

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    Last updated 5 December 2025 Important disclosures and comparison rate warning*

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