Loans for building or renovating
Basic renovations and home improvements can be funded through a standard home loan.
If you only require a small amount for your project, you may be able to redraw additional funds from your current home loan.
If you are building a new home or your renovations are more extensive, you may need a 'construction loan'. With this type of loan you withdraw funds in stages, when you receive bills from tradespeople and suppliers. You'll only pay interest on the funds you've used.
Approval for a construction loan will requires plans, permits and typically a fixed-price building contract.