Renovation Refinance › Should I renovate first then refinance to access the new value?

Should I renovate first then refinance to access the new value?

Sometimes. If you can fund the work first, refinancing afterwards lets the lender value the improved home, which can release more equity. But you need the funds to renovate up front, so it does not suit everyone.

Written by Ross McFarlane, Licensed Mortgage Broker (Credit Representative 526725). About the author

Why this matters

This is a sequencing question. Renovating then refinancing can work well if you have savings or short term funds to complete the work, because the finished home values higher and frees more equity. If you do not have the funds up front, you need the borrowing first, which points to a top up or construction loan. The right order depends on your cash position.

The key points

Renovating first can lift the valuation afterwards.
That can release more equity on refinance.
You need funds to do the work up front.
The right order depends on your cash position.

Free, no obligation

Plan your renovation finance properly

Answer a few quick questions and we can structure the right option for your project across a panel of more than 70 lenders.

Check Your Options

A few quick questions, no obligation.

What is your goal?

Buy a home or investment property First home, next home, or adding to your portfolio Build a house or develop land New build, renovation, duplex, or subdivision project Lower my current repayments Better rate, release equity, or restructure existing debt Finance an established commercial property Business premises or commercial investment asset

Tell us a bit more about the plan

How do you earn your income?

Standard salary or wage Full-time, part-time, or casual employment (PAYG) Self-employed or business owner Sole trader, company director, or contractor

How is your credit score?

This helps us match you to the right lender from the start.

Healthy No issues that I am aware of A few small marks A couple of late payments, now caught up Not sure, or it is complicated We work with specialist lenders for these situations

Last step. Where should we send your options?

Your information is private and we will never share it.

First Name

Last Name

Email Address

Australian Mobile Number

By submitting, you agree to be contacted by one of our team of licensed mortgage brokers. No obligation. No spam.

You're all set.

We've received your details. One of our friendly brokers will reach out within 1 business day to help guide you through your options.

More renovation refinance questions

Back to the full Renovation Refinance guide

Last reviewed: June 2026

General information only. This page provides general information about home loans and is not financial or credit advice, a quote, or a guarantee, and your personal circumstances have not been considered. Lending policies, interest rates, fees and eligibility vary by lender and change over time. Always confirm your own situation with a licensed mortgage broker or lender before acting. Ross McFarlane (Credit Representative 526725) is an authorised Credit Representative of Australian Associated Advisers Pty Ltd t/a Keylend, Australian Credit Licence 392169.