Renovation Refinance › Should I do a loan top up or a full refinance to renovate?

Should I do a loan top up or a full refinance to renovate?

A top up with your current lender is simpler and often quicker. A full refinance to a new lender takes more effort but can free up more equity or secure a better rate at the same time. The best choice depends on your lender and goals.

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

Why this matters

Both can fund a renovation, with different trade offs. Topping up stays with your existing lender, so there is less paperwork and no discharge of the old loan. Refinancing opens the whole market, which can mean more equity or a sharper rate, but more work. If your current rate is competitive, a top up often wins; if not, refinancing can do two jobs at once.

The key points

A top up is simpler and often quicker.
A refinance can free more equity or a better rate.
Topping up avoids discharging the old loan.
The right choice depends on your rate and goals.

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More renovation refinance questions

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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.