Home Renovation Loan Calculator

  • Compare personal loan rates in 60 seconds
  • Quotes from multiple New Zealand lenders
  • No credit score impact

You can begin estimating the total costs of your home renovations by determining the scale of your project:

  • The floorplan size of your home 
  • The number of individual rooms
  • How much you plan to renovate
  • The cost of materials (budget to premium)
  • The cost of any professional labour required
  • The type of rooms you plan to renovate
  • How intensive your renovations will be

Find A Home Renovation Loan

Check if you qualify

How to use the home renovation loan calculator

To estimate the costs of your home renovation loan, you’ll need to enter some basic details.

These are explained below:

  • Borrowing Amount - The amount you’ll need to borrow based on your estimates for renovations. You can increase the amount you estimated by 10 per cent to account for any unplanned interruptions or issues that may occur during renovations.
  • Interest Rate - The interest rate of the loan offer you want to calculate.
  • Loan Term - The length of time you want to repay the loan. You can adjust this to see how longer or shorter terms affect both regular repayment amounts and the total interest paid over the term of the loan.
  • Loan Fees  - If the loan offer includes any upfront fees such as an establishment fee, you can include the amount to separate it from your regular repayment calculations.

This home renovation loan calculator uses amortisation when calculating interest and repayment amounts. 

Amortisation is a more accurate calculation of repayments across the lifetime of a loan as it accounts for interest charges relative to the remaining loan balance, instead of using a fixed interest amount for each repayment.

How to fund your renovations

When it comes to funding your renovations you’ve got several options to choose from. 

You may be able to use your own money (or at least a portion of it) or refinance an existing mortgage to release equity in your home. 

Borrowers looking to finance home renovations will generally consider a home renovation loan or construction loan, depending on the scope of the project.

Personal loans (secured or unsecured) can also be used to finance your renovations, and are offered by the majority of lenders in New Zealand.

See If You Qualify For A Home Renovation Loan

Check if you qualify

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