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Common loan purpose questions
Home improvements and renovation loans
Why use a personal loan instead of increasing the mortgage?
Why use a personal loan instead of increasing the mortgage?

Common questions about home improvement loans

Ana Wedlock avatar
Written by Ana Wedlock
Updated over a week ago

Low interest rates associated with mortgages can be tempting, but borrowers need to consider the loan term as well as the rate. Miscalculating can cost thousands of dollars in extra interest paid when a long-term loan is involved.

If you’re considering topping up your home loan to pay for renovations, read our post How extending your mortgage can hurt and why it can be more cost-effective to use a personal loan:

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