Renovation Loan

Why a Home Reno Loan?

Your home is not only your biggest asset, it can also be a great source of satisfaction, comfort and pride. When you’re ready to make improvements to your home, we’re ready to help.

A home reno loan is ideal for those projects which require the funds upfront. It also offers additional money to those whose lines of credit may not have enough available credit to see a project through. By providing a fixed sum, a home reno loan can help maintain a ceiling on spending. The loan also provides you with a set repayment schedule to help with monthly budgeting.

Home Reno Loan Considerations

When it comes to a home reno loan, there are a number of factors to consider and discuss with a Coastal Community expert.


We offer fixed and variable home reno loan rates; both types of rates offer benefits depending on your situation.  A fixed rate home reno loan involves an interest rate that is set for the duration of your loan. The benefits of a fixed rate loan include consistent monthly payments and monthly budget control—you’ll have the peace of mind knowing exactly how much you owe each month.

A variable rate home reno loan involves an interest rate that fluctuates depending on market conditions. The benefit of a variable rate home reno loan is the ability to take advantage of falling interest rates.  Our experts will discuss both options with you to ensure you get the rate that works best for your situation.


A term is the length of time for which your loan agreement with Coastal Community is valid. Our home reno loans have a minimum term of one year and a maximum term of five years.


Amortization is the length of time it will take you to pay off your home reno loan. For instance, you may be able to amortize your loan and pay it off within the term that you choose. If not, at the end of your term, you may choose to pay off the loan or refinance. The longer the amortization period, the lower the payments. However, the longer it takes you to pay back your home reno loan, the more interest you will pay. We offer amortization periods up to 20 years, depending on different factors.

Payment Options

You can arrange to make payments weekly, bi-weekly or monthly. You can also pay off part or the entire amount of your loan at any time without any penalty.

What You’ll Need When You Apply

We make it simple and easy for you to borrow by providing applications online.

The online application process should take between 5 and 20 minutes, depending on the information you have available. Once completed, a Coastal Community Representative will contact you for further details.

* Please note:  if you are applying with a co-applicant, your application will continue past the main screens to gather co-applicant information as well.

Before you begin your online application, please make sure you have the following information handy:

  • Your Social Insurance Number (SIN)
  • If applicable, your co-applicant's SIN, date of birth, employer's name and phone number.
  • Monthly expenses such as rent, mortgage payments, alimony, etc. 
  • Assets including bank accounts, investments, vehicles, real estate, etc.
  • Liabilities including car payments, loans, credit card debt, etc.

How Long Before Your Application is Approved

Depending on your situation, your home reno loan application will be approved within 1 to 2 business days.

How to Apply

Visit the branch nearest you.