Home improvement loans and financing options for renovations and repairs

We previously reviewed many popular home renovations and the cost they’ll set you back. In this article, we’ll review your options to pay for renovations, including why a credit card could be a useful option to finance home improvements.

Home renovations are exciting, and can make you love your home again (or love it even more than you already do!). Aside from learning how to tile, paint, wallpaper, sand and stain (or how to hire the right pros), you’ll also need to learn which financing options to use for your home improvements.

4 options for home improvement loans and financing

If you have money stored away in a savings account for your home improvements, you’re off to the races! But if you need to borrow some funds, that’s okay, too.

Here is an overview of how ACU can help you access capital for your house renovations, including using your ACU Collabria Visa.

1. Take out a personal loan

Of all home improvement loans, a personal loan is ideal if you want to pay off the debt within a fixed time frame, with consistent payments. ACU offers personal loans that can be secured against assets, which reduces the interest rate you’ll pay.

We also offer flexible repayment schedules and fixed and variable rate options—and if you choose to pay the loan off early, you won’t be charged a penalty.

2. Tap into your home equity

Financing home improvements with the equity you have in your home could make perfect sense, especially for renovations costing tens of thousands or more. ACU’s Home Advantage Plan Mortgage allows you to finance up to 80% of your home’s appraised value. Your home renovation loan secured against your home equity could be in the form of a line of credit, a loan or a mortgage.

For homeowners who have seen the value of their property rise, this can be an excellent option to access additional capital that wasn’t previously available.

3. Make use of a specialty mortgage for your home renovation

If you’re looking to buy a home that you know will need some work, you can take out a specialty mortgage for your renovation, which effectively incorporates a home renovation loan into your overall mortgage. ACU’s Purchase Plus Improve Mortgage allows you to add the costs of your planned renovations to your mortgage amount.

As part of the process, we will carry out an appraisal of your home’s post-reno value. The down payment required, the application process and the mortgage amount are then based on your home’s projected value after renovations are completed.

Your ACU mortgage expert can work with you to review the home improvement financing options, including High Ratio Insured Mortgages and other specialty products. If you need to get quotes or appraisals, they can also advise you on requirements and the process to get started.

4. Use your credit card: ACU Visa Credit Card

While you probably won’t want to carry a huge balance on your credit card (especially if you’re paying interest), paying for your reno materials with your card could bring you bonus reward points on home improvement purchases of up to $400*.

ACU has a special offer where you can earn 25% more reward points when paying with your ACU Visa credit card in home supply stores. Eligible cards are:


  • Cash Back
  • Centra Gold
  • Travel Rewards Gold
  • World/Infinite


  • No Fee Cash Back
  • Infinite Business

Stores where you make purchases will just need to be categorized as home supply warehouse stores, hardware stores or lumber/build supply stores. Some of the qualifying stores are:

  • The Home Depot
  • Home Hardware
  • Lowes
  • Home supply warehouse stores**
  • Hardware stores **
  • Lumber/build, supply stores**

There are many local hardware and supply stores you can support while completing your home renovations, so pop into the shops close to home, take a look at their websites or give them a call to see if they have what you’re looking for while you plan. During this challenging time in business, local stores are happy to have the support.

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If you already have a qualifying ACU Visa credit card, you don’t need to register for the offer. Just start using it to pay for your home reno materials. Click here for more details and the offer’s terms and conditions.

If you don’t have an eligible ACU credit card, review through these options to find the one that best suits your needs.

You could then take out one of the previous home improvement loan options for renovations and repairs, and use that to pay off your credit card balance.

How to save up to $400 on your home renovation project

Simply pay for your home renovation supplies with your eligible ACU Visa credit card. Speak with us to discuss which card might be the most suitable for you at 1.877.958.8588.  Or you can review all the personal credit card options and apply online.

Digital Appointment Booking

If you’re looking into how to get a home renovation loan, ACU can help. You can discuss all the options available to you for home improvement loans for renovations and repairs with an ACU financial advisor. Book an appointment online today

* This offer lasts until October 31, 2021.

** Merchant category codes 5200, 5251 and 5211.

About James Burns

James Burns is a freelance writer and copywriter. With a background in journalism, financial services and marketing, he writes for a wide range of companies across the financial services spectrum. His articles and blogs provide financial advice and insights to both consumers and businesses.

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