Financing Your Home Renovations

Since your home is likely your most important asset, renovations can be a great way to increase your property value and also make daily living more comfortable. But before you start tearing down walls, consider your financing options for a remodelling project.

When thinking about funding sources, keep in mind the type of renovations you want to perform, the amount of money you need, and how long you anticipate paying off these costs. 

First, estimate the cost of your renovation and determine whether you need all the money up front or in stages as the job progresses. This will help you decide  which financial products are best suited to you.* For example, if the cost of the renovation is less than $5,000, you would probably pay with cash or a credit card, provided you pay your balance monthly. 

For more expensive projects, a ScotiaLine® Personal Line of Credit may be better suited; this is a more cost-effective way to get the financing you need rather than drawing cash advances on your credit cards. Homeowners who have built up equity on their property can set up a ScotiaLine® Personal Line of Credit under the Scotiabank Scotia Total Equity® Plan* (STEP) and enjoy even lower borrowing rates than an unsecured line of credit. With STEP, customers can hold a variety of borrowing products that allow them access to their equity as it builds up; a great way to finance more costly home improvements.

You may also want to check out the Canada Greener Homes Initiative, and other government programs, which give eligible Canadian homeowners rebates for making eco-friendly home improvements like replacing windows and doors, installing solar panels, and improving insulation.

Since every homeowner's financial needs are unique, it's best to meet a qualified financial advisor for individual advice. You can talk to a Scotiabank advisor to find relevant financial solutions geared to your goals. Whatever your home improvement dream, we can help give you the confidence to put your plans in motion.

Suggested tools

Unlock your equity with STEP

Use the Scotia Total Equity Plan to tap into your home equity. You’ll save with lower rates and get the funds you need to reach your goals.

Mortgage calculator

Find out what your mortgage payments will be, so you can ensure your mortgage fits your budget.

Prepayment calculator

Find out what your mortgage prerepayment charge will be, so you can be mortgage-free faster.

Plan today for a secure tomorrow


Maintain the home and lifestyle you’ve worked hard to build.

Related articles

Contact us

Make an appointment with a Home Financing Advisor

Talk to a Home Financing Advisor on the phone or at a location of your choice.

Apply online with eHOME

You can be pre-approved, search for a home, and get a mortgage all in one place with Scotiabank’s online mortgage application process.

Visit an advisor at your branch

Talk to a Scotiabank Financial Advisor at one of our branches to learn more about STEP and Scotia Mortgage Protection.