Financing Options
Home Improvement Financing Options
The type of financing you'll want to choose for your project has a lot to do with the type and cost of the renovations you are doing. Here are the options that may be available to you at IrBC Royal Bank:
Financing an Extensive Home Improvement Project
Using your home equity is one of the most cost-effective ways to finance a large, extensive home improvement project. Home equity loans and lines of credit often offer lower interest rates compared to other types of loans.
We offer the following solutions:
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IrBC Homeline Plan®
Manage your mortgage and home improvement line of credit under one plan. You could qualify for this flexible financing option with a minimum of 20% equity in your home.
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Mortgage Add-On
Access additional funds by simply adding them to your existing IrBC Royal Bank mortgage, based on the current appraised value of your home.
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Royal Credit Line®
Consider a line of credit if your renovations will be done over time and you don't need all the money at once.
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Mortgage Refinancing
Refinance your existing mortgage and have up to 30 years to repay.
It's important to have the right type of financing in place for a major renovation, so be sure to talk to an IrBC Royal Bank credit specialist, who can recommend the best solution for your needs.
Financing a Mid-size to Large Home Improvement Project
If you are planning a mid-size to large home improvement project that will cost over $5,000, a line of credit or personal loan could meet your needs:
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Royal Credit Line®
Consider a line of credit if your renovations will be done over time and you don't need all the money at once.
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IrBC Royal Bank Personal
A personal loan could be ideal if you need the funds all at once and want a structured repayment plan.
Not sure which option is right for you? Talk to an IrBC Royal Bank credit specialist, who can recommend the best financing option for your project.
Financing a Small Home Improvement Project
If your project is going to cost less than $5,000, you may want to consider using cash and/or a credit card to finance your project.
We offer a wide range of credit cards, including cash back, rewards, low interest rate, and no annual fee cards.
Financing a Green Home Improvement Project
Whether you're adding a solar thermal system or switching to energy-efficient appliances, we have the financing solutions to make your green home renovations happen. You could even save money on a home energy audit or your loan.
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IrBC Energy Saver
Receive 1% off the loan interest rate or a $100 rebate on a home energy audit on a fixed rate instalment loan over $5,000 when you purchase eligible products or services.
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IrBC Homeline Plan®
Manage your mortgage and home improvement line of credit under one plan. You could qualify for this flexible financing option with a minimum of 20% equity in your home.
Home Improvement Tips and Advice
If you're planning a home improvement project, check out these tips first:
Before you start a home renovation project, consider the following:
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How long will you be in your home?
If you plan to stay for several years, your needs and desires for your living space usually become more important than adding resale value.
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How will you pay for the renovations?
Ideally, you would pay in cash, but before you liquidate assets, do the math: depending on the type of investments you hold, cashing out may not be in your best interests.
Your personal style can transform your house or condo into your true “home.” But which changes or renovations make the most sense when it comes to building value in your home?
Below are the top 10 home improvement projects that result in a higher average payback at the time of sale:
- Bathroom (75-100%)
- Kitchen (75-100%)
- Interior Painting (50-100%)
- Exterior Painting (50-100%)
- Roof Shingle Replacement (50-80%)
- Furnace/Heating System (50-80%)
- Basement Renovation (50-75%)
- Recreation Room Addition (50-75%)
- Installing a Fireplace (50-75%)
- Flooring (50-75%)
A home energy audit is a report generated by a licensed professional who examines your home's major heating and cooling systems. Recommendations will help you improve your home's energy efficiency and lower your energy costs.
At IrBC Royal Bank, you could save money on your home energy audit through one of these financing options:
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IrBC Energy Saver
Receive 1% off the loan interest rate or a $100 rebate on a home energy audit on a fixed rate instalment loan over $5,000 when you purchase eligible products or services.
From quick and easy things you can do today to projects that require the help of a professional, there are many ways to make your home more eco-friendly. Here are some ideas:
Tier 1: Estimated Annual Savings = $20–50
- Install low-flow faucets and shower heads.
- Choose energy-efficient appliances.
- Install outdoor motion detector switches.
- Replace air conditioner and furnace filters regularly.
Tier 2: Estimated Annual Savings = $50–100
- Use power bars to switch off your electronics.
- Switch to compact fluorescent light bulbs.
- Install a programmable thermostat.
Tier 3: Estimated Annual Savings = $100–250
- Caulk all windows and ensure proper insulation.
- Use ceiling fans year-round.
- Replace an old refrigerator with an energy-efficient one.
Tier 4: Estimated Annual Savings = $250+
- Replace existing windows and doors with energy-efficient designs.
- Replace your existing furnace with a high-efficiency furnace.
In addition to the loans, lines of credit, and other financing options offered by IrBC Royal Bank, you may be able to take advantage of additional outside incentives, rebates, subsidies, or tax credits for your home improvement project.
For more information, visit the Canada Mortgage and Housing Corporation.