Financing2021-09-20T19:01:25-04:00

Your dream home starts here

Smart Reno is powered by RBC Ventures, a subsidiary of
The Royal Bank of Canada. Together, we can connect you with the expert help you need to make your dream home a reality.

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Simple financing options for your home renovation

Whether you’re planning a major home renovation or a small project, there are financing options to help.

Planning a Small-Medium Renovation Project?

Typically these projects include bathrooms, kitchens, outdoor renovations, or new flooring.

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Line of Credit

This is a low-cost way to finance your renovation and is suitable for projects that take a longer time; payment is required in instalments.

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Personal Loan

Suitable if renovation payments are required up front in a lump sum. Loan is paid off with fixed monthly payments over a specific period, and terms range from 1-5 years with fixed or variable rates.

Planning a Large Renovation Project?

This could include renovating multiple rooms, building an addition, or digging out your basement.

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Secured Line of Credit

Use the equity in your home or your investment portfolio as collateral to secure a higher credit limit at a lower interest rate.

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RBC Homeline Plan®

Manage a mortgage and line of credit under one plan and use the equity in your home to finance a larger renovation project.

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Mortgage Refinancing

Refinance your existing mortgage to access the funds for a renovation up front in one lump sum, up to 80% of the current value of your home.

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Mortgage Add-On

Add on to your existing RBC mortgage to access additional funds for your renovation, with potential changes to existing interest rate and monthly payments.

Talk to an expert

For personalized assistance, tell us a bit about yourself in the form below and an advisor will be in touch shortly.

Tools & Calculators

RBC Home Value Estimator

Find out how much home equity you have to finance your renovation using the RBC Home Value Estimator.

Use this estimator

Renovation Cost Estimator

Not sure what your renovation should cost you? Use the Renovation Cost Estimator to find out.

Use this calculator

Frequently Asked Questions

I started on the Smart Reno website, why am I being redirected to the Symple Loans website?2022-08-02T09:32:06-04:00

At Smart Reno, we understand that securing the funds to pay for a renovation can be one of the biggest sources of stress for homeowners. We work with Symple Loans, a personal lending company, to help clients evaluate their borrowing options quickly. Symple Loans provides an online borrowing experience that enables clients to receive a fully personalized quote and complete an application within minutes. If you request financing for your renovation project through the Smart Reno website, you will be redirected to the Symple Loans portal to proceed with your rate request, and if you decide to pursue one after that, your credit application with Symple Loans. All Symple Loans’ loans are subject to credit and underwriting approval by Symple Loans. Neither Smart Reno, RBC Ventures Inc. nor Royal Bank of Canada are involved in Symple Loan’s credit approval and/or loan disbursement process.

If my credit application is successful, who will fund my loan?2022-08-02T09:33:15-04:00

By submitting a credit application on Symple Loans’ website, you agree to do business with Symple Loans. Successful applications will receive a loan from Symple Loans. Symple Loans’ loans range from $5,000 – $50,000 with terms from 1 – 7 years and no early payment fees or charges. If you are a client of Royal Bank of Canada, other financing options may be available to you. To help you view what existing offers or borrowing options may currently be available to you, you will be redirected to the RBC Online Banking login page. If there are no offers available at this time, you will be able to book an appointment with an RBC advisor to understand what lending options are available to you. If you are interested in exploring loans or line of credit options with RBC, contact RBC at 1-800-769-2511 or Teletypewriter (TTY) Services for those who are hearing-impaired: 1-800-661-1275 or Book an Appointment online.

Who is Symple Loans and how can I get in touch with them?2022-08-02T09:34:01-04:00

Symple Loans is a personal lending company based out of Toronto, Ontario that provides unsecured personal loans to eligible Canadians. They provide loans through a fully online borrowing experience. Symple Loans has been accredited by the Canadian Lenders Association and the Better Business Bureau. You may contact Symple Loans via phone or email. Phone: 1-888-479-2292 Email: .Smart Reno collaborates with Symple Loans to help clients evaluate their borrowing options quickly.  Smart Reno will receive a referral fee for each successful loan opened with Symple Loans. This will not affect the interest fees payable by you. Please note that Symple Loans is currently available across Canada, (excluding(Saskatchewan, Nova Scotia and Quebec) Symple Loans is not owned, operated by or affiliated with Smart Reno, RBC Ventures Inc. or Royal Bank of Canada in any way.

What are the interest rates and fees offered by Symple Loans?2022-08-02T09:34:30-04:00

The
Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan. The APR that you get will depend on Symple Loan’s assessment of your credit profile, financial position and ability to service additional loan commitments.  At Symple Loans, the application assessment and underwriting process allows Symple Loans to better understand the specific circumstances of each applicant and offer customized interest rates and loan terms on approved loans. Interest rates start at 6.99% up to 22.99%. These are variable rates and future interest rate and repayment periods may be impacted by a change in the Canadian prime rate. Origination fees may be applicable on your Symple Loans loan. These fees are a one-time charge of 0-5% and are added to your loan principal which can be paid off over your loan term.

Late payment fees of $45.00 will apply for missed or late scheduled repayments.Symple Loans’ APRs range from 6.99% to 32.00%, the maximum APR that you may obtain as a Smart Reno client through this referral process is capped at 19.99%. Symple Loans will not provide loans to Smart Reno clients applying through this process if the effective APR is higher than 19.99%. Maximum APRs are inclusive of the maximum interest rate and loan establishment fees.

Will my credit be impacted if I request a credit rate offer with Symple Loans? How about if I submit an application?2022-08-02T09:35:11-04:00

When you request a consumer credit rate offer “quick quote” or apply for a loan with Symple Loans, your credit will not be impacted. Your credit may only be impacted if and when your loan application is funded.

How do I pay for my renovation?2021-05-06T17:48:45-04:00

Each contractor is slightly different, but payment options might include cash, check, e-transfer, or credit cards.

Do you offer financing options?2021-05-06T17:32:40-04:00

Smart Reno is powered by RBC Ventures, a subsidiary of The Royal Bank of Canada. RBC offers multiple financing options to help make your renovation dreams a reality. Visit our Financing page to learn more.

I don’t currently bank with RBC. Can I still get financing for my renovation from them?2021-04-29T16:03:06-04:00

Yes, RBC offers many different financing options whether you currently bank with RBC or not. You can talk to an advisor by calling 1800-769-2511 to learn about the best options for you and your project.

How do I know how much my renovation will cost?2021-04-29T16:01:05-04:00

If you’re not sure how much your reno will cost, you can get an estimate using our Renovation Cost Estimator

Do I have to use a Smart Reno contractor to access RBC financing?2021-05-07T13:57:18-04:00

Absolutely not. If you have already found a contractor and are now looking at your financing options, you can speak to one of our RBC financial advisors today by calling 1-800-769-2511. They can help walk you through all the options available to you.

Do I have to choose RBC financing if I do my renovation with a contractor I found using Smart Reno?2021-04-29T15:59:10-04:00

No. While our goal is to help make your renovation journey as easy as possible, including helping you finance your project, you are not required to finance your project with RBC to be able to use a Smart Reno contractor.

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