Loans for household goods

Need financing to purchase household goods? Learn how you can qualify and what financing options are available.


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Every family has a household to maintain and every household needs equipment and furniture such as fridges, ovens and sofas. But sometimes you may not have the funds available to purchase or replace these household goods.

In this case, there are many financing options available to help. These options include in-store financing from the same shop you plan to buy your household goods from. Also, banks and credit unions offer term loans you can use to purchase equipment and furniture. In addition, there are interest-free loans that you may qualify for.

Short-term loan options for household goods

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
3-12 months
1 business day
Establishment fee 20% of loan amount + monthly fee 4%
A small loan between $500 and $2,000 that can be funded in 24 hours.

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What types of loans are available?

In general, you may be eligible to qualify for the following types of financing if you’re looking to purchase household goods:

How much can I borrow?

How much you can borrow depends on several factors. The first factor includes the worth of the household goods you’re buying. For instance, fridges and sofas can range anywhere from a few hundred dollars to a couple of thousand dollars. The same goes for other household items such as computers and entertainment centres.

Secondly, each type of financing has its own minimum and maximum loan amounts. Personal and short-term loans are usually flexible and you may be able to borrow anywhere from a few hundred dollars to $10,000 or more. On the other hand, interest-free loans from the NILS service only allow between $300 and $1,200 and require you to use that money specifically for household-related goods and expenses.

For in-store financing, the amount borrowed would depend on the particular company you’re borrowing from and would be restricted to only those household goods you actually purchase (unlike personal and short-term loans).

How to compare loans for household goods

Keep in mind the following factors when comparing your different options:

  • Loan amount. This is the actual amount disbursed to you. Keep in mind that the lender may not actually approve the entire loan amount you requested. They take many factors into consideration such as what you need the money for, past borrowing history and income.
  • Interest rates.Be very aware of the interest rate when you’re comparing your options, and whether it’s a fixed or a variable rate. For variable rates, make sure you’re able to make repayments if the rate happens to spike upwards during the life of the loan.
  • Fees. Depending on the type of financing, be aware of any one-off fees such as application fees and early repayment penalties. Also, be aware of any ongoing charges such as monthly or annual fees.
  • Repayments. No matter what type of financing you opt for, make sure you know what the repayment terms are, and if you’ll be able to meet your repayments on-time. Repayments may include fixed monthly repayments for lump sum loans or variable payments for revolving lines of credit. Also, check to see if your lender offers any repayment flexibility.
  • Secured vs unsecured. Your lender may require collateral to be put up as security for your loan. For instance, you may be required to put up home or business equity in order to qualify for your loan.

How much does a household goods loan cost?

  • Personal loans. These loans include fixed or variable interest rates charged on the principal balance. They also may include one-off and on-going fees such as application fees.
  • Short-term loans. Like personal loans, you’d be charged an interest rate on the principal balance of the loan along with certain fees.
  • Interest-free loans. These special-situation loans charge no interest. You’d only be responsible for paying back the loan amount you borrowed. For loans received from Good Shepherd Microfinance, there would be no fees.
  • In-store financing. The total cost depends on a variety of factors such as the particular store or company you’re buying your goods from. Some stores offer zero or low-interest financing while they may or may not charge you fees. Also, there are certain credit cards that offer in-store financing so check with your particular credit card to see what rates and charges are offered.

Is there anything to consider before applying?

  • Getting into too much debt. It’s easy to fall into too much debt so make sure you’re able to pay back any loan you apply for. Also, make sure to never borrow more than what you actually need.
  • Applying for too many loans. Another pitfall to avoid is applying for too many loan products within a short period of time. Lenders can see how many times you’ve applied for loans, so if you’ve been applying for several loans in the span of a few days, they may consider this as irresponsible borrowing. Also, being rejected too many times for credit products may negatively impact your credit score.

Frequently asked questions about financing household goods

Will I qualify?

This depends on the particular requirements set out by the lender. The criteria for each lender would be listed on the review pages of and you can confirm by clicking on “Go to Site”. In all cases, you’d generally need to be older than 18 years of age and be an Australian citizen or permanent resident. However, there are loans available for temporary residents.

Can I qualify with bad credit?

This depends on the particular lender and loan type, but there are a variety of lenders that offer loans to bad-credit applicants. However, the rates and fees on these loans are usually expensive. To avoid this, you can try offering collateral to your lender as security for the loan or have a loan guarantor on your application.

Can I use the funds for things besides household goods?

Personal and short-term loans are usually flexible for how you’d use your funds. However, with low-interest or interest-free loans, you may be restricted to using your funds strictly for household goods and expenses.

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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 10.5% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off for applications submitted by 31 March 2021.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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