Renovation loans

Renovation loans (or home improvement loans) can have a serious return on investment. Renovating your home can add a significant amount of value to your property while making your home a more beautiful, sustainable, functional or modern place to live.

There are a few types of loans you can use to fund your home improvement project. These include personal loans, mortgage finance and construction loans.

You can borrow from $2,000 up to hundreds of thousands of dollars depending on the type of finance you need.

Compare home improvement loans

• • Unsecured
  • Secured

Alex Bank Personal Loan

Alex Bank Personal Loan

From

5.45 % p.a.

fixed rate

From

5.45 % p.a.

comparison rate

• Low interest rate from 5.45% p.a.
• No manual paperwork
• Use for various purposes

100% confidential application

Alex Bank Personal Loan

Alex offers personal loans with a variable interest rate from 5.45% p.a. No manual paperwork needed.

• Interest rate: 5.45% p.a.
• Comparison rate: 5.45% p.a.
• Interest rate type: Fixed
• Application fee: $0 (Waived $295 establishment fee)
• Minimum loan amount: $2,100
• Maximum loan amount: $30,000

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Data updated regularly

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$

Loan term

1 year 2 years 3 years 4 years 5 years 6 years 7 years

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
Alex Bank Personal Loan		From 5.45% (fixed)	5.45%	$2,100	6 months to 5 years	$0 (Waived $295 establishment fee)	$0		Go to site More Info	You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 11 August 2021.	Compare	loading Fetching your data...
Plenti Personal Loan		From 6.39% (fixed)	6.39%	$2,001	3 to 7 years	$0 to $999	$0		Go to site More Info	You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile. A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.	Compare	loading Fetching your data...
OurMoneyMarket Personal Loan		From 5.45% (fixed)	6.07%	$2,001	1 to 7 years	From $250 to $450	$0		Go to site More Info	You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile. A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.	Compare	loading Fetching your data...
Handypay Personal Loan		From 6.75% (fixed)	6.96%	$2,001	1 to 7 years	1.5–6% of the total loan amount	$0		Go to site More Info	You'll receive a fixed interest rate from 6.75% p.a to 20.99% p.a. Borrow between $2,001 and $75,000 with terms up to 7 years. Flexible repayments and no monthly service fee.	Compare	loading Fetching your data...
Harmoney Unsecured Personal Loan		From 5.35% (fixed)	6.14%	$2,000	3 to 5 years	$575 ($275 for loans of below $5,000)	$0		Go to site More Info	You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10		Go to site More Info	You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Compare	loading Fetching your data...
Citi Personal Loan Plus		8.90% (variable)	9.18%	$5,000	3 to 5 years	$199	$0		Go to site More Info	You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term. A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan Exclusive		From 5.95% (fixed)	5.95%	$5,000	18 months to 7 years	No Establishment Fee	$0		Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years. ⭐ Finder Exclusive: Apply and settle a NOW Finance debt consolidation loan via Finder by 30 September 2021 for your chance to win $2000 paid off your debt. T&Cs apply.	Compare	loading Fetching your data...
Symple Loans Personal Loan		From 5.75% (variable)	6.47%	$5,000	1 to 7 years	from 0% to 5% of the loan amount	$10		Go to site More Info	You'll receive a variable rate from 5.75% p.a. to 25.99% p.a. Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed. ⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.	Compare	loading Fetching your data...
ANZ Fixed Rate Personal Loan		8.99% (fixed)	9.88%	$5,000	1 to 7 years	$150	$10		Go to site More Info	You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved. Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. ⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan		From 5.95% (fixed)	5.95%	$5,000	2 to 5 years	from $0 to $595	$0		Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.	Compare	loading Fetching your data...
Wisr Personal Loan		From 6.49% (fixed)	6.76%	$5,000	3 to 7 years	$195	$0		Go to site More Info	You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases. ⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.	Compare	loading Fetching your data...
Great Southern Bank Unsecured Fixed Rate Personal Loan		9.39% (fixed)	9.64%	$5,000	1 to 7 years	$175	$0		Go to site More Info	You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Compare	loading Fetching your data...
Plenti Variable Rate Personal Loan		From 6.39% (variable)	6.39%	$2,001	1 to 3 years	$0 to $999	$0		Go to site More Info	You'll receive a variable rate from 6.39% p.a and 17.89% p.a. based on your risk profile A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.	Compare	loading Fetching your data...
Heritage Bank Fixed Personal Loan		7.99% (fixed)	8.62%	$5,000	1 to 7 years	$200	$5		Go to site More Info	Choose a fixed rate loan and receive a comparison rate of 8.62% p.a. Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.	Compare	loading Fetching your data...

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RACV New Car Loans

RACV New Car Loans

From

4.99 % p.a.

fixed rate

From

5.69 % p.a.

comparison rate

• Low fixed interest rate
• No ongoing fees
• Borrow from $5,000

100% confidential application

RACV New Car Loans

Featuring fast approval times, no monthly account fees and friendly service it could be worth your while comparing the RACV Car Loan.

• Interest rate from: 4.99% p.a.
• Comparison rate: 5.69% p.a.
• Interest rate type: Fixed
• Application fee: $499
• Minimum loan amount: $5,000

Go to site

More info

Data updated regularly

We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.

Learn how we maintain accuracy on our site.

Close

Loan amount

$

Loan term

1 year 2 years 3 years 4 years 5 years 6 years 7 years

Calculate

Sort by:

Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
RACV New Car Loans		From 4.99% (fixed)	5.69%	$5,000	1 to 7 years	$499	$0		You'll receive a fixed rate from 4.99% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.	Go to site More Info	Compare	loading Fetching your data...
Plenti Car Loan		From 4.89% (fixed)	5.44%	$2,001	3 to 7 years	from $249 to $799	$0		You'll receive a fixed rate from 4.89% p.a. Borrow up to $100,000 with a Plenti Car Loan and benefit from no early repayment or exit fees.	Go to site More Info	Compare	loading Fetching your data...
Loans.com.au - New and Dealer Used Car Loan		From 4.67% (fixed)	5.22%	$5,000	3 to 5 years	$400	$0		You'll receive a fixed rate from 4.67% p.a. based on your risk profile Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment. Settle the loan before 30 November 2021 and enter the draw to win a $1,000 fuel gift voucher. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
Credit Concierge Car Loan		From 3.35% (fixed)	4.41%	$10,000	1 to 7 years	$350	$8.50		You'll receive a fixed rate of 3.35% p.a. with a comparison rate of 4.41% p.a. Get access to over 20 providers to fund a new or used car.	Go to site More Info	Compare	loading Fetching your data...
Wisr Secured Car Loan		From 4.74% (fixed)	5.01%	$5,000	3 to 7 years	$195 for refinance and dealer sale ($245 for private sale)	$0		You'll receive a personalised interest rate from 4.74% p.a. to 16.01% p.a. based on your risk profile A flexible car loan from $5,000 - $63,000 with personalised rates and rewards for strong credit customers. ⭐Special Offer: Wisr's standard establishment fee $605 will be reduced to $195 for applications submitted through Finder. T&Cs apply.	Go to site More Info	Compare	loading Fetching your data...
OurMoneyMarket Car Loan		From 5.35% (fixed)	5.65%	$2,001	1 to 7 years	$250	$0		You'll receive a fixed interest rate from 5.35% p.a. to 14.99% p.a. based on your risk profile. Borrow between $2,001 and $75,000 to finance a new or used car up to 10 years.	Go to site More Info	Compare	loading Fetching your data...
Stratton Finance New Car Loan		From 3.85% (fixed)	4.05%	$10,000	3 to 7 years	$700	$8.25		You'll receive a fixed rate from 3.85% p.a. depending on the lender you are approved with Apply for up to $250,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.	Go to site More Info	Compare	loading Fetching your data...
IMB New Car Loan		4.99% (fixed)	5.34%	$2,000	1 to 7 years	$275.12 ($250 Application fee + $25.12 PPSR fee)	$0		You'll receive a fixed rate of 4.99% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.	Go to site More Info	Compare	loading Fetching your data...
NRMA New Car Loan		From 4.99% (fixed)	5.69%	$5,000	1 to 7 years	$499	$0		You'll receive a fixed rate from 4.99% p.a. Purchase a new or used car up to 3 years old and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.	Go to site More Info	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10		You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Car Loan		4.89% (fixed)	5.53%	$5,000	1 to 7 years	$200	$5		You'll receive a fixed rate from 4.89% p.a. Finance a new or used car up to 5 years old. Large maximum borrowing amount up to $100,000 and terms up to 7 years.	Go to site More Info	Compare	loading Fetching your data...
Symple Loans Personal Loan		From 5.75% (variable)	6.47%	$5,000	1 to 7 years	from 0% to 5% of the loan amount	$10		You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile Borrow up to $50,000 to pay for what you need.	Go to site More Info	Compare	loading Fetching your data...
SocietyOne Car Loan		From 5.95% (fixed)	5.95%	$5,000	2 to 5 years	from $0 to $595	$0		You'll receive a fixed rate between 5.95% p.a. and 17.49% 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.	Go to site More Info	Compare	loading Fetching your data...
Driva Car Loan		From 2.85% (fixed)	4.39%	$2,000	1 to 7 years	$295 (Varies by lender, starting from $295)	$10		You'll receive a fixed rate from 2.85% p.a. Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of lenders.	Go to site More Info	Compare	loading Fetching your data...

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What can you use a home improvement loan for?

You can use a home improvement loan for any number of common or less common renovations. Renovating a home can be a daunting task, given that there are so many options. That's why it's a good idea to start by identifying exactly what you want to accomplish – be it changes to styling, structure or functionality.

What types of home improvement loans are available?

If you're looking to improve your property, you have a few different options when it comes to renovation finance. Consider carefully which type of loan could be best for your circumstances:

Tips for comparing home improvement loans

When comparing competing loans, consider the following features and how well they meet your personal requirements:

• Loan type. The type of loan you decide to go with should meet your needs and situation. For example, if you have a high interest rate on your home loan, you may want to opt for a personal loan with a lower rate rather than adding on to your mortgage. However, having only one payment to make might be more convenient for you.
• The purpose of the loan. Make sure you will be able to access the funds when you need them and that you will be able to use the funds for your renovation. Some loans are specifically designed for renovation purposes and so come with flexible features, so you may want to consider this as an option. If the renovations you wish to make are sustainable, you may want to look into a green loan.
• Loan costs. Consider your upfront and ongoing fees as well as your rate when looking at your loan costs. A lower rate doesn't necessarily equal a cheaper loan.
• Repayment options. You should ensure that the lender offers repayment options that suit your desired payment frequency and income. For instance, if you are paid monthly, you may want to opt for a lender who will let you make monthly repayments.
• Flexibility and extra features. If you are looking for any additional features to your home improvement loan that you have seen being offered by other lenders, choose a loan that will give you these.

Tips on adding value to your property while keeping costs low

Finding the right home improvement loan isn't everything when it comes to alleviating some of the expense associated with renovating. There are a number of additional steps that can be taken to keep costs low and maximise your potential value increase.

1. Add value through creativity

   Homebuyers pay particular attention to a home's bathrooms and to its kitchen. Without spending too much, you could easily transform a seemingly run-down bathroom or kitchen into something more pleasing. When it comes to making cosmetic renovations, it may be best to limit the changes to things that are in plain view.

2. Keep a tab on expenses

   Plan ahead of time and stick to your plan. When budgeting, take into account the cost of materials as well as labour, and spread your budget suitably across the different spaces that you wish to renovate.

3. Consider DIY

   Undertaking renovations the DIY way can help keep costs in check. However, make sure you have access to the right tools as well as the required skills. A bad DIY job will do more harm than good to your property's value, so if you're not confident, don't risk it.

4. Compare your alternatives

   If you take the time to shop around and work on your negotiation techniques, you could potentially save money on supplies as well as labour costs. It's also important to compare your options when it comes to home improvement loans. Use the comparison table above and the tips in this guide to find the best possible deal.

5. Think long term

   This is particularly important if you're making changes to the house you plan to continue living in because you're the one who will benefit. Energy-efficient additions can be a plus (for your bills and the environment), and by opting to go green, you may also qualify for certain rebates.

Renovations that may not add value to your property

It may sound like an oxymoron, but certain renovations could decrease the value of your property. These are some of the renovations to be wary of if your main goal is adding value:

• Unusual furniture fittings or colours

  Not everyone's tastes are the same, so decorating your home to your preferences could be off-putting to potential buyers. If you are planning to sell for a profit, it may be best to stick to modern and neutral décor.

• Bad DIY

  As mentioned above, while DIY can be a great way of keeping down costs, it can also have potentially disastrous consequences if you don't know what you're doing.

• Swimming pools

  Swimming pools can be viewed as high maintenance and difficult to remove. If you desperately want a swimming pool added to your home, make sure that you consider whether this is desirable in the area that you live in, or how long you intend to remain at that property, before starting the renovations.

• Joining rooms

  Removing a wall and joining two smaller rooms to make one larger room can be a great way of increasing the space in your home, but more rooms usually mean a higher property value.

• Illegal renovations

  It's always wise to ensure that if you want to make alterations to your home, that they are above board. If you require permission from the council to make certain changes, you should get it. If you add rooms to your property that are not council approved, you will not be able to market the property with those rooms.

Things to consider about home improvement loans

Before taking out a loan to cover the cost of your repayments, it's important to consider a few things:

Can you afford the repayments?

To calculate the cost of your repayments on a home improvement loan, you need to consider both the interest rate offered and the loan's fees and charges. Look at how long your loan term is, the repayment frequency, any monthly or annual fees and the rate you will be charged. This will give you an idea of the true cost of the loan and your repayments. You can also use our loan calculator.

How flexible is the home improvement loan?

Flexibility is another important consideration. Personal loan terms are generally between one and seven years. This is a significant amount of time, so you want to ensure that your renovation finance can be accommodating to any change in your circumstances. Look out for things like being able to make additional repayments or being able to close the loan early penalty-free as well as whether you can opt to change the loan terms.

Have you applied for the right amount?

This is an important question, not only because you could borrow too little money, but because you could also borrow too much. The principal amount you borrow from the lender will have an effect on your interest and could cost you quite a bit of money if you calculate the loan amount incorrectly. And if you borrow too little, it may be difficult to access additional finance to complete your home improvements.

How to apply for renovation finance

To apply for a home improvement loan, you can compare your options using the table above and click the "Go to site" button if you find a loan you want to apply for. This will take you through to the lender's website where you can fill out an online application form. If you have decided to access additional funds in your mortgage, you will need to speak to your mortgage lender directly.

To take out a personal loan, you will need to be over the age of 18 and a permanent resident of Australia. Depending on the lender, you will also most likely need to have a good to excellent credit rating.

Required documentation for home improvement loans

• ID. An Australian driver's licence or passport.
• Proof of address. This might be a utility bill or bank statement.
• Details of your income. Your employer's name and contact details.
• Details of assets. You will need to show proof of ownership of your home and other assets. If you have outstanding debts and liabilities, details of these will also likely be required.

Finally, make sure to compare your options for home improvement loans thoroughly prior to submitting an application.