Home improvement and renovation loans

Home improvement costs can quickly add up, whatever the size of the task at hand. Luckily, there are a number of loan options to suit almost any homeowner’s needs.

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Home improvements have the advantage of potentially adding serious value to your property as well as making your home a more beautiful, functional or modern place to live.

Home is where the heart is – but whether your renovations are a desire of the heart or a complete necessity, you'll want to avoid giving yourself heartburn over the dent to your bank account.

This is where a home improvement loan can help.

Compare home improvement loans

Citi Personal Loan Plus

Citi Personal Loan Plus

From

8.99 % p.a.

variable rate

From

9.67 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
Security Logo

100% confidential application

Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.67% p.a.
  • Interest rate type: Variable
  • Application fee: $0 ($199 establishment fee waived)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site
Promoted
Updated August 20th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 8.99% (variable)
9.67%
$5,000
3 to 5 years
$0 ($199 establishment fee waived)
$10
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 September 2019.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
From 5.99% (variable)
7.55%
$5,000
1 to 7 years
from 2% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.99% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$500 (Upfront fee)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
From 5.85% (variable)
7.84%
$2,001
6 months to 5 years
$299
$0
You'll receive a variable rate from 5.85% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$500 (from $100 to $500)
$10
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 12.99% (variable)
16.42%
$3,000
1 to 7 years
$200
$10
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
10.89% (variable)
11.15%
$30,000
1 to 7 years
$175
$0
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. 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.
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$500 (from $100 to $500)
$10
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$3
$0
You'll receive a fixed rate between 7.5% 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 up to 4 providers

IMB New Car Loan

IMB New Car Loan

5.49 % p.a.

fixed rate

5.84 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Borrow up to $75,000
Security Logo

100% confidential application

IMB New Car Loan

A low rate loan to finance new vehicles or cars up to two years old. Borrow up to $75,000.

  • Interest rate: 5.49% p.a.
  • Comparison rate: 5.84% p.a.
  • Interest rate type: Fixed
  • Application fee: $250
  • Minimum loan amount: $2,000
  • Maximum loan amount: $75,000
Go to site
Promoted
Updated August 20th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
5.49% (fixed)
5.84%
$2,000
1 to 7 years
$250
$0
You'll receive a fixed rate of 5.49% p.a.
A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one up to two years old.
5.69% (fixed)
5.97%
$25,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 5.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
6.99% (fixed)
8.1%
$5,000
1 to 7 years
$295
$10
You'll receive a fixed rate of 6.99% p.a.
Finance a new or used car up with loans from $5,000 and benefit from flexible repayments.
From 4.99% (fixed)
5.54%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate from 4.99% 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.
From 5.34% (fixed)
6.6%
$7,500
1 to 7 years
$459.20 (for private seller vehicles this fee is $608)
$8.90
You'll receive a fixed or variable rate depending on the lender you are approved with
Apply for up to $150,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
From 5.69% (fixed)
6.39%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 5.69% 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. Note: Product only available to residents of Victoria.
8.49% (fixed)
9.67%
$10,000
1 to 7 years
$250
$12
You'll receive a fixed rate of 8.49% p.a.
Finance a new or used car and benefit from convenient features for car buyers including a car search tool and the option to borrow extra for on-road costs.
From 5.71% (fixed)
6.57%
$1,000
1 to 7 years
$100 (from $100 to $500)
$10
You'll receive a fixed rate between 5.71% p.a. and 8.66% p.a. based on your personal credit history
A flexible loan to help you finance a car, motorbike or boat up to five years old.
6.79% (fixed)
7.16%
$5,000
1 to 7 years
$265 ($175 Establishment Fee + $90 Security Administration Fee)
$0
You'll receive a fixed rate of 6.79% p.a.
A secured loan with a high maximum borrowing amount up to $100,000. Redraw facility and no monthly fees.
From 7.99% (variable)
8.96%
$10,000
1 to 10 years
$200
$10
You'll receive a variable rate from 7.99% p.a.
Apply for up to $75,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
6.45% (variable)
6.59%
$10,000
1 to 7 years
$100
$0
You'll receive a variable rate of 6.45% p.a.
Finance 100% of the purchase price of a new or used car up to 3 years old with a loan starting from $10,000
From 5.69% (fixed)
6.39%
$5,000
1 to 7 years
$499
$0
You'll receive a fixed rate from 5.69% p. a.
Purchase a new car with this loan and benefit from a fixed rate and no monthly fees. Pre-approval available within 5 business hours.
6.69% (fixed)
7.04%
$2,000
1 to 5 years
$250
$0
You'll receive a fixed rate of 6.69% p.a.
Benefit from this competitive rate by securing the loan with a vehicle up to 6 years old. Use this flexible loan for any purpose.
From 4.79% (fixed)
5.34%
$10,000
1 to 7 years
$400
$0
You'll receive a fixed rate of 4.79% p.a. with a comparison rate of 5.34% p.a.
Get access to over 20 providers to fund a new or used car.

Compare up to 4 providers

Citi Ready Credit

Citi Ready Credit

From

7.9 % p.a.

variable rate

  • Access a line of credit
  • 7.9% p.a. for up to 2 years (reverts to 19.99% p.a)
Security Logo

100% confidential application

Citi Ready Credit

Get an introductory rate of 7.9% p.a. on your initial balance for 2 years. Standard rate applies after this period.

  • Interest rate from: 7.9% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site
Promoted
Updated August 20th, 2019
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee
From 7.9% (variable)
$5,000
2 years
$199
$0
Introductory variable rate of 7.9% p.a. applies for 2 years.
Get an introductory rate of 7.9% p.a. on your initial balance for 2 years if you apply before 30 September 2019. Standard rate applies after this period.

Compare up to 4 providers

What types of home improvement finance are available?

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

  • Unsecured personal loan. An unsecured personal loan is simply a loan that you can use to finance anything you like, such as a holiday, a car or home improvements. These loans usually come with higher rates and fees than secured loans because they are not secured against an asset, making them a greater risk to the lender.
  • Secured personal loan. A secured personal loan lets you borrow money by putting up an asset as a guarantee. If you're looking at doing improvements on your home, you can attach your house as security. If you have a mortgage, you can use the equity in your house as a guarantee. Just remember the amount of equity you have has to be more than the loan amount.
  • Mortgage finance. If you already have a mortgage, you can often increase the amount (or re-mortgage) to finance home improvements. If your home loan has a redraw facility and you've made extra repayments, you may also want to consider using that to fund your renovations.

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 to 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.
  • 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 that you have seen being offered by other lenders, choose a loan that will give you these.

What types of home renovations can you do?

Renovating a home can be a daunting task, given that there are so many options. Begin by identifying exactly what you want to accomplish – be it changes to styling, structure or functionality. You can choose to make renovations to your bathroom or your patio, or you could even add new rooms to the building. You could also decide to do some landscaping.

The improvement of space and the addition of amenities can include building or improving outdoor living spaces, adding storage space or even relocating or modifying your laundry space. You can also experiment with furniture layouts that use space more efficiently, renovate your kitchen to improve safety or make aesthetic changes to your bathroom.

Can I make my home more energy efficient with renovations?

Installing solar or energy-efficient hot water systems can make your home much more energy efficient, and if your home doesn't have suitable solar access, you can think about getting an active solar heating system. Try to improve the flow of natural light and use LED lighting to replace low-efficiency lighting.

You can also choose to improve your home's heating, cooling and air quality. This aspect can be tricky and involves paying attention to windows and glazing, ventilation, thermal mass and insulation. You might want to turn to a heating and cooling system that comes with high energy-star ratings.

It is worth noting that there are types of loans, usually known as "green home loans" that are specifically designed to help you make your home more eco-friendly and energy efficient. You may find that these loans have lower rates than typical home improvement loans, but they will likely come with a specific set of requirements in regard to the eco-management of your renovations.

Will renovating my home add value to my property?

Renovating your home can, and often does, add significant value to your property. However, it is worth noting that not all renovations are created equal and not all will add value. Some "improvements" might in fact make your home lose value.

Before you begin renovations, establishing the purpose is very important. Do you, for instance, want to improve your home to enhance your lifestyle? Do you want to make more money from renting it out? Do you plan to sell it and increase your profit?

  • 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.
  • 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.
  • Consider DIY. Undertaking renovations the DIY way can help keep costs in check, but make sure you have access to the right tools as well as the required skills.
  • 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.
  • 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'll 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. For instance, adding unusual furniture fittings or colours may 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.

Swimming pools can also potentially decrease the value of your property as they 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.

Things to consider

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, 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 renovation 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 the loan 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 loans

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.

When you apply, you will need to provide your name, address and proof of your identity. You will also need to provide details of your income, your employer's name and contact details as well as information regarding your assets, debts and liabilities.


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Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: The establishment fee will be waived if you apply before 30 September 2019.

Logo for ING Personal Loan
ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

Logo for NOW FINANCE Personal Loans
NOW FINANCE Personal Loans

You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.

Logo for Westpac Unsecured Personal Loan
Westpac Unsecured Personal Loan

You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.

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4 Responses

  1. Default Gravatar
    DarrenSeptember 25, 2017

    I wish to borrow $80000 on a low rate personal loan. Can you recommend some lenders, please?

    • Default Gravatar
      LiezlSeptember 25, 2017

      Hi Darren,

      Thanks for reaching out. While we are unable to recommend a particular lender or loan offer, you may compare your options for low-interest rate personal loans on this page.

      Cheers,
      Liezl

  2. Default Gravatar
    MurphyFebruary 4, 2015

    Please I need to apply for a personal loan for a personal matters.

    • Avatarfinder Customer Care
      ElizabethFebruary 4, 2015Staff

      Hi Murphy,

      Thanks for your question.

      You can compare and apply for personal loans on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

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