Home Improvement & Renovation Loans

Rates and Fees verified correct on April 25th, 2017

Loans for renovationsIf you’re looking to make much-needed renovations or just want to spruce up your property, you might want to consider a home improvement loan.

Your home is your castle, so you want to keep it in top condition. Unfortunately, housing upkeep can be pretty costly, and it’s not always possible to make the changes to homes that we may want or need. This is where a home improvement loan can help. If you’re looking to add value to your house or you need to do some repairs, you have a few finance options which can help you get the renovations done while paying back the loan amount over time.

Compare home improvement loans

NAB Personal Loan Offer

NAB Personal Loan Unsecured Variable Rate

from

14.69 % p.a.

variable rate

from

15.55 % p.a.

comparison rate

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100% confidential application

NAB Personal Loan Offer

A Personal Loan from NAB can help you on your home improvement and renovation.

  • Interest rate from: 14.69% p.a.
  • Comparison rate: 15.55% p.a.
  • Interest rate type: Variable
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $55,000
Go to site
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
NAB Personal Loan Unsecured Variable Rate
From 14.69% (variable)
15.55%
$5,000
1 to 7 years
$150
An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
Latitude Personal Loans (Unsecured)
From 13.99% (fixed)
15.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your count in as little as 24 hours.
CUA Discount Fixed Personal Loan (Loans over $30,000)
From 10.99% (fixed)
10.99%
$30,000
1 to 7 years
$0
Take advantage of a competitive fixed rate and no monthly fees when you borrow over $30,000
NAB Personal Loan Unsecured Fixed
From 14.99% (fixed)
15.85%
$5,000
1 to 7 years
$150
An unsecured loan available for a wide range of purposes for a long period of time up to 7 years. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.
St.George Get Set Loan Personal Loan
From 17% (variable)
$5,000
$150
A revolving line of credit that lets you access your funds as and when you need to.
ANZ Fixed Rate Personal Loan
From 13.95% (fixed)
14.81%
$5,000
1 to 7 years
$150
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
ANZ Variable Rate Personal Loan
From 14.69% (variable)
15.55%
$5,000
1 to 7 years
$150
A variable rate loan that lets you make and redraw additional repayments.
Bank of Melbourne Unsecured Personal Loan
From 12.99% (variable)
13.87%
$3,000
1 to 7 years
$195
An unsecured personal loan that gives you a choice between a fixed or variable rate.
BankSA Unsecured Personal Loan
From 12.99% (variable)
13.87%
$3,000
1 to 7 years
$195
BankSA allows you to borrow up to $40,000 with your choice of a fixed or variable rate.

Compare up to 4 providers

CUA Fixed Rate Car Loan

CUA Fixed Rate Car Loan

from

6.79 % p.a.

fixed rate

from

6.92 % p.a.

comparison rate

  • No monthly fees
  • No early repayment fees
  • Flexible repayment options
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100% confidential application

CUA Fixed Rate Car Loan

Apply for CUA Fixed Rate Car Loan and enjoy a great low fixed interest rate with no ongoing fees.

  • Interest rate from: 6.79% p.a.
  • Comparison rate: 6.92% p.a.
  • Interest rate type: Fixed
  • Application fee: $0
  • Minimum loan amount: $15,000
  • Maximum loan amount: $100,000
Go to site
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
CUA Fixed Rate Car Loan
From 6.79% (fixed)
6.92%
$15,000
1 to 7 years
$0
A competitive car loan that offers flexible repayment options and no account keeping fees.
Latitude Personal Loan (Secured)
From 12.99% (fixed)
14.2%
$3,000
2 to 7 years
$250 (Loans under $4000 - $140)
Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.
RACV Car Loans
From 7.99% (fixed)
8.53%
$15,000
1 to 7 years
$378
Enjoy this fixed rate new car loan offer from RACV. No ongoing fees.
Bank of Melbourne Secured Car Loan
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
A low rate personal loan from Bank of Melbourne with variable or fixed option.
BankSA Fixed Rate Car Loan
From 8.49% (fixed)
9.39%
$3,000
1 to 5 years
$195
Apply for a fixed rate car loan from multi-award winning BankSA.

Compare up to 4 providers

Citibank Ready Credit Offer

Citibank Ready Credit 7.9%

from

7.90 % p.a.

fixed rate

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100% confidential application

Citibank Ready Credit Offer

Citibank Ready Credit Flexible Loan offers a low-rate, flexible personal loan that caters to the needs of simplifying debt.

  • Interest rate from: 7.90% p.a.
  • Interest rate type: Fixed
  • Application fee: $149
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment Product Description
Citibank Ready Credit 7.9%
From 7.9% (fixed)
$5,000
2 years
$149 (One off establishment fee)
A low-rate, flexible personal loan that makes it easy to achieve what really matters to you.
Bank of Melbourne Get Set Loan - Line of Credit
From 17% (variable)
$5,000
$150
This is a flexible line of credit loan from Bank of Melbourne.
St.George Get Set Loan Personal Loan
From 17% (variable)
$5,000
$150
A revolving line of credit that lets you access your funds as and when you need to.
BankSA Get Set Loan
From 17% (variable)
$5,000
$150
The BankSA Get Set Loan is a line of credit offering flexible payment options.

Compare up to 4 providers

What types of home improvement finance are available?

If you’re looking to improve or renovate your property, you have a few different options when it comes to finance. Here are a few loans you might want to consider:

  • 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 other loans because there is no guarantee on these loans and they are a risk for 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, or 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 increase your mortgage amount to finance home improvements. If your loan has a redraw facility and you’ve made extra repayments, you may also want to consider using that to fund your renovations.

How you can compare your options

Home improvement loans have a few common features that you can use to compare competing loans.

  • 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.
  • Repayment options. You should ensure the lender offers repayment options which 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 is so much you can do. One way to go about this process is to 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, to patios, landscaping, or even adding new rooms or changing a home’s heating and cooling system.

The improvement of space and the addition of amenities can include building or improving outdoor living spaces, adding indoor storage space or even relocating or modifying your laundry space. You can also experiment with furniture layouts that can be space-efficient, renovate your kitchen to account for safety and traffic flow or making aesthetic changes to your bathroom.

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.

Installing solar or energy-efficient hot water systems can also work well, 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.

How to make your home renovation pay off

Before you begin renovating your home, establishing the purpose is very important. Do you, for instance, want to renovate your home to enhance your lifestyle? Do you want to make more money from renting it out or do you plan to sell it? While carrying out a feasibility study in the second and third scenarios is crucial, ensuring that you don’t overspend is important irrespective of why you want to renovate.

  • Add value through creativity. Homebuyers pay particular attention to a home’s bathrooms and kitchen, and without spending too much you can transform a seemingly run-down bathroom or kitchen. When it comes to making cosmetic renovations, it is best to limit to changes that are in plain view.
  • Keep a tab on expenses. This is not difficult if you plan ahead of time and then 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 skills you can 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, simply because you're the one who’ll benefit. Energy-efficient additions are a definite plus, and by opting to go the green way you can also qualify for certain rebates.

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 not only need to consider the interest rate you will be charged with the loan, but also any ongoing fees or charges. Look at how long you are taking the loan out for, the repayment frequency you have chosen, 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.

  • How flexible is the loan?

Flexibility is another important consideration. Personal loan terms are generally between one and seven years, and as this is a significant amount of time you want to ensure that the loan can be accommodating to any change in your circumstances. Look out for things such as being able to make additional repayments, the ability to close the loan early or 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 also because you could 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. If you borrow too little, it may be difficult to access additional finance to complete your home improvements.

How to apply

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, a permanent resident of Australia, and depending on the lender you will most likely need to have a good 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.


Personal loans for renovation purposes

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This page was last modified on 21 April 2017 at 12:05pm.

Citi Personal Loan Plus

Borrow up to $75,000 with this personal loan offer from Citi.

ANZ Variable Rate Personal Loan

A variable rate loan that lets you make and redraw additional repayments.

NAB Personal Loan Unsecured Variable Rate

An unsecured loan with a redraw facility that allows you to access money you've paid in advance. You must have held a NAB Credit Card or Transaction account for at least 6 months before applying.

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

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2 Responses to Home Improvement & Renovation Loans

  1. Default Gravatar
    Murphy | February 4, 2015

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

    • Staff
      Elizabeth | February 4, 2015

      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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