Home improvement and renovation loans

Loans for renovationsIf you’re looking to make much-needed renovations or just want to spruce up your property, you might 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

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
Rates last updated April 20th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Product Description Monthly Repayment
Citi Personal Loan Plus
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 June 2019.
NAB Personal Loan Unsecured Fixed
Headline rate 12.69% (fixed)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. 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.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 7.38% (fixed)
9.39%
$2,001
0.5 to 5 years
$299
$0
You'll receive a fixed rate from 7.38% 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.
Westpac Unsecured Personal Loan
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.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate of 12.45% 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.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 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.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$250 (Loans under $4000 - $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.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 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.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$195
$12
You'll receive a fixed rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$200
$0
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
CUA Unsecured Fixed Rate Personal Loan
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.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
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.
St.George Unsecured Personal Loan - Variable Rate
From 12.99% (variable)
14.06%
$2,000
1 to 7 years
$195
$12
You'll receive a variable rate between 12.99% p.a. and 18.9% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 plus the convenience to make extra repayments and redraw them if you need them.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
CUA Discount Variable Personal Loan (Loans over $30,000)
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.
MyState Bank Unsecured Personal Loan
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.

Compare up to 4 providers

Latitude Car Loan

Latitude Car Loan

From

6.99 % p.a.

fixed rate

From

8.10 % p.a.

comparison rate

  • Competitive low rate
  • Up to 7 years to repay
  • New or used vehicles accepted
Security Logo

100% confidential application

Latitude Car Loan

A competitive fixed rate loan available for new and used vehicles.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 8.10% p.a.
  • Interest rate type: Fixed
  • Application fee: $295
  • Minimum loan amount: $5,000
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Promoted
Rates last updated April 20th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Product Description Monthly Repayment
Latitude Car Loan
From 6.99% (fixed)
8.1%
$5,000
1 to 7 years
$295
$10
You'll receive a fixed rate between 6.99% p.a. and 14.99% p.a. based on your risk profile
Finance a new or used car up with loans from $5,000 and benefit from flexible repayments.
IMB New Car Loan
5.89% (fixed)
6.24%
$2,000
1 to 7 years
$250
$0
You'll receive a fixed rate of 5.89% 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.
Beyond Bank Low Rate Car Loan
From 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.
Loans.com.au - New Car Loan
5.44% (fixed)
5.99%
$5,000
3 to 5 years
$400
$0
You'll receive a fixed rate of 5.44% p.a.
Finance a new car and benefit from features such as fast approval, no ongoing fees and an optional balloon payment.
Stratton Finance New Car Loan
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.
RACV New Car Loans
From 5.99% (fixed)
6.55%
$15,000
1 to 7 years
$399
$0
You'll receive a fixed rate of 5.99% p.a.
A larger loan of $15,000 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.
Credit Concierge Car Loan
From 4.99% (fixed)
6.23%
$10,000
1 to 7 years
$350
$5
You'll receive a interest rate from 4.99% p.a. with a comparison rate from 6.23% p.a.
Get access to over 20 providers to fund a new or used car.
Westpac Car Loan
From 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.
St.George Secured Personal Loan - Fixed Rate
From 8.49% (fixed)
9.6%
$3,000
1 to 5 years
$195
$12
You'll receive a fixed rate from 8.49% p.a. based on the value of your car
Get a competitive rate and apply for a larger loan up to $80,000 when you attach a new or used car as security to the loan.
IMB Secured Personal Loan
6.89% (fixed)
7.24%
$2,000
1 to 5 years
$250
$0
You'll receive a fixed rate of 6.89% 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.

Compare up to 4 providers

Citi Ready Credit

Citi Ready Credit

From

5.9 % p.a.

variable rate

  • Access a line of credit
  • 5.9% p.a. for up to 3 years (reverts to 19.99% p.a)
Security Logo

100% confidential application

Citi Ready Credit

Get an introductory rate of 5.9% p.a. on your initial balance for 3 years. Standard rate applies after this period.

  • Interest rate from: 5.9% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site
Promoted
Updated April 20th, 2019
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee
From 5.9% (variable)
$5,000
3 years
$199
$0
Introductory variable rate of 5.9% p.a. applies for 3 years.
Get an introductory rate of 5.9% p.a. on your initial balance for 3 years. 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 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 renovation loans

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 renovation 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 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, 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.


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Personal Loan Offers

Important Information*
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 June 2019.

NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. 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.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 7.38% 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.

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.

    • finder 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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