April 2021 Personal Loans: Home renos on the rise
As we cruise on through April 2021, we’ve seen more and more Aussies taking out personal loans to fund home renovation plans.
In fact, according to the latest ABS Lending Indicators release, the value of new loan commitments for fixed-term personal lending saw a 0.2% increase in January, while the value of new loan commitments for ‘other purposes’ went up by 15.8%.
Since the pandemic, people are spending more time at home than ever before. Nowadays a house is far more than just a home. For many, it’s become their office, gym and social hangout spot.
So it makes sense that more people are investing time and money into home improvements as of late to create their ideal space.
That being said, if you’re itching to do the same and finally put your home decor Pinterest boards to good use, then here are some of the hottest home renovation loan rates in the Mozo database right now to help get you started:
Personal Loan (Unsecured, Fixed)
- 2021 Mozo Experts Choice Award-winner**
- Fixed rates from 5.49 p.a. (5.49% p.a. comparison rate^^)
- Free extra payments
The details:
The Alex Personal Loan kicks things off with interest rates tailored to your credit score - which means that if you’re both eligible and a credit-worthy borrower, then you could potentially score a fixed rate from as low as 5.49 p.a. (5.49% p.a. comparison rate^^) on loans between $2,100 and $30,000 with 1-5 year loan term options. The loan offers flexible weekly, fortnightly and monthly repayment options, plus, it’s an unsecured loan, so you won’t need to worry about putting up any assets against the loan as security. Best of all, this loan took out a 2021 Mozo Experts Choice Award for Best New Loan Product!** Keep in mind that it comes with a $20 late payment fee if you miss a payment, as well as a $295 establishment fee. However, this fee will be waived if you apply before the 3rd of May 2021.
Unsecured Personal Loan (Fixed)
- 2021 Mozo Experts Choice Award-winner**
- Borrow between $5,000 & $50,000
- Minimal fees ($35 late payment fee)
The details:
The NOW Finance Unsecured Personal Loan allows eligible customers to borrow amounts from just $5,000 to as much as $50,000, with 18-month to 3-year loan terms for loans between $5k-$8k (or up to 7 years for $8k-$50k loans). The loan comes with tailored interest rates based on your credit score, meaning you could score a rate as low as 5.95% p.a. (5.95% p.a. comparison rate^^) if your credit reports in tip-top ship-shape. It’s an unsecured loan, so you needn’t worry about having to put up any assets as collateral, plus it comes with minimal fees (minus a $35 late fee if you miss a payment) and even lets you make extra repayments. And to top it all off, this loan received a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan!**
Home Improvement Loan (Fixed, Unsecured)
- Competitive fixed rates of 6.75% p.a. (7.10% p.a. comparison rate^^)
- Extra repayments allowed
- No monthly or early repayment fees
The details:
The Handypay Personal Loan offers loans between $2,001 and $75,000 with 1 to 7-year loan terms. This loan comes with tier-based interest rates according to your credit score. So if your credit history is spick and span, you could potentially score a fixed rate of 6.75% p.a. (7.10% p.a. comparison rate^^). Other features to look forward to include flexible weekly, fortnightly or monthly repayments and the ability to make free extra repayments, which means you can pay it off as fast as you like without being penalised for it! Plus, it’s an unsecured loan, so you won’t need to put up any assets as security against it. Be aware that it comes with a $250 upfront fee and a $35 late payment fee if you ever miss a repayment.
Personal Loan (Unsecured)
- Fixed interest rates from 6.25% p.a. (7.64% p.a. comparison rate*)
- Borrow between $2,100 & $50,000
- Online application can be completed in minutes
The details:
The MoneyMe Personal Loan offers tiered interest rates based on your credit score - so eligible borrowers with a clean score could receive a fixed rate of 6.25% p.a. (7.64% p.a. comparison rate*), while those with a lower credit score could get a rate as high as 19.95% p.a. (21.35% p.a. comparison rate*). The loan offers amounts between $2,100 and $50,000 paid back over 1-5 years - However, for new loans above $25,001, the maximum interest rate is 13.25% p.a. (14.65% p.a. comparison rate*) The loan is unsecured, so you won’t need to worry about having any security assets - plus it has a speedy online application process, so the funds could potentially land in your account within the same day! Keep in mind that there are a few fees that you’ll need to budget for, including a $10 service fee, a $15 late payment fee and a $495 establishment fee (establishment fee may be lower depending on the amount borrowed).
Low Rate Personal Loan (Excellent Credit) (Fixed, Unsecured)
- 2021 Mozo Experts Choice Award-winner**
- Fixed rates from 6.29% p.a. (6.50% p.a. comparison rate^^)
- Free extra repayments & redraw facility
The details:
With the OurMoneyMarket Low Rate Personal Loan, your interest rate is determined by your credit score. So if you’re an eligible customer with a clean credit history, you could receive competitive fixed interest rates from as low as 6.29% p.a. (6.50% p.a. comparison rate^^). This loan offers amounts from $2,001 right up to $75,000, with 1-7 year loan terms. Not to mention, it comes with a range of flexible features, like the ability to make free extra repayments so you can pay your loan off faster and a free redraw facility, should you ever need to dip into those extra repayments in the case of an emergency. Best of all, it scored a 2021 Mozo Experts Choice Award for best Unsecured Personal Loan**. Keep in mind, it does come with a $150 upfront fee and a $35 late payment fee if you ever miss a repayment.
Learn more about home renovation loans here - otherwise, head right on over to our personal loans comparison page for more options.
**Click here for more information about the 2021 Mozo Expert Choice Personal Loans Awards.
^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years