How a personal loan can help cool your home this summer

A row of houses on the beach in summer

Many homeowners will need to prepare their homes for the upcoming summer, as the impact of El Niño is taking hold.

El Niño is a weather phase that brings about warmer temperatures to the sea and air. This means Aussies should not only expect a spring heat wave, but a dry and hot summer ahead. 

So in an effort to stay cool, you may be thinking about getting an air conditioning unit, window glazing, or even switching up the landscape by getting some tree cover to shade your backyard. 

But while it’s important to avoid the heat, the cost of getting your home ready can quickly add up. For example:

Typical glazing around a standard home can cost $150 to $1500 per square metre.

An air conditioning unit could cost between $600 and $5,500.

A patio with landscaping might cost around $4,500 to $50,000, depending on the size.

If you’re unable to front such expenses, a personal loan might help you out.

Summer prep with a personal loan

A personal loan was taken out to build the pool in the background, while a hammock is in front of it

A personal loan can help pay for big ticket items like a car, holidays, weddings or as we’re discussing here, home renovations!

Now you’ll first need to consider a few things such as the size of the personal loan, the term (length) of the loan and the interest rate applied to your loan repayments. 

The frequency of when you’ll make these repayments will depend on your lender, and so will the amount you’re able to borrow. Generally speaking however, you may be able to borrow up to $100,000 (provided you meet a certain criteria). 

Note that your total cost may vary based on what you’ll need the loan for. For example, if you’d like to install a pool, you could consider whether you’re doing it yourself, or if you’ll need to hire a builder to help out. There’s also the expense of your materials and if you’re opting for features like a deck jet, or a rain curtain. 

While it might be tempting to take out a large sum for your home improvements, keep in mind that larger loans typically take a longer time to finalise. Additionally, there’s usually interest added on top that you’ll have to pay off. 

To determine whether the approximate repayment amount is compatible with your budget, you might crunch the numbers with a loan repayment calculator. Some simple research goes far!

Compare personal loans

Ready to get your home prepped for the summer? Check out a roundup of the best personal loans that our experts have tracked this month, or start comparing your options below.

Personal loans comparison table - last updated 23 May 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

    Compare
    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

    Compare
    Details
  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $3,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 25-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

    Compare
    Details

* WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.