How much you'll be able to borrow will depend on your personal circumstances and the size of the project you're looking to undertake. Personal loans are a popular choice if you are doing a small renovation project like new landscaping or updating the bathroom. If you are thinking of a bigger reno project like a new story on the house or a garage, you might want to think about refinancing your home loan.
Before apply for a renovation loan, it's a good idea to get a firm idea of the budget you'll need, this includes getting builders quotes or estimates. You don't want to find yourself part way through your reno and run out of money or committing to a big project only to find out that you can't afford the repayments.
Yes. Most Australian personal loan providers that are featured on our website have online loan applications. Applying online is a much more convenient option than going to a bank branch for many people. You'll still need to verify your ID, address details and income and employment, so make sure you have all of this information on hand when you are getting your application ready.
The maximum loan term for personal loans is usually around seven years, but some lenders might offer a loan for up to 10 years. No matter what loan term you originally opt for, it's a good idea to look for a loan that has flexibility and allows you to make extra repayments whenever you like so that you can save on interest repayments.
Fixed
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Excellent Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
OurMoneyMarket offer competitive low rates for borrowers with excellent credit on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Unsecured, Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 4.99% would cost $33,959.97 including fees.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient, 100% online approval. Must be over 18 to be eligible (other eligibility criteria may apply). Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Read our Mozo Review to learn more about the Alex Bank Personal Loan
Unsecured, Fixed, Excellent Credit
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. You could qualify by simply earning above $25,000 and you’ll be on the way to start spending (other eligibility criteria may apply).
Read our Mozo Review to learn more about the Plenti Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
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).
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
Variable, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Lower rates for better credit. Money transferred to your account in 24 hours. No exit or early repayment fees. Borrow up to $50,000.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Excellent Credit, Fixed
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.
Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Fixed
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Borrow up to $50,000 unsecured from the only lender with no fees and none of the bank. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.^
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Very Good Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,171.08 including fees.
Competitive low rates on loans up to $75,000 for excellent credit. Free extra repayments. Fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award^.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.
Borrow from $5,000 to $50,000 with low rates for great credit. No account keeping fees. Free extra repayments and redraw facility. Same day approval may be possible. Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021^.
Read our Mozo Review to learn more about the Great Southern Bank Unsecured Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.
Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Get competitive low rates for excellent credit. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.
Read our Mozo Review to learn more about the NAB Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.
Heritage Bank discounted rates for borrowers with excellent credit. Available loans starting from $5,000 to $25,000. Your choice of loan terms up to five years. Extra repayments allowed, but may incur fees.
Read our Mozo Review to learn more about the Heritage Bank Standard Personal Loan
Good Credit
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 6.25% would cost $36,103.67 including fees.
Consolidate your credit cards and other loans into one low monthly repayment with OneDebt. Low rates with approvals typically within 60 minutes. Flexible repayments with no early exit fees. Must be employed with decent credit history.
Read our Mozo Review to learn more about the MoneyMe OneDebt Low Rate Personal Loan
^See information about the Mozo Experts Choice Personal loans Awards
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If you’ve been watching the paint on your walls chip away for far too long, or have been meaning to replace some cracked bathroom tiles, a renovation loan can be an easy way to fund your reno projects with minimal fuss.
If you’re interested in finding out if this type of loan is right for you, we’ve answered some of the most frequently asked questions about home renovation loans below.
For the most part, no. Personal loans can be used to finance a number of things such as holidays, motorcycle purchases and even medical debts. Using a personal loan is a popular choice to fund your small-scale renovations.
If you’re looking to fund larger renovations, refinancing your home loan, or taking out a construction loan might be better options.
When choosing a personal loan to renovate your home, there are some key features you’ll want to look at, such as:
If you’ve got your eye on a shiny new basin, you’ve got to think beyond just the original quote price and take into consideration loan interest and fees, and the length of time you need the loan for.
You can use Mozo’s renovation loan calculator to figure out what your weekly, fortnightly or monthly repayments might look like and how much you can expect to pay in interest in total. Keep in mind that in order to keep your repayments low, your first step is finding a low rate renovation loan.
Once you’re ready to make your dreams of an amazing outdoor deck area a reality, your next step is to snag a competitive interest rate. Here are some ways you can make sure you’re getting a great deal:
If you’re stuck on whether to use credit card to finance your home renovations or whether to take out a loan, know that it’s likely to come down to your borrowing needs. Personal loans offer benefits such as lower interest rates, consistent repayments and a set borrowing amount, which is good for those on a strict budget.
If you opt to use a credit card to fund your renovations, you might be able to save on interest if you’re making smaller, incremental purchases and paying them off before you have the chance to build too much debt. If you’re going to do this, go with a low interest credit card, and shop around for added benefits such as interest-free periods or no annual fees.
For a more in depth guide for ways to finance your home renovation, check out our home renovation funding guide.
You options for funding your renovations will differ based on if you’re a first home buyer or homeowner.
If you’re a first home buyer who has just taken out a large debt in the form of a home loan, it might be hard to secure a separate renovation loan. Instead, if your budget allows consider borrowing more from your home loan lender to make your necessary renovations. Keep in mind that by tagging it onto your 30-year mortgage, it will build up significant interest over that period of time, so whenever you can put extra funds towards your home loan.
If you’re an existing homeowner, you have options at your disposal. For a smaller renovation loan, you can choose to get a secured loan, which will generally have a lower interest rate but you will need to offer up an asset (ie. your home) as security in case you default on the loan. Don’t like that idea? You could also opt for an unsecured loan. These generally have higher interest rates but offer flexibility so if you do have extra funds you can pay out the loan early without penalties.
Most Aussies are carrying some form of debt, whether that be with their mortgage, credit card debt or car loans. As long as you’re staying on top of repayments and keeping your credit in top shape, and your budget can easily handle the extra repayments, your chances for renovation loan approval should be high.
To improve your chances at getting approved, here are some steps you can take:
Most renovation loan applications can be completed online, making it easier and faster for you to get approved. Your first step in applying for a renovation loan is comparing different personal loan options in the comparison table above to find a deal that suits your needs. Once you’ve done that, click the blue ‘Go to site’ button which will take you directly to where you need to be on the provider’s website.
A few things you’ll need to have on hand before you start your application is proof of identity such as a current passport or driver's license, proof of income such as your pay slips, and financial documents such as bank statements, assets, debts and liabilities.
For residents of NSW and Victoria's capital cities, it may be worth checking out Sydney personal loans and Melbourne personal loans for some location specific loan options.
Do not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Read full reviewDo not use this bank, applied for a personal loan, they advertise simple and easy, what a joke, supplied documentation to them, looks like I was dealing with idiots overseas as most of my correspondence was online due to work commitments. Instead of looking over the application and telling me what they wanted me to supply first go instead of coming back in drubs and drabs asking for information, I supply it and they tell me they didn’t receive it, but I have proof it went through but anyway. Not reading emails properly or even knowing what they are asking for when it’s right in front of them. At one point some one in their assessing team sent an email and said application was not successful. Next day I get an email from them saying we need more information??? I said you knocked the application back and the guys says oh no we haven’t finished processing it?? I then emailed them what they said and they apologised for confusion, but still going back and forth. Not well trained staff, either I ended up pulling the application and went to another bank and got the loan in 24 hours. Do not waste your time and energy!
Corporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Read full reviewCorporate robots, don't lend to singles the two percent deposit scheme is rubbish, I tick all boxes and can afford the loan but cannot get because of unrealistic lending criteria. All banks.
Don’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
Read full reviewDon’t believe the TV commercials, Jackson was dismissive and short. Pretty ordinary all over.
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