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Compare Home Renovation Loans

Get the spare cash you need for a stunning remodel or a fresh, modern look that brings out your homeowner’s bling. Compare home renovation loans and calculate repayments below with BestFind. Our easy-to-use tools help you nail down a finance option that suits your project’s budget and needs.

Calculate your repayments

Loan Amount

$10,000

Term

3 months

Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Now Finance

NOW Finance Unsecured No Fee Personal Loan

EST Monthly Repayment
EST Monthly Repayment
6.75%
Advert. Rate (p.a)
Comparison rate
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.99%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
ANZ

ANZ Variable Rate Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're looking to buy a new car, take a holiday, renovate your home or you want to consolidate debt, ANZ could help you with a Variable Rate Personal Loan.
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.

BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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Home renovation loans – Turn your house into hot property

Renovating your home can be exciting. When done right, these projects bolster your property’s value while increasing enjoyment of the living space for you or your tenants. But all those architectural nips, tucks, and alterations tend to add up cost-wise.

Whether you’re doing a professional and elaborate overhaul or tackling a few DIY touch-ups, you may need to look into financing options. Here’s what to know when it comes to home renovation loans in Australia.

How can a home renovation loan work for you?

Renovation projects are all in a day’s work for property owners, and getting a home improvement loan helps keep the ball rolling. After all, it’s not always possible to have that kind of cash lying around or to sacrifice a big chunk of your cash flow.

When you borrow funds from an Australian lender, the appeal stems from the renovate now, pay later arrangement. Because you receive a lump sum that you repay over time, you can upgrade faster while giving your budget time to catch up.

Generally, loan amounts come up to $100,000, while loan terms go as far as 7 or 10 years. Once you receive the funds, you can use them for most projects, including:

  • Bathroom and kitchen remodels
  • Whole house renovations
  • Home extensions
  • Home repairs
  • Swimming pool installations
  • Landscaping
  • Buying appliances and furniture

What are your finance options for home improvements?

Before you bring out your power tools or contract the local tradesmen, consider the following home renovation loan options to see what works for you:

Personal loans

A personal loan is an extremely versatile product with flexible uses. Besides paying for your wedding, holiday, or car, it can also cover home improvements. A majority of personal loans are unsecured, meaning you won’t have to attach an asset to the deal.

However, some personal loans are secured, in which case you’ll need to offer collateral or security in the form of your house, car, or other valuable assets. This brings down the lender’s risk, enabling you to borrow more funds and enjoy lower interest rates than with unsecured personal loans.

Mortgage finance

If you already have a mortgage, there are several finance avenues open to you. Firstly, your home loan may already have the following features attached:

  • Offset account. This acts like a regular transactional bank account, but it’s linked to your mortgage. Any savings you deposit in there will offset your home loan balance, thereby reducing the payable interest. Some lenders let you access funds in this offset account under certain conditions.
  • Redraw facility. You can make extra repayments outside of your existing payment schedule. Once your projects kick-off, you can pay for them by accessing these additional funds.
  • Home loan top ups. Some Aussie lenders also allow you to top up your home loan depending on how much equity you hold on your home and your ability to pay off your loan.

However, keep in mind that using any of these features increases the interest payable. If your loan does not have any of these features, you could refinance or remortgage with a different lender or one you’re currently with.

Provided you hold enough equity on your home, potential benefits include a lower rate, better features, and a larger loan size. Lastly, you can also opt for a line of credit home loan, which you can draw on whenever there’s a need.

Construction loans

Construction loans are handy for extensive renovations such as room additions or whole house renovations. They’re designed to cover your renovation expenses on a per-invoice basis. Although construction loans tend to come with higher interests, they have an initial interest-only period, making loan repayments more affordable.

Green loans

You can avail a green personal loan if your renovation projects center on energy-efficient and sustainable makeovers. Such green projects include solar and LED light installations as well as replacing your heating and cooling system with ones that have better energy-star ratings. Because of their eco-friendly effects, green loans generally have lower rates, discounts, and better terms. Other financial incentives for homes with smaller carbon footprints include cheaper energy bills and an increase in your property’s value.

Other finance options

For small-scale renovations and minor expenses, you could consider a credit card. Due to high interest rates, borrowers are usually warned away, but if you get a credit card with an initial interest-free period, your loan costs can pan out well.

Be sure to repay everything while the promotion still applies to avoid steep charges. Alternatively, you could turn to an overdraft, though these also have higher rates and fees. Another viable option involves searching for grants available to eligible renovators in your city.

What’s the best way to compare home renovation loans?

When it comes to comparing home improvement loans, it pays to treat it like a mini-project. That’s because by doing your due diligence and putting in some work, you’re more likely to find an option that fits your bill. Some features to consider include:

  • Interest rates. This is a major borrowing cost, so a low rate goes a long way towards ensuring your renovation stays affordable. Interest rates are split into fixed and variable types. Fixed rate loans guarantee unfluctuating repayments throughout your loan term, while variable rate loans come with repayment adjustments. Each option has its pros and cons, and your choice is typically based on whether you’re looking for potential savings (variable) or budget stability and peace of mind.
  • Fees and charges. Application fees, establishment fees, monthly fees, and late payment fees are all part of the standard package. Make sure you’ve got them all figured out when estimating your loan’s total costs. Also, watch out for other non-standard fees like redraw fees that you may have to pay if you use the facility.
  • Loan restrictions. This depends on the type of loan and the lender’s terms. Factors to consider include whether you can use the funds for a renovation, how much you can borrow, and for how long.
  • Flexibility. Making extra repayments ensures you can wipe off your debt quickly and save on borrowing costs. This benefit is usually enhanced if there are no extra repayment fees involved. Additionally, look into repayment schedules and options. Start by choosing a repayment frequency that suits your cash flow from the weekly, fortnightly, and monthly options available. Then pick a comfortable repayment amount for your budget. Our home renovation loan calculator at the top of the page is handy for this purpose.

Will renovations guarantee a boost in your home’s value?

Renovations are primarily seen as a fashionable move that’ll tip the scales in your favour on the home value market. But this isn’t always cut and dried since some refurbs can knock off some value from your home. If you’re planning to rent your property or sell it in the future, it’s best to shy away from these “improvements,”

  • Shoddy DIY jobs – it’s always best to call a contractor for work that requires a professional hand.
  • Wall knock-downs – these lessen the number of rooms in your home, which generally correlates to a lower property value.
  • Unapproved renovations – building code violations may affect your insurance coverage and inhibit your ability to sell.
  • Unusual colours and fittings – these may not appeal to most people’s taste or style.
  • Poor quality materials – cheap material generally won’t stand the test of time, and renovations may end up costing more in the long run.

On the other hand, kitchen and bathroom renovations tend to be the most popular way to boost your property’s value. This also applies to energy-efficient additions and room additions.

How to apply for a home renovation loan

Once you have compared home renovation finance options in the comparison table above and made your choice, click “Go to Site” to access the lender’s website. You’ll then have to fill out an application form with your personal, contact, financial, employment, and contact details.

Generally, Australian lending criteria states that you must be at least 18 years old and an Australian citizen/permanent resident to qualify. On top of that, you need a good or excellent credit score plus a clean credit history. Here’s a shortlist of documents and other details you’ll likely have to submit before approval:

  • Identification such as a valid driver’s licence or passport
  • Proof of income in the form of payslips and bank statements
  • Details about your other assets, liabilities, and overall financial situation

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