Competitive personal loans to help you with your home improvements

Australians are constantly renovating their homes, either to increase their value or to accommodate their lifestyle, but home improvements aren’t cheap. The average Australian spends $17,000 on kitchen renovations alone. Many homeowners turn to personal loans to help them fund their home improvements.

Whether you’re looking to extend your house for a growing family, install a home security system, remodel your basement or anything in between, Savvy can help you find a personal loan to suit your needs from our panel of diverse lending partners. Compare flexible offers starting at low interest rates right here and have your expenses covered before you know it.

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site-logos Harmoney Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.35%
fixed
6.14% 
fixed
$570.96
over 60 months
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Borrow up to $50,000 with personalised rates and repay over 3 or 5 years loan terms.

site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.45%
fixed up to 20.99% p.a.
6.04% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
$572.34
over 60 months
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Apply for an unsecured personal loan up to $75,000 and receive a special rate of 5.45% p.a. for first 12 months for loan amounts over $35,000.

site-logos Symple Loans Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.75%
variable
6.47% 
fixed
$576.50
over 60 months
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Earn up to 50,000 Qantas Points with a more rewarding personal loan from Symple

site-logos Now Finance No Fee Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 17.95% p.a.
5.95% 
fixed up to 17.95% p.a. based on $30,000 over 5 years
$579.29
over 60 months
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Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit.

site-logos SocietyOne Unsecured Personal Loan
  Advertised
rate from
Comparison
rate from
Monthly
Repayments
 
site-logos 5.95%
fixed up to 19.99% p.a.
5.95% 
fixed up to 20.93% p.a. based on $30,000 over 5 years
$579.29
over 60 months
Go to site
More details

Borrow up to $50,000 with rates between 5.95% p.a. and 14.99% p.a. based on your credit rating.

Harmoney customers applying for loans of this amount and length can receive an interest rate between 5.35% p.a. and 19.09% p.a. (6.14% p.a. and 19.99% p.a. comparison rates). Loan terms are offered for lengths of three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 6.14% p.a. comparison rate will cost an estimated $34,916.34, inclusive of all interest and most fees, with monthly repayments of $581.94.

Symple customers applying for loans of this amount and length can receive an interest rate between 5.75% p.a. and 25.99% p.a. (6.47% p.a. and 29.20% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.47% p.a. comparison rate will cost an estimated $35,193.78, inclusive of all interest and most fees, with monthly repayments of $586.56.

SocietyOne customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 19.99% p.a. (5.95% p.a. and 21.70% p.a. comparison rates). Loan terms are offered for lengths of two, three or five years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest and most fees, with monthly repayments of $579.29.

Now Finance customers applying for loans of this amount and length can receive an interest rate between 5.95% p.a. and 17.95% p.a. (5.95% p.a. and 17.95% p.a. comparison rates). Loan terms are offered for lengths of 18 months to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 5.95% p.a. comparison rate will cost an estimated $34,757.21, inclusive of all interest, with monthly repayments of $579.29.

OurMoneyMarket customers applying for loans of this amount and length can receive an interest rate between 5.45% p.a. and 20.99% p.a. (6.04% p.a. and 23.83% p.a. comparison rates). Loan terms are offered for lengths of one to seven years. A $30,000 personal loan repaid monthly over five years at the minimum 6.04% p.a. comparison rate will cost an estimated $34,855.67, inclusive of all interest and most fees, with monthly repayments of $580.93.

The features of a home improvement & renovation personal loan

Low rates starting from 5.35% p.a. (6.14% p.a. comparison)

Our partnered lenders offer personal loans starting at low interest rates, which can help you minimise the cost of financing overall and potentially save hundreds.

Get approved for up to $50,000

Personal loans range in size from as little as $2,000 up to $50,000, making them highly versatile and able to be applied to almost any renovation situation you need.

Use them however you like

No matter whether you want to want to fix a leaky roof or install a pool, your personal loan will help you pay for your home improvement goals at a manageable pace.

Repay your loan over one to seven years

As part of the application process, you’ll tailor your personal loan’s repayments to fit your income needs, with short terms from one year and long ones up to seven available.

Fixed or variable rates

You can also compare personal loans with differing rate structures: fixed rates enable more accurate budgeting overall, while variable interest could help you save if rates fall.

Flexible income sources accepted

Our lending partners can work with you regardless of whether you’re working full-time, part-time, casually, are self-employed or receive Centrelink benefits (or a combination).

Why Australians choose Savvy to compare renovation loans

How does a home improvement loan work?

A home improvement loan is similar to other personal credit finance solutions. They can be either unsecured or secured (the former being the more common option) with higher interest rates and shorter loan repayment periods than what you’d receive on a mortgage.

Like most other loans, you borrow a set amount over a fixed period and repay it monthly, fortnightly or weekly until it’s been entirely paid. Home improvement loans are better suited to short-term goals than mortgages are thanks to their shorter terms and higher rates. They’re also far quicker to arrange than a home loan because there’s no need for a valuation, with turnaround times of just 24 hours.

Can I use my mortgage to cover renovations instead?

You can – many homeowners tend to lean toward using their existing home loan or the property itself when financing renovations, but the truth is, that’s not always the most cost-effective way to accomplish that. The reason is pretty simple: finance costs accrue based on interest rate and term length.

The easiest way to understand that is by looking at how interest adds up over different loan terms. Home improvement loans run up to seven years, but the average home loan goes for between 25 and 30. That makes a massive difference in how much interest you pay.

For example, if you borrowed $15,000 to replace your kitchen and added that to your 30-year, $500,000 home loan with an interest rate of just 3.5% p.a., you’d pay a total of $9,248 in interest alone – meaning your $15,000 kitchen would end up costing you almost $25,000.

Compare that with a three-year home improvement loan. To borrow $15,000 over three years at 10% p.a. will cost $2,424.28 in interest over the term. That’s a saving of just under $7,000 and is why you should always consider your options closely when determining the best solution for your home improvements.

Common questions about financing your home improvements

Renovation loan vs mortgage refinance, how interest rates get calculated, and matching your loan to your home improvements.

How much can I borrow?

How much you can borrow will vary from person to person based on a variety of factors such as your credit rating, income and job stability, as well as the product you’re applying for. While unsecured personal loans can allow you to borrow up to $50,000, that borrowing power is extended to $100,000 when you add security. We partner with lenders who offer both products to give you more choice.

How much will my repayments be?
This will depend on how much you want to borrow and for how long. However, you can use our online calculator to find out how much you will be paying in monthly repayments.
What is a comparison rate?
A comparison rate shows the true cost of a loan and is usually expressed as a percentage that tends to be slightly higher than the interest rate. This figure incorporates both the interest rate and main fees that apply to your loan, such as ongoing and establishment fees. Because each of these can cost a reasonable amount extra, you should always compare loans based on their interest rates also.
Can I get a loan if I have bad credit?
Yes – we can connect borrowers who’ve struggled with their credit in the past to flexible lenders who are able to work with their financial and credit situation.
How is my home improvement loan interest rate calculated?

Your home improvement loan interest rate is calculated based on a couple of different factors, which are similar to the factors which shape your borrowing power. When you apply for a loan, the lender examines your work situation and how much you earn, as well as your recent history taking on and repaying debt. Your interest rate generally reflects the level of risk your lender perceives in your application.

Shouldn’t I just refinance my existing home loan?

That’s certainly another option, but it doesn’t make the interest-over-the-term problem disappear. If you refinance your home loan, it’ll also be necessary to weigh up any break fees for your existing home loan, as well as set-up charges for your new mortgage.

Will the repayments for home improvement loans be higher if go with a personal loan?

Yes – because you’re repaying over a much shorter timeframe, personal loan instalments are much higher than what the home improvement aspect of your personal loan would be. For example, while the $15,000 added to your $500,000, 30-year home loan at 3.5% p.a. would only increase your monthly repayments by less than $70, a dedicated $15,000, three-year personal loan at 10% p.a. would come with instalments of $484.01 each month. The personal loan itself will cost far less than the home loan, though, as you’re paying it over a shorter period and cutting down on potential interest costs in the process.

Can I repay home improvement loans early?

Yes – we’re partnered with many lenders who offer borrowers the ability to pay above the minimum required amount each month and pay off their loan early free of charge. Doing so can help you save a significant amount of money overall, so it’s always worth comparing lenders based on their repayment flexibility.