Relocation Loans

Reduce the stress of moving by finding a personal loan to ease the financial burden. Compare offers with Savvy today.

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, updated on July 4th, 2024       

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Why compare personal loans through Savvy?

Types of personal loan

Still have questions on relocation loans?

How long are relocation loan terms?

You can take as few as 12 months or as many as seven years to pay off your personal loan. However, you'll find that these upper and lower limits may differ between lenders, with some capping their loans at five years and others enforcing terms of up to three years.

How long does the process take?

Once you've compared and chosen your loan with Savvy, you can go ahead and commence the application process straight away on your lender's site. Their form will usually only take a few minutes to fill out and, once submitted, as little as 60 seconds to receive an outcome. From there, your lender will send you through a loan contract to sign (if approved) and can fully fund your loan within 24 hours.

Can I pay out my loan early?

Yes – we're partnered with lenders who won't penalise you for paying your loan out ahead of schedule. You should look to take advantage of this wherever possible, as it can save you a considerable amount of interest overall to repay your loan over a shorter term.

Can I get a loan if I'm self-employed?

Yes – self-employed workers are just as eligible for personal loans as anyone else, provided they can supply the two most recent years' worth of tax returns in place of payslips. If you can't supply these, you may not be accepted for your application by your lender.

How much do I need in home equity?

You won't be required to have any home equity to take out a relocation loan, as these are unsecured personal loans. This means you won't need to provide any assets, such as home equity, to secure the loan amount. This speeds up the process but also opens up these loans to a wider range of people who perhaps don't own their home or have an eligible asset to use as collateral.

What else can I use a relocation loan for?

Just about anything you like – unsecured personal loans aren't tied to any particular use or asset which dictate their value, meaning you can apply for them to be used for any purpose you may need in your life. 

What's the difference between a relocation loan and a bridging loan?

Bridging loans are a type of short-term home loan which are designed to cover the cost of purchasing a new property whilst still in the process of selling your existing one. These can cover all expenses that come with purchasing a new home, such as legal fees, preventing foreclosure, renovations, transactions and more. Relocation loans, on the other hand, are essentially personal loans, meaning they come with far lower borrowing ranges and can be used to pay for anything, rather than solely home purchase-related expenses.

Your helpful guides on relocation

How to compare personal loan offers with Savvy

It's a crucial part of the personal loan process to compare different offers, but you'll have to know where to start if you want to maximise the quality of your product. Interest rates are perhaps the most important aspect of a personal loan to compare, but it's arguably more useful to consider its comparison rate. This figure accounts for both interest and fees, painting a more accurate picture of the cost of your loan. Additionally, you should always prioritise loans which meet your requirements regarding borrowing range and potential loan terms, as you shouldn't sacrifice your repayment comfort. Finally, you should look for loans without early repayment fees.

Know the cost of moving

Realistically estimating your expenses can help you adequately finance your house move. You will have to consider costs such as hiring removal specialists, paying off the stamp duty and possible fixtures or renovation your next house might need. Planning in the form of a budget can help you avoid under or overspending. There is also the finalisation of ownership over a property that can come with fees from conveyancers, evaluators and more that you may have to consider to better prepare you. Always keep in mind to research the costs of relocating beforehand to avoid being overwhelmed financially.

Ensuring a speedy application process

When moving house, it's often a priority for things to be completed smoothly and quickly without any great hassle. As such, there are things you can do to speed up the processing and approval of your personal loan. You should always have your documents ready to go. If you're unsure of what you'll need, you should be able to find out on your lender's site, but in most cases it'll be photo ID, your last two payslips, a record of assets and liabilities and possibly 90 days of bank statements. Even something as simple as applying earlier in the day or week can make a difference.

Estimating the sale price

When it comes to the selling of your existing property, there are a few things that you need to consider. For example, involving the skills of a real estate agent or an accredited appraisal officer to help you get an accurate assessment on what your house selling price will fetch on the market. This will help you avoid the common mistake of over estimating the sale price of your existing property, which can cause you to fall short on the amount that you need on your loan. Having a team of professionals can also help you form realistic estimates of their values, which in turn will help you more accurately find the loan amount you need.

Useful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.

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