Whitegoods and Household Loans
Buying domestic appliances can be expensive. Find out how a cash loan can help you spread the cost.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
After your car and your home, whitegoods are probably some of the more expensive items you own. It’s not cheap to replace a faulty refrigerator. It costs big bucks to get new air conditioning or a washing machine. Kitting out your house can be an expensive business. Appliances are the nuts and bolts of everyday life. So, when disaster strikes and something vital in the household breaks down – what are your options? Or, if you’re setting up home for the first time – how can you spread the cost? We’re going to look at all you need to know about whitegoods and household loans.
Can I quickly get a loan to replace my broken refrigerator?
There’s no need to lose your cool when your refrigerator goes kaput. Getting a loan to cover the cost of an emergency replacement is fast and straightforward. Being approved for an appliance loan is just a case of getting online.
The high cost of whitegoods – what’s the smartest way to buy appliances?
Household appliances are big business. Statista value the 2020 Australian whitegoods market at more than $1 billion. We’re spending more and more on appliances each year too. In 2019, the market was worth $978 million, and it’s expected to reach a massive $1.2 billion by 2021. Add to that the fact that Australian households owe 30% of their energy consumption to white goods, and it’s even bigger money.
When it comes to replacing whitegoods, it can be tempting to try and save money by buying second-hand. That’s probably not going to be your cheapest option, however – although it’s true that probably sounds counter-intuitive. New household appliances tend to have a better energy rating than older models. The average two-person Australian household gets through 8,269.5 kWh per year – and that equates to an annual electricity bill of $1,808. Up that household to a family with two kids and a pool, and you can almost double the yearly energy cost.
Having efficient new appliances makes financial sense. Spreading the cost with a loan is even wiser. Australians bought 56% of their household appliances online last year. That figure is expected to grow to 63% in 2020. These days, we can shop at the click of a mouse button. When you need access to funds for white goods, online loan providers are a perfect match.
How much can I borrow to buy whitegoods?
You can borrow between $2,050 and $5,000 for a whole host of purposes – including for whitegoods and household items – and you pick your repayment schedule. Loans can be paid back over a schedule between 16 days and two years if you need it.
Can I use a loan to pay for an appliance as well as other household items?
It often makes sense to spread the cost of several different purchases. Small loans between $2,050 and $5,000 are usually unsecured, so you don’t need to buy something specific – or just one single item. Cash loans aren’t type-specific either. You can mix and match the things you purchase. The choice is yours, and cash loans are very flexible. That’s a great option to have if you’re planning to renovate your kitchen, for instance, and want to buy several new appliances at once. You can even buy your kitchen cabinetry with the same funds.
Do I need to be in full-time employment to apply for a whitegoods loan?
Anyone can apply for a whitegoods loan. There isn’t a typical user, and thousands of Australians of all ages apply for smaller loans every year. Lenders assess applicants based on their ability to pay a loan back, without incurring hardship. That means if you can afford a loan, you’re incredibly likely to get approved. For that to happen, you’ll need to be an Australian resident or citizen and at least eighteen years old. You’ll have to show a regular form of income that’s been in place for the past three months. Some or all of that can be from benefits. Your provider might reject the application if you have more than two existing cash loans – or if that’s been the case in the last 90 days.
How do I apply for a whitegoods and household loan, and is getting my money easy?
Whitegoods and household loan providers operate online. The entire application process is fast and efficient; many loans get approved within minutes. Lenders transfer funds electronically as soon as loans are approved. Applications tend to get processed without too many hold-ups, and borrowers get fast access to cash.
To apply, all you need to do is visit the website of your chosen lender. You’ll get asked to fill out a simple application form. Lenders will want to know your employment and marital status and essential details like your address. They’ll evaluate your current financial responsibilities by looking at the information and documents you provide. It’s important you remember to include all the requested material. If you can, have the following ready before you apply – although, you’ll be able to save and return to your application at any time during the process:
- Proof of ID, which could be a driving licence or passport
- Proof of address, in the form of a utility or phone bill, perhaps. It’ll need to be in your name
- Your previous three months of bank statements
- If you work, your lender will want to see a few months worth of payslips
- If you receive any benefits, your loan provider will need a Centrelink Income Statement – which you can obtain online by linking your Centrelink and MyGov accounts
- Your lender may ask for a copy of your Medicare card, or just for your Medicare number
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Small loans to suit your circumstances
Helpful small loan guides
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
