renovation loanS

How much does a Renovation Loan cost?

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At Plenti, we determine the overall cost of your renovation loan by looking into a range of factors, namely your credit history, to provide you with a personalised interest rate.

When it comes to renovation loans, there are three key features that make up the loan cost. They are:

  • Interest rate – whether it is fixed or variable.
  • Upfront fees – for example, establishment fees.
  • Ongoing fees – These include monthly fees, late payment fees, and other charges.

All these costs are then combined to create a comparison rate. This rate represents the total cost of the loan over a standard term and is useful when making loan comparisons.

For an accurate estimate of the cost of your renovation loan, we recommend completing the 1-minute RateEstimate. This initial quote will give you the best estimate of your loan cost along with estimated fees, charges, and interest rate in relation to your proposed loan term and amount. Plenti offers secured and unsecured personal loans between $2,001 and $45,000 and with loan terms of between 6 months and 5 years.

Getting a renovation loan for home improvement projects is one of the most common reasons why people take out a personal loan. Across the generations, 20% of Baby Boomers stated they took out a personal loan for home improvement, followed by 17.2% of Gen X and 12.6% of Millennials.

Since Plenti provides the lowest monthly repayments for renovation loans, you have the freedom to make your dream home a reality in a shorter amount of time than compared to other loan types.

At Plenti, we offer fast, fair, flexible loans. You can borrow between $2,001 to $45,000 over 6 months to 5 years. There are no monthly or early repayment fees. This gives you the freedom to save more by making extra repayments on your loan.

How much can I borrow for a renovation loan?

A loan amount is how much you intend to borrow. When borrowing for a renovation loan, the loan amount is the principal amount upon which interest is paid. Plenti offers secured and unsecured loan amounts of between $2,001 and $45,000. This means you can choose as little or as much as you need to cover the finances of your home renovation, provided it’s within this range and that you meet eligibility criteria.

The amount you choose to borrow will depend on the maximum loan amount you are eligible for, and this is based on factors including your credit score, income, and mortgage status.

When you complete a RateEstimate, your maximum loan eligibility will be provided to you within your quote. While it may be tempting to borrow as much as you can, it’s important you choose an amount that will allow you to meet monthly repayments and is realistic for your budget and financial circumstances.

At Plenti, we use risk-based pricing to set the overall cost of your loan. This means we use details such as your credit history to provide you with a personalised interest rate. The better your credit history, the better the rate we are able to offer. We also don’t charge any fees for early repayments, allowing you to benefit from lower interest repayments.

Compare unsecured personal loans up to $45,000*

Brand
Interest Rate (p.a.)
Comparison Rate (p.a.)
Upfront Fees
Monthly Fees
Repayments
NAB
NAB Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
ANZ
ANZ Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 15.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Community First CU
Community First Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Community First CU
Community First Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.59% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Gateway Bank
Gateway Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.84% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$149

Monthly Fees

$0

Repayments

$0 per month
Newcastle Permanent
Newcastle Permanent Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Greater Bank
Greater Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$275

Monthly Fees

$0

Repayments

$0 per month
Beyond Bank
Beyond Bank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Bank Australia
Bank Australia Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.89% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$0

Repayments

$0 per month
People's Choice CU
People's Choice Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
Nimble
Nimble Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$0

Repayments

$0 per month
OurMoneyMarket
OurMoneyMarket Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $1.5

Monthly Fees

$0

Repayments

$0 per month
OurMoneyMarket
OurMoneyMarket Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $1.5

Monthly Fees

$0

Repayments

$0 per month
BOQ
BOQ Personal Loan

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$8

Repayments

$0 per month
ME Bank
ME Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.98% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$0

Repayments

$0 per month
HSBC
HSBC Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.5% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Citibank
Citibank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$0

Monthly Fees

$0

Repayments

$0 per month
CUA
CUA Personal Loan

Interest Rate (p.a.)

from 9.89% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$0

Repayments

$0 per month
Bendigo Bank
Bendigo Bank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.79% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$5

Repayments

$0 per month
Bankwest
Bankwest Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 10.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$195

Monthly Fees

$8

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.49% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Suncorp
Suncorp Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$175

Monthly Fees

$5

Repayments

$0 per month
Coles
Coles Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$199

Monthly Fees

$10

Repayments

$0 per month
Latitude
Latitude Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

$250

Monthly Fees

$13

Repayments

$0 per month
St George
St George Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 12.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
St George
St George Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 9.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $195

Monthly Fees

$12

Repayments

$0 per month
SocietyOne
SocietyOne Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 7.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $0

Monthly Fees

$0

Repayments

$0 per month
SocietyOne
SocietyOne Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $0

Monthly Fees

$0

Repayments

$0 per month
Now Finance
Now Finance Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.95% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $495

Monthly Fees

$13

Repayments

$0 per month
ING
ING Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 8.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $100

Monthly Fees

$0

Repayments

$0 per month
ANZ
ANZ Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 12.45% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
NAB
NAB Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 9.99% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

$150

Monthly Fees

$10

Repayments

$0 per month
Westpac
Westpac Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.99% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $250

Monthly Fees

$12

Repayments

$0 per month
Commbank
Commbank Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 11.50% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Commbank
Commbank Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 11.50% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $150

Monthly Fees

$10

Repayments

$0 per month
Plenti
Plenti Personal Loan (Fixed Rate)

Interest Rate (p.a.)

from 6.49% (fixed)

Comparison Rate (p.a.)

Info

Upfront Fees

from $149

Monthly Fees

$0

Repayments

$0 per month
Plenti
Plenti Personal Loan (Variable Rate)

Interest Rate (p.a.)

from 5.79% (variable)

Comparison Rate (p.a.)

Info

Upfront Fees

from $149

Monthly Fees

$0

Repayments

$0 per month

Comparison rates for loans under 3 years are based on an unsecured personal loan of $10,000 over 36 months. Comparison rates for loans 4 years and above are based on an unsecured personal loan of $30,000 over 60 months.

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.

*Products shown do not represent all rates available from all lenders, or all rates available from the lenders presented. Plenti interest rate is based on a borrower with an excellent credit history using rates and fees applicable as at 3pm, 14 October 2020. All other interest rates and fees displayed are as advertised by the respective lender on their website as at 27 September 2020 and may include short-term promotional offers. Comparison rates are calculated by Plenti. The actual product, rate, fees and charges you might be eligible for may be different based on your loan term, loan amount and credit characteristics.

Other fees and charges not shown here may apply. Rates shown are subject to change without notice. Information on this page does not constitute an offer of credit. Plenti Australia RE Limited does not provide credit assistance in relation to all products compared on this page. The displayed order of products shows the lowest monthly repayment as default or is based on your sorting options and does not represent a suggestion that a particular credit product is appropriate for you.

How long does it take to get approved for a renovation loan?

Getting approved for a renovation loan with Plenti is quick – taking just five minutes to submit your application. Once your online application is submitted and we have all your required documents and information, we will provide you with an outcome within 2 business days.

If your loan is approved, you will be notified by email and directed toward the next steps in accepting your loan. You will have two weeks to accept the loan before your approval is no longer valid.

Please note that approval for a renovation loan will be further streamlined if you meet all eligibility criteria before applying.

Sebastian Paulin

Written By Sebastian Paulin

Sebastian has worked with Australia’s leading banks and fintechs for over 12 years building better consumer experiences.

FinTech & Consumer Finance Author