RENOVATION LOANS

How do I apply for a Renovation Loan?

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A renovation loan is a type of unsecured personal loan that allows you to finance a home renovation or rebuild. Applying for a renovation loan is, therefore, the same as applying for a personal loan.

To begin, you generally need to meet the following criteria:

  • You are 21 years or older
  • You are an Australian citizen or permanent resident
  • You have a regular income source that you can demonstrate
  • You have a good credit history

If you meet these minimum requirements, you can then complete the 1-minute RateEstimate quote. This will provide you with a summary of your loan options and borrowing power. It will also include a personalised interest rate and fees based on different loan terms. Plenti rewards good credit history, so the better your credit the better rates we can offer. From there, you can then select your preferred loan option and begin the easy online application process.

When you start your online application for a renovation loan, you will be asked to verify your income, expenses, and liabilities. For home renovation loans, you will also need additional documents outlining the type of renovations you wish to make and any estimates you may have received. You will also be required to provide your bank details so that we can deposit your loan into your account. The entire online application process can be completed in under 10 minutes.

After receiving your application, we will then review your circumstances and look for evidence of how suitable a home renovation loan is to your situation.

More Australians are taking out a personal loan for home renovations. Statistics have shown that home improvement is one of the most popular motivations for obtaining a personal loan, most commonly among the boomer generation.

What happens once my renovation loan is approved?

Once your renovation loan application is approved and you have accepted your loan contract, we will transfer the funds to your nominated bank account the following business day. The funds should reach your bank account within one or two business days. Once you have your funds, you can begin your home renovation project!

Your first monthly repayment will be debited directly from your nominated bank account. For flexibility, you can request to change your direct debit date by logging into your Plenti account. Late payments will incur fees, so it’s important that you are able to meet your monthly repayments. With a Plenti loan, you are also able to make early repayments or pay your loan off in full at any time without incurring any additional charges.

Compare unsecured personal loans up to $50,000*

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 is a renovation loan different from a home loan?

A renovation loan is a type of personal loan, whereby a sum of money is borrowed from a lender to cover the costs of a home renovation. With Plenti, you can borrow between $2,000 and $50,000 for a loan term of 1 to 5 years depending on your loan type. The advantage of using a renovation loan to fund home improvements is that it can be paid off within a shorter amount of time. Plenti also has the lowest monthly repayment fees for renovation loans compared to other loan types.

A home loan is used to purchase property, where repayments are made over a longer period; generally between 25 to 30 years. A homeowner who is wanting to finance renovations while they have a home loan can refinance their home loan to access equity and fund their home improvements that way. This is a good option for those who have enough equity built up in their home. 

However, the disadvantage of funding a renovation through your home loan is that you’ll be paying your loan off over a longer period of time, incurring more costs and fees. In some instances, refinancing your home loan to fund renovations is a similar commitment to taking out a whole new home loan, so it’s best to choose this option if you have the financial ability to do so. In this sense, a renovation loan is a more advantageous option, providing a shorter repayment term and more competitive rates.

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