5 top renovation loans that could help you turn your home from drab to fab in 2022
Considering a home renovation in 2022? It's time to turn drab to fab!
Within your budget of course.
So whether the holidays got you thinking about revamping your bathroom, wanting to add a granny flat to your property or ready to start a full house reno, there are a bunch of low rate personal loan options that could help you cover the cost.
When it comes to choosing the right renovation loan for your 2022 project (and budget), there are a few things to consider like interest rates, fees and features.
For example, right now in the Mozo database the current average unsecured loan variable rate sits at 9.53% and the secured loan variable rate is a lower 7.57%. It’s important when weighing up your options that you look for a loan that offers a lower rate.
And where can you find such loans? We’ve got you covered!
Here are some top low rate renovation loan options that are jam-packed with handy features that could help you pay less and/or pay down your debt quicker!
Compare renovation loans 2022
Now Finance No Fee Unsecured Loan (Fixed)
- Fixed interest rate from 5.95% p.a. (5.95% p.a. comparison rate*)
- Borrow up to $50,000
- No fees
Whether it’s a big reno or a small one, the Now Finance No Fee Unsecured Loan could be the product you need. With this loan customers can borrow between $5,000 and $50,000 over 2 to 7 years. Based on a customer’s credit rating, fixed rates start at a low 5.95% p.a. (5.95% p.a. comparison rate*) and there are no upfront, ongoing, exit or early repayment costs to worry about. When it comes to making repayments customers can choose either a weekly or fortnightly schedule, plus Now Finance allows extra repayments too. Just keep in mind, no redraws are allowed with this loan.
OurMoneyMarket Low Rate Personal Loan
- Fixed rates from 5.45% p.a. (6.07% p.a. comparison rate*)
- Borrow up to $75,000
- Extra repayments and redraws allowed
If options and flexibility is what you need in a renovation loan, you may want to consider the OurMoneyMarket Low Rate Personal Loan. Not only does OurMoneyMarket offer fixed rates that start at a competitive 5.45% p.a. (6.07% p.a. comparison rate*) based on an applicant’s credit rating, customers can borrow between $2,001 and $75,000. Plus, there’s the choice of a 1 to 7 year loan term and the option of a weekly, fortnightly or monthly repayment plan. But that’s not all! OurMoneyMarket also provides borrowers with the flexibility to make extra repayments and redraws whenever they like. And while there are no exit, early repayment or ongoing service charges attached to this loan, be mindful of the upfront establishment fee from $250.
Alex Bank Personal Loan
- Fixed rates from 4.99% p.a. (4.99% p.a. comparison rate*)
- Borrow up to $30,000
- No upfront, ongoing or early repayment fees (terms and conditions apply)
The Alex Bank Personal Loan might be exactly the right product you need in your home renovation tool kit. This online lender offers fixed rates from a low 4.99% p.a. (4.99% p.a. comparison rate*) based on a customer's credit rating, and offers loans between $2,100 and $30,000. Borrowers are able to choose from a 1 to 5 year loan term and make weekly, fortnightly or monthly regular repayments. On top of that, extra repayments are also allowed (no redraws). When it comes to fees, Alex Bank is currently waiving the $295 upfront establishment for those that apply by 26 January 2022 (so get in while you still can!). Plus, there are also no ongoing service, exit or early repayment charges either.
Symple Personal Loan
- Variable rates from 5.75% p.a. (6.47% p.a. comparison rate*)
- Borrow up to $50,000
- Earn Qantas Points on your loan amount
Is a variable rate renovation loan more your style? How about one where you can earn Qantas points? Well, the Symple Personal Loan offers just that! This product offers variable rates that start at 5.75% p.a. (6.47% p.a. comparison rate*) based on an applicant’s credit rating and allows customers to earn 1 Qantas Point per $1 borrowed (capped at 50,000 points) - T&Cs apply. Borrowing amounts range from $5,000 to $50,000 and loan terms are between 1 and 7 years. While there is only the option of a monthly repayment schedule, Symple allows customers to make extra repayments. Keep in mind though, there is no redraw facility. Another thing to note is the $10 ongoing service fee that can add up overtime and the upfront loan application fee that ranges from 0% to 5%, depending on the interest rate offered to you by Symple. There are no exit or early repayment costs.
Harmoney Unsecured Personal Loan
- Fixed rates from 5.35% p.a. (6.14% p.a. comparison rate*)
- Borrow up to $70,000
- No ongoing, exit or early repayment fees
Harmoney’s Unsecured Personal Loan allows customers to borrow for home improvements or renovations, no matter how minor or grand. Based on a customer’s credit rating, fixed rates start at a competitive 5.35% p.a. (6.14% p.a. comparison rate*) on loans between $2,000 and $70,000. Harmoney offers loan terms between 2 and 7 years, as well as either weekly, fortnightly or monthly repayment schedules. While borrowers can make extra repayments on their loans, there is no redraw facility available. In terms of fees, there aren’t any ongoing service, exit or early repayment costs however there is a $575 upfront establishment fee to budget for ($275 for loans under $5,000).
Not convinced any of the above options are right for you? Jump over to our personal loan comparison page to weigh up more providers and to read up on more home renos info.
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
^See information about the Mozo Experts Choice Personal Loan Awards
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