Aussie spending trends post COVID lockdown
Throughout 2021 and early 2022, there have been many changes seen in the spending habits of Australian residents.
Towards the end of 2021, as lockdown in New South Wales and Victoria was gradually lifted, the Australian Bureau of Statistics (ABS) data showed a large increase in the amount people were spending on going out to eat or drink.
Victorians’ spend on going out for a meal or to the pub increased by more than 38% - the largest spending increase of any Australian state or territory after lockdowns ended.
New South Wales residents also increased spending on eating and drinking out. However, interestingly, the biggest increase was seen in spending on new homeware products. This isn’t totally surprising considering the state has also seen a large surge in property prices as a result of the pandemic recession.
This spike in home improvements spending coincided with a notable drop in other areas. NSW residents cut the amount they spent on recreational and cultural goods by 25% and on footwear by almost 12%.
Help with home renovation costs
Are you looking to invest in a home revamp? Rather than cutting corners in other areas, why not consider a renovation personal loan?
Mozo’s database has a bunch of low rate personal loan options that could help you cover the cost of a home renovation. To choose the right loan, you need to consider interest rates, fees and features.
Have a look at these renovation loans to find one that suits your needs.
Personal Loan Options - last updated 27 April 2024
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Mozo experts choice awards won:
- Excellent Credit Unsecured Personal Loan - 2024
Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment6.75% p.a.to 26.95% p.a.6.75% p.a.to 26.95% p.a.based on $30,000
over 5 yearsBorrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'
Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.
CompareCompare- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- interest rate
- 6.75% p.a.to 26.95% p.a.
- comparison rate
- 6.75% p.a.to 26.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read our Mozo Review to learn more about the NOW Finance Unsecured Personal Loan
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Unsecured Personal Loan
Fixed
interest rate
comparison rate
Monthly repayment5.76% p.a.to 24.03% p.a.6.55% p.a.to 24.98% p.a.based on $30,000
over 5 yearsFast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).
Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.
CompareCompare- interest rate
- 5.76% p.a.to 24.03% p.a.
- comparison rate
- 6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years
- interest rate
- 5.76% p.a.to 24.03% p.a.
- comparison rate
- 6.55% p.a.to 24.98% p.a.based on $30,000
over 5 years
- Upfront fee
- $575.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,000.00
- Maximum loan amount
- $70,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee is $275 for loans under $5,000.
- Other restrictions
- Establishment fee is added to the loan amount and interest is charged on the total amount.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
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Express Personal Loan
Secured
interest rate
comparison rate
Monthly repayment14.95% p.a.to 27.95% p.a.29.30% p.a.to 42.8% p.a.based on $10,000
over 3 yearsAccess fast finance on loans from $5,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 24-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.
Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.
CompareCompare- interest rate
- 14.95% p.a.to 27.95% p.a.
- comparison rate
- 29.30% p.a.to 42.8% p.a.based on $10,000
over 3 years
- interest rate
- 14.95% p.a.to 27.95% p.a.
- comparison rate
- 29.30% p.a.to 42.8% p.a.based on $10,000
over 3 years
- Upfront fee
- $990.00
- Monthly fee
- $24.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $25,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 4 Years
- Security required
- Various, Vehicle
- Other benefits
- -
- Other restrictions
- Application fee from $475 to $990. Additional Risk Fee of $0 to $995 applies.
Read our Mozo Review to learn more about the Jacaranda Finance Express Personal Loan
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Featured Product
Mozo experts choice awards won:
- Excellent Credit Unsecured Personal Loan - 2024
Low Rate Personal Loan
Excellent Credit
interest rate
comparison rate
Monthly repayment6.57% p.a.to 8.48% p.a.7.19% p.a.to 8.84% p.a.based on $30,000
over 5 yearsCompetitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.
Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.
CompareCompare- interest rate
- 6.57% p.a.to 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years
- interest rate
- 6.57% p.a.to 8.48% p.a.
- comparison rate
- 7.19% p.a.to 8.84% p.a.based on $30,000
over 5 years
- Upfront fee
- $250.00
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rate for Excellent Credit. Establishment fee varies from $250 and is based on your OurMoneyMarket loan grade and total loan amount. The fee is added to the principal amount and paid over the loan term.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
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* 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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