Aussie spending trends post COVID lockdown

renovations

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.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 252 personal loans.
Last updated 14 June 2024 Important disclosures and comparison rate warning*
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow 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.

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    Details
  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    Fast, 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.

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    Details
  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

    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.

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    Details

* 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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