The key to getting your renovation project funded fast

By Gabriella Margerison · Thursday, 22 August 2024 · 2 min read

Fact Checked

Whether you’re updating your kitchen, adding a new bathroom, or creating that dream outdoor living space, renovating can boost both your home’s value and your lifestyle. But when it comes to funding those projects, savvy homeowners may find that opting for a personal loan could be a faster, simpler solution than home loan refinancing.

Of course, it all depends on the scale of renovation you are considering. Tapping into your home’s equity is a good option for major renovations like an extra storey or full refurbishment. But this usually involves a few hoops to jump through such as getting a new property valuation done, loan application processes, and can include some extra costs such as loan discharge and application fees. The other factor to consider is that with refinancing, you’ll be spreading the cost of the renovation over the life of the home loan.

With a personal loan, you can borrow anywhere from $1,000 upwards to $75,000 depending on the lender so they can be a useful option for small renovation projects. Personal loans usually have a repayment window of between 1 to 7 years giving you the freedom to pick repayments that comfortably fit within your budget. And with many personal loans options having fixed interest rates, you’ll know exactly how much your repayments will be for the duration of the loan. Some personal loans will have upfront fees to consider like application or loan establishment fees so be sure to compare your options.

But one of the biggest benefits with a personal loan is that some digital lenders have fast approval and funding times and funds can be in your bank account within days (possibly within 24 hours), which means you can get on with your project sooner.

So if you are looking to fast-track your home renovation, compare personal loans below to see if you can find a suitable match for your financial needs.

Top personal loan options

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Comparison rate warning

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. 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.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

OurMoneyMarket - Low Rate Personal Loan

Unsecured rates from just 6.57% fixed (7.19% comparison rate*)
Free extra repayments and fee-free redraw
Quick and easy 100% online application

Go to site

OurMoneyMarket offers low rate personal loans for borrowers with excellent credit, with a speedy online application process that guarantees you a decision in just 1 minute. You can borrow between $2,000 and $75,000 at a simple fixed interest rate that can be repaid weekly, fortnightly or monthly over 1 to 7 years. There are no monthly account keeping fees, no exit fees and no early repayment fees.

Where do I get it? Head over to OurMoneyMarket to find out more >>

Harmoney - Unsecured Personal Loan

Unsecured rates from just 5.76% p.a. fixed (6.55% p.a. comparison rate*)
Funds in as little as 24 hours after loan term acceptance
Borrow up to $70,000 with no early repayment fees

Go to site

Online lender Harmoney has made a name for itself with its super fast, low cost, 100% online personal loans. The Harmoney Unsecured Personal Loan offers extremely low rates for borrowers with great credit and makes borrowing easy with an efficient online application and 24 hour cash turnaround. Note that you'll need to earn above $30,000 a year to qualify.

Where do I get it? Head over to Harmoney to find out more >>

NOW Finance - No Fee Unsecured Personal Loan

Unsecured rates from 6.75% fixed (6.75% comparison rate*)
Zero upfront fees or ongoing fees – over the life of your loan
Mozo Experts Choice Unsecured Personal Loan Winner 2024^

Find out more

NOW Finance is a popular choice with borrowers looking to avoid costly fees and high interest rates. This award-winning non-bank lender offers no-fee personal loans for up to $50,000, with super low rates for good credit borrowers. Apply online to get a personalised rate quote in 2 minutes without impacting your credit score, and NOW Finance offers funds as fast as 24-48 hours after you’re approved.

^* 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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