The key to getting your renovation project funded fast

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.