A home improvement loan is a type of loan that provides funds to homeowners for the purpose of renovating or remodelling their home.

This loan can be used to pay for various home improvements, such as bathroom or kitchen home improvements, new flooring, paint or even a home addition. Home improvement loans typically come with lower interest rates than personal loans or credit cards, as they are secured by the equity in the home. These loans can be obtained through banks, credit unions, or other lenders and the loan amount is based on the value of the home and the cost of the planned renovations. 

Home improvement loans in Australia can be an excellent option for homeowners who wish to improve their living space without the high costs of paying out of pocket or using high-interest credit cards.

Benefits of getting a home improvement loan

Home improvement loans usually come with lower interest rates than personal loans or credit cards, which means you’ll pay less in interest over time.

Upgrading your home can increase its value, making it a wise investment. A home improvement loan can help you finance these upgrades and potentially increase your home’s resale value.

Home improvement loans typically have fixed monthly payments that are easier to budget for than variable payments or high credit card balances.

Convenient funding

A home improvement loan can help you create the home of your dreams, making your living space more comfortable and enjoyable for you and your family.

What to consider when getting a home improvement loan in Australia?

Determine how much money you need to complete your home improvement project. Make sure the loan amount you are considering will cover the cost of the project.

Check the interest rates and, with proper research, try to get the most favourable rate possible. Remember that a lower interest rate will save you money in the long run.

Choose a loan term that fits your budget and financial goals. Longer terms may result in lower monthly payments, but you’ll pay more in interest over time.

Fees and charges

Be aware of any fees and charges associated with the loan, such as application fees, origination fees, and prepayment penalties.

Home improvement loans are often secured by the equity in your home, which means the lender can foreclose on your home if you default on the loan. Make sure you understand the risks associated with using your home as collateral.

Look for a lender that offers flexible repayment options, such as biweekly or monthly payments, automatic payments, or the ability to pay extra toward the principal.

Make sure you meet the lender’s eligibility requirements before applying for a loan. These may include a minimum credit score, income requirements and other criteria.

If you’re looking to increase your home’s value with bathroom or kitchen home improvements, consider speaking to Finance One. Our lending approach is personalised to your unique financial situation, allowing us to help you secure the best loan for your needs. We understand that past financial difficulties can make it challenging to obtain financing, that’s why our financing is accessible to individuals with bad credit, no credit history or past defaults and bankruptcy.

Finance your home improvement with Finance One

Are you thinking about making some upgrades to your home, but don’t have the cash upfront? A home improvement loan from Finance One can provide you with the funds you need to make those upgrades without breaking the bank.

Upgrading your home can improve its value and make it more comfortable and enjoyable for you and your family. Whether you’re looking to undertake kitchen home improvements, add a new bathroom or install new flooring, a home improvement loan can help make your dreams a reality.

Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.

Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528

Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent advice regarding your legal, financial, taxation or other needs, to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. All loan applications are subject to normal lending criteria. Fees and charges payable. Terms and conditions apply.