5 Best Renovation Loans That Could Help Transform Your Home From Dull To Fabulous In 2022

Planning a home renovation in 2022? It’s time to go from dull to fabulous!

Within your budget of course.

So whether the holidays have you thinking about revamping your bathroom, adding a grandma’s apartment to your property, or starting a complete renovation of your home, there are plenty of low-rate personal loan options. which could help you cover the cost.

When it comes to choosing the right home improvement loan for your 2022 project (and your budget), there are a few things to consider like interest rates, fees, and features.

For example, right now, in the Mozo database, the current average floating rate for unsecured loans is 9.53% and the floating rate for secured loans is below 7.57%. When evaluating your options, it’s important that you look for a loan that offers a lower rate.

And where can you find such loans? We have what you need!

Here are some of the best low-rate home improvement loan options that are packed with handy features that could help you pay less and/or pay off your debt faster!

Compare renovation loans 2022

Now Finance No Fee Unsecured Loan (Fixed)
  • Fixed interest rate from 5.95% per annum (comparative rate of 5.95% per annum*)
  • Borrow up to $50,000
  • No charges

Whether it’s a big renovation or a small renovation, Now Finance’s No Fee Unsecured Loan could be the product you need. With this loan, clients can borrow between $5,000 and $50,000 over 2 to 7 years. Based on a customer’s credit score, fixed rates start at a low 5.95% per annum (comparator rate of 5.95% per annum*) and there are no upfront fees, continuous, exit or prepayment to be feared. When it comes to making repayments, customers can choose a weekly or fortnightly schedule, and Now Finance also allows additional repayments. Remember that no withdrawals are allowed with this loan.

Low Rate Personal Loan OurMoneyMarket
  • Fixed rates from 5.45% per annum (comparative rate of 6.07% per annum*)
  • Borrow up to $75,000
  • Additional repayments and authorized withdrawals

If options and flexibility are what you need in a home improvement loan, you might want to consider OurMoneyMarket Low Rate Personal Loan. Not only does OurMoneyMarket offer fixed rates that start at a competitive rate of 5.45% per annum (comparative rate of 6.07% per annum*) depending on the credit score of the applicant, but customers can borrow between 2 $001 and $75,000. In addition, you have the choice between a loan term of 1 to 7 years and the option of a weekly, bi-monthly or monthly repayment plan. But that’s not all! OurMoneyMarket also offers borrowers the ability to make additional repayments and withdrawals whenever they want. And while there are no exit fees, prepayments, or ongoing service charges attached to this loan, keep in mind the initial setup fee starting at $250.

Alex Bank personal loan
  • Fixed rates from 4.99% per annum (comparative rate of 4.99% per annum*)
  • Borrow up to $30,000
  • No initial, ongoing or prepayment fees (conditions apply)

Learn more

The Alex Bank Personal Loan could be just the right product you need in your home improvement toolkit. This online lender offers fixed rates starting at 4.99% per annum (comparative rate of 4.99% per annum*) based on the customer’s credit score and offers loans between $2,100 and $30,000. $. Borrowers can choose between a loan term of 1 to 5 years and make regular weekly, semi-monthly or monthly repayments. On top of that, additional refunds are also allowed (no withdrawals). As for fees, Alex Bank is currently waiving the initial set of $295 for those who apply by January 26, 2022 (so get in while you still can!). In addition, there are also no ongoing service, exit or prepayment fees.

Simple Personal Loan
  • Variable rates from 5.75% pa (comparison rate 6.47% pa*)
  • Borrow up to $50,000
  • Earn Qantas Points on your loan amount

Is the variable rate renovation loan more your style? How about one where you can earn Qantas Points? Well, the Symple personal loan offers exactly that! This product offers variable rates that start at 5.75% per annum (comparator rate of 6.47% per annum*) depending on the applicant’s credit rating and allows customers to earn 1 Qantas Point per dollar borrowed ( capped at 50,000 points) – terms and conditions apply. Loan amounts range from $5,000 to $50,000 and loan terms range from 1 to 7 years. Although there is only the option of a monthly repayment schedule, Symple allows customers to make additional repayments. Keep in mind however that there is no redraw function. Another thing to note is the $10 ongoing service charge which can be added to overtime and the initial loan application fee which ranges from 0% to 5%, depending on the interest rate offered to you by Simple. There are no exit or early redemption charges.

Harmoney Unsecured Personal Loan
  • Fixed rates from 5.35% per annum (comparative rate of 6.14% per annum*)
  • Borrow up to $70,000
  • No ongoing, exit or prepayment charges

Harmoney’s unsecured personal loan allows clients to borrow for home improvements or renovations, whether minor or major. Depending on the customer’s credit score, fixed rates start at a competitive rate of 5.35% per annum (comparator rate of 6.14% per annum*) on loans between $2,000 and $70,000. Harmoney offers loan terms between 2 and 7 years, as well as weekly, fortnightly or monthly repayment schedules. While borrowers can make additional repayments on their loans, there is no withdrawal facility available. In terms of fees, there are no ongoing service, exit or prepayment fees, but there is an initial setup fee of $575 to expect ($275 for loans under $5,000). $).

Not convinced one of the options above is right for you? Go to our personal loan comparison page to weigh more providers and learn more about home renovations.

* DISCLAIMER: The comparison rate combines the lender’s interest rate, fees and charges into one rate to show the true cost of a personal loan. The comparison rates shown are calculated on the basis of a loan of $30,000 with a term of 5 years or a loan of $10,000 with a term of 3 years as indicated, on the basis of monthly principal and interest repayments, on a secured basis for secured and unsecured loans. basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal fees or prepayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may affect the cost of the loan.

^ See Mozo Experts Choice Personal Loan Awards information

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Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

Dwight E. Schulz