Australia’s most accessible financial broker

Let’s talk loan details

Loan amounts

Up to $65,000

Loan terms

3, 5, and 7 years

Loan types

Secured and unsecured

Repayments

Weekly, fortnightly, and monthly

Interest rate

Fixed

Renovation Loan FAQs

If you haven’t used a finance broker before, you probably have some questions. Let’s help you get some answers.

Can I borrow money to renovate?

Yes, there are several ways to borrow money to renovate your home. Your home finance options will depend on your financial circumstances and how much you want to borrow.

It can be tricky to find a lender when you don’t have a perfect credit score. But with an expert broker, you can easily compare a large number of options that give you the best possible chance of getting approved. So you don’t have to risk hurting your credit score by applying for a loan you’re not likely to qualify for.

Is it hard to get a renovation loan?

How easy or difficult is it to get a personal renovation loan depends on your individual circumstances.

If you are concerned about your chances of getting approved for a renovation loan it can be worthwhile to reach out to a finance broker. They can help you find the right lender and loan for your situation.

Will my personal loan affect getting a renovation loan?

If you already have a personal loan and you’re looking to get another loan for home renovation there are several options. Depending on your circumstances you could apply for a second loan or refinance your existing personal loan.

Why was my renovation loan rejected?

Your loan can be rejected for a number of reasons. It’s important to find out why your loan was rejected before you consider applying for another loan. Some of the most common reasons for your application getting rejected include:

  • Not meeting eligibility requirements
    Sometimes you do not get approved for not meeting basic eligibility requirements such as the minimum age (above 18), or employment history. You should always check eligibility requirements before applying for a loan if you apply directly through a lender.
  • Poor credit report and rating
    Check your credit history and rating before you apply. Some lenders will not lend to people with a poor credit history. You can find where to check your credit history for free here.
    A broker assesses your eligibility for you and will only apply for a loan you are likely to be approved for. They are able to work with most credit ratings to find a satisfactory outcome.
  • Applying too soon after being rejected
    If you apply immediately after being rejected for a personal loan, lenders can be less willing to approve your loan. Especially if you apply multiple times in a short time frame. Check why your application was rejected before you apply somewhere else to avoid being rejected for the same reason.
  • Lack of stable income and employment
    Showing financial stability is essential to proving your creditworthiness. Not only will you need to meet a certain level of income depending on the loan and amount you want to borrow.  but demonstrate stability. So if you have changed jobs recently, you may find lenders less willing to approve you for a loan.
  • Insufficient credit history
    Building up a credit history is important if you want to borrow a larger amount of money. Having a guarantor is a useful way to show suitability if you are still in the process of building your credit history.
  • Poor repayment history
    Showing that you meet repayments is important not only for your overall credit score but for showing a history of responsible behaviour with your other credit.

Can I get a renovation loan without equity?

Yes, you can get a home renovation loan without equity. An unsecured renovation loan allows you to get a loan without any collateral.

Be aware that unsecured loans tend to have higher interest rates to meet the higher risk for the lender.

Renovation loan vs personal loan

A renovation loan is a type of personal loan used for home renovations or improvements.

Can you use your home loan to renovate?

You may be able to use the equity in your mortgage to finance your home renovations. Depending on your bank and how much equity you have, you could refinance your home loan for repairs or improvements.

Home renovation vs build

It’s generally cheaper to renovate an existing home rather than build a home from scratch. It also takes less time and relies on fewer variables and people to complete the work. However, if your renovations are extensive it could be worthwhile investing in a brand new home. Keep in mind that budgets often get blown out when making any kind of renovation or construction, and building a home is a much larger commitment.

Is it better to finance renovations or pay cash?

At first glance, it is cheaper to pay cash for renovations than to finance your renovations. But renovations tend to run over budget and extend past estimated timeframes. So even if you can afford to pay cash when the renovation project begins, you may find your situation changes as time goes on.

With a renovation loan, you only need to worry about covering repayments, not providing large lump sums of money out of pocket. This gives you greater freedom to spend your own money where it’s needed.

Why choose Oceania Finance?

Large network of specialist lenders

Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.

Tailored loan solutions

Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.

Friendly, local expertise

Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!

Large network of specialist lenders

Fast, friendly service with access to lenders nationwide. We have a solution for every credit rating – great, good, average or bad.

Tailored loan solutions

Everybody’s finance needs are slightly different. We don’t just get you any old loan. We work hard to get you the ideal loan and secure it on your behalf.

Friendly, local expertise

Oceania Finance is a team of local finance brokers, not a faceless corporation. We’re just Aussies helping Aussies get finance!

Our Process

Step 1

Submit basic information.

Step 2

One of our expert brokers contacts you for more information.

Step 3

We review lenders and negotiate to find the best loan for you.

Step 4

We file the application on your behalf.