Renovation loan options in just minutes.

A home renovation personal loan allows you to use the disbursed funds how you need them, and when you need them, whilst also allowing you to break down larger expenses into smaller monthly repayments. For many customers, this gives them the freedom to change their renovation plans and spend their money with flexibility.

Additionally, as renovation loans are generally unsecured, they can be a lot quicker to set up than a secured loan - meaning you’ll have cash at hand quicker. ​​The minimum loan amount offered by our panel of lenders for unsecured personal loans is also lower than secured options, which could be an option if you’re after a smaller home improvement task.

Once you’ve figured out the total personal loan amount you’re after, and the loan term that best suits you, you’re ready to start comparing personal loan options from lenders. You can get a free quote for a home renovation loan with Driva without impacting your credit history. 

Once you’ve chosen the lender with the right monthly repayments and interest rate for you, you’ll need to provide some information about your income and prove your identity. Once these are provided, your broker will lodge your application on your behalf. If the lender is happy and has no further questions, the funds should be in your account within a few days.

When deciding whether to renovate or move, there are various financing options to consider, including paying out of pocket, mortgage refinancing, or opting for a home renovation personal loan. Paying out of pocket may require compromising on redesign plans, while mortgage refinancing carries the uncertainty of variable interest rates. However, a renovation loan offers a practical solution, allowing you to divide expenses into manageable monthly repayments with a fixed interest rate. This approach helps you achieve your dream home sooner while considering your budget. Additionally, careful planning and budgeting can determine the appropriate amount to spend on renovations, ensuring a wise investment and a home that reflects your vision.

Yes, you can typically finance renovations by refinancing or topping up your existing home loan to obtain additional funds specifically for home improvements, including the cost of a kitchen renovation or renovating a bathroom. Another option is to check if your bank allows you to redraw any extra payments you've made on your home loan, which can be used to cover renovation expenses. It's important to note that this process may involve some complexity, and certain lenders may impose fees for these services.

Topping up your home loan is often a cost-effective approach compared to acquiring a different type of loan since secured loans generally come with lower interest rates than credit cards or personal loans. However, it's essential to consider that increasing your existing loan will result in higher monthly repayments.

Depending on factors such as monthly fees and the interest rate offered by the lender, an unsecured loan can still be a viable option for financing your kitchen renovation project. It's recommended to carefully evaluate these aspects to determine the most suitable financing option for your specific circumstances.

Absolutely! Many homeowners and property investors turn to personal loans as a viable option for financing their renovation projects. Unlike a dedicated construction loan or refinancing your home, a personal loan offers a straightforward approach without the need to use your property as collateral. They are often processed more quickly than traditional home loans, meaning you can start your renovation sooner.

Utilising a personal loan for renovation can be particularly beneficial for projects that are mid-sized and don't necessitate a complete overhaul of the property. You can borrow the exact amount needed, and with a fixed interest rate, you'll know exactly what your repayments will be for the duration of the loan.

Moreover, as personal loans generally offer shorter loan terms than mortgages, you might find yourself free from debt faster. Plus, with the competitive interest rates available in today's market, especially if you have a good credit history, a personal loan might be a cost-effective solution. 

Just remember to carefully evaluate your financial situation, the terms of the loan, and the potential return on investment from your renovation to ensure it's the right choice for you.

Certainly! The amount you can borrow for a renovation loan largely depends on your individual financial situation, your credit history, and the lender's specific criteria. With Driva, we offer renovation loans for up to $70,000. However, it's crucial to remember that not everyone will be eligible for the maximum amount.

Several factors determine your borrowing capacity for a renovation loan. Your credit score plays a significant role; those with higher scores might be offered more favourable terms and potentially higher loan amounts. 

Additionally, your current income, employment status, existing debts, and other financial commitments will be assessed to ensure that you can manage the repayments without financial strain.

Before applying for a renovation loan, it's a good practice to review your credit report, ensuring there aren't any errors that might affect your borrowing capacity. 

Also, consider consulting with one of our loan specialists. They can provide a clearer picture of how much you're likely to be approved for and guide you through the best options tailored to your renovation goals and financial situation.

There are several ways to finance renovations in Australia, depending on the scope of your project, your current financial situation, and your long-term objectives. Here are the primary avenues Australians consider:

Savings 

If you have been setting aside money, you might have enough saved up to cover your renovation costs. This approach is the most straightforward and doesn't involve taking on any debt, but it requires forethought and discipline to accumulate the necessary funds.

Renovation Loans

This type of personal loan is specifically designed for home improvements. Providers like Driva offer renovation loan options, with some amounts going up to $70,000, depending on individual circumstances and credit scores.

It’s the simplest way to finance your renovation project with access to great rates from 30+ Aussie lenders in just minutes through our award-winning platform. 

Refinancing Your Mortgage

If you already have a mortgage on your property, you can consider refinancing it to access additional funds for your renovation. By doing this, you might also be able to secure a better interest rate or more favourable loan terms.

Home Equity Loans

If you've been paying off your mortgage for some time, you might have built up equity in your home. This equity can be borrowed against to fund your renovation.

Credit Cards

For smaller renovations, some homeowners opt to use credit cards. While this can be convenient, it's essential to be mindful of the higher interest rates associated with credit card debt.

Construction Loans

For significant home renovations or rebuilds, a construction loan might be appropriate. This loan type provides funds in stages, corresponding to different phases of the construction or renovation process. 

Government Grants and Rebates

Occasionally, the Australian government or state governments introduce grants, rebates, or incentives for specific types of home improvements, especially those that are environmentally-friendly.

Regardless of the financing route you consider, it's imperative to make an informed decision. A Driva specialist can guide you through the options, assess your eligibility criteria and help you understand the terms and conditions of different financial products to find you a low rate. 

By consulting with our experts (call us now on 1300 755 494), you can ensure that your choice not only meets your renovation aspirations but also complements your financial health. Reaching out to Driva can be the first step towards a successful and stress-free renovation journey.