A home improvement loan may be provided with an Unsecured Personal Loan for small jobs such as new kitchens, bathrooms, painting, landscaping and repairs. A range of other smaller upgrades requiring DIY and/or tradespeople can be financed. With more free time, the holiday period is a popular time for many homeowners to get into improving their property.
Improvements may be for the purpose of increasing the value of the property. Possibly handling some long-overlooked repairs and upgrades to prepare the house for the new year sales season. Or possibly finally responding to requests from a partner.
With fast loan approval available, we may have your finance available well in time to get your place spruced up over the holidays. Ready to entertain guests, have more liveable space for a growing family, or to enjoy a change of décor and less recurring problems.
Types of Loans for Home Improvements
Finance is available to fund small projects as opposed to large-scale alterations is typically provided with Unsecured Personal Loans. This is a very versatile credit facility as it does not require collateral and can be used for a wide range of personal expense purposes. Unlike finance for a car or boat, the purpose of unsecured finance is not required to be used as the loan security.
As no collateral is required, the interest rate is higher than for a secured loan which has the collateral of the purchase as lender’s insurance. Homeowners with equity in their home may include that in their application to contribute to a better rate.
Unsecured Personal Loans may be arranged at a fixed or variable rate, over a fixed term, and with regular monthly repayments. Should a variable rate change over the term, the repayments would also change. Additional payments are allowed.
Many lenders offer this type of credit, but features of individual loan products can vary, along with the rates. Some lenders have maximum lending limits. The limit you will be approved to borrow will be assessed and based on your credit profile and financials.
To apply for an unsecured loan, applicants will need to provide their financials, ID and other details as is required under Consumer Credit Laws regulated by ASIC. Small house improvements would not require plans to be included with the application.
Where a larger scale project is being planned which includes major structural works, a Construction Loan would be required. These are structured differently to Unsecured Personal Loans, have deposit requirements, and do require council-approved plans and builder quotes.
Investors seeking to improve an investment property may require different credit facilities, depending on the scale of the works. Speaking with one of our brokers can quickly clarify what type of finance product is most suitable for your project.
What jobs would a home improvement loan cover?
The range of improvements which may be financed with a personal loan can be extensive. They may involve DIY projects where the homeowner has significant materials and supplies to purchase. They may require payment to professional trades people.
Replacing and installing a new kitchen or bathroom may be considered a project financed with a personal loan, subject to any structural wall changes. Painting the exterior or interior throughout and carrying out repairs and maintenance to electricals, plumbing and roofing may also be eligible for this type of credit.
Landscaping and installing new bi-fold doors to create an entertaining space of family room may be on your planning list. With storm season in full swing, homeowners may be looking at installing some form or protection for their property or having work carried out to better protect from falling trees and flash flooding damage.
To confirm what type of finance is most suitable for the projects on your to-do list, simply contact us online or by phone for one of our brokers to clarify your specific options.
Planning Your Home Improvement Loan
To plan the affordability of taking on your project with financing, refer to our Personal Loan Calculator. This device will allow you to DIY your own finance estimates based on different project budgets and tailor your plans to your most affordable repayments.
Simply vary the loan amount to allow for more trades and note the difference in repayments if you get professionals to help with the work, or if you do the job yourself.
Get Quick Loan Approval for Holiday Projects
You may think you’ve left it late in the year to get on with those summer jobs around the house. But with our fast 24-hour finance approval, you may have your funding approved asap and you can get on with making plans to improve your property.
Applications can be submitted online or by phone.
For quick approval on a home improvement loan with your most competitive rates, apply now with Jade Finance online or by phone.
DISCLAIMER: NO LIABILITY IS ACCEPTED IF ERRORS OR MISREPRESENTATIONS ARE FOUND IN THIS ARTICLE. THE ARTICLE IS PREPARED AND PRESENTED FOR GENERAL INFORMATIVE PURPOSES AND IS NOT INTENDED TO BE THE SOLE SOURCE OF INFORMATION FOR MAKING FINANCIAL DECISIONS. THOSE REQUIRING GUIDANCE AND ADVICE SHOULD CONSULT A FINANCIAL ADVISOR.
