Looking to purchase some art or antiques to finish your home or garden? Compare cheap personal loans below. - Data last updated on 26 Mar 2019


Compare home furnishing personal loans

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Whether you shop at Kmart, IKEA or Pottery Barn, the cost of furnishing your home respectively racks up significant costs for any Australian household. You may be purchasing your first home, buying to let, moving into an unfurnished rented property, or just fancy a revamp. Whatever the reason you’re buying furniture, you want to make sure the process doesn’t pull the financial rug from under you.

One of the ways to do this may be with a personal loan.

Can I get a personal loan to buy furniture for my home?

Personal loans are available for all sorts of home improvements and renovations. You will however need to check your eligibility for any sort of personal loan. Your credit score and income will affect your ability to get a loan and what rates you are offered.

You should always consider your credit score before comparing and applying personal loans. You can check your credit score here www.mycreditfile.com.au . Unfortunately having a bad credit score will affect the interest rate you are offered on your loan, but this doesn’t necessarily mean that lenders won’t lend to you. For information on how to apply for a personal loan with bad credit, look here . 

Why should you compare personal loans?

While you may be tempted by the flashy advertising of Australia’s big 4 banks; Commbank, NAB, Westpac and ANZ, it is always worth comparing loans from a range of lenders. Nobody wants to end up paying more than they should.

You may find that the lowest interest rates are found with lesser known lenders, and if you have bad credit, it may be the case that larger institutions such as the big 4 are unlikely to take you on as a borrower. So, shop around and make sure you find the loan that’s right for you. To compare personal loans, click here

When comparing personal loans you should consider

Personal loan feature About
The loan amount. Make sure what you are borrowing is something that you can realistically pay back, along with the interest. Work out a budget and don’t borrow more than you need. To cover yourself in case of unforeseen extra costs, there are loans available that have redraw facilities.
Secured or unsecured loans. Whether you have a secured or an unsecured personal loan may largely affect your interest rate. Secured loans tend to have lower interest rates because the loan is secured against the borrowers’ asset(s).

Fees and charges.

Please note that loans with a lower interest rate might come with fees and charges that end up making it more expensive. Loans without fees and charges are out there, credit score willing. Don’t be caught out by hidden costs.


You might want to find a loan that lets you make extra repayments when you can and get it paid off quicker. The quicker you pay it back the less interest you pay. Keep an eye out for early exit fees – otherwise, you might feel trapped if you want to leave the loan early.


Many people now opt for the convenience and speed of applying for a loan online. This can be a benefit as some financial institutions have online access only, and not having branches often allows them to offer their customers lower rates. However, some people prefer a personal touch and may want a lender with which they can speak to someone face-to-face.

Where can I get a personal loan for home furnishings?

There are many different lenders that, depending on your credit score and eligibility, are likely to be willing to provide you with a personal loan to finance your furnishings.

See the table above for a selection of lenders and their comparison rates. RateCity is dedicated to helping you find personal loans that best suit your personal circumstances.

Financing furniture after buying a house

It is extremely unlikely that you will have bought your home straight off the bat, looking like the pages of Vogue Living magazine, because you are not Kim Kardashian (no matter how many squats you do).

Buying a house is often the biggest expense in any person’s life, but the expense doesn’t stop once the purchase has gone through and the deal is closed. And unless you are a DIY wizard with an endless supply of materials, you will have to finance and buy the stuff that makes a house a home: the furniture.

Can you use your home loan to buy furniture?

While some people may choose to purchase their furniture with their home loan, there are reasons why this may not be your best option.

Rolling extra costs into your mortgage may well end up being much more expensive over time. Furnishing a home can cost up to 25% of the value of the property. So, if your home is worth $300,000, that could mean that kitting it out could cost as much as another $75,000.

Even though home loans tend to have the lowest interest rates, they also take the longest to pay back. If you were to borrow that on top of your mortgage, on an interest rate of 4.09%, you could be paying an extra $52,196 in interest over 30 years. And presumably, you won’t even be sleeping on that same mattress that you’re still paying for 30 years down the line.

If, however, you were to borrow the same amount in a secured or an unsecured personal loan that you intended to pay off over the course of 5 years, even at a higher rate, you would be paying a fraction in total interest.

How can I save money on furniture for my home?

Other things worth considering when furnishing your home is whether you can cut the costs on the furniture itself. There are plenty of options online for purchasing cheap second-hand furniture, like Gumtree and Craigslist. Or of course budget stores.

Building your furniture up over time, when you can afford to buy it, may save you cash, but you may also prefer to buy it at once for convenience. This is down to individual taste and circumstances.

The most important thing is that you compare and weigh up your options, seek professional financial advice where you can, and enjoy your fantastic furniture.


Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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