Showing personal loans for
for a credit score of
Advertised Rate


% p.a

Variable up to 7.49%

Comparison Rate*


% p.a

Variable up to 9.16%

Monthly repayment


36 months

Loan term

1 year to 3 years

Total repayments
Real Time Rating™


/ 5
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Total repayments for a 3-year, $30,000 loan at 6.39%* would be $33,047*. Terms from 1-3 years

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Advertised Rate


% p.a

Fixed up to 19.95%

Comparison Rate*


% p.a

Fixed up to 21.36%

Monthly repayment


36 months

Loan term

1 year to 5 years

Total repayments
Real Time Rating™


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Total repayments for a 3-year, $30,000 loan at 7.64% would be $32,978*. Terms from 1-5 years

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Advertised Rate


% p.a


Comparison Rate*


% p.a


Monthly repayment


36 months

Loan term

2 years to 5 years

Total repayments
Real Time Rating™


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Total repayments for a 3-year, $30,000 loan at 9.13% would be $34,339*. Terms from 2-5 years

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Advertised Rate


% p.a

Variable up to 18.99%

Comparison Rate*


% p.a

Variable up to 19.83%

Monthly repayment


36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™


/ 5
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Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years

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Learn more about personal loans

From large-scale makeover projects to smaller DIY projects, home renovations could increase the overall value of the home by making it more modern or functional. Not only that, but you or your tenants can also enjoy a newly refurbished home.

A personal loan is one way to fund your home renovation project. You should be aware of a personal loan’s features and fees before deciding on which loan is best for you. It is always wise to research different types of loans and compare multiple options before settling on your final choice.

Why use a personal loan for a home renovation?

It’s not uncommon for homeowners to borrow money for a renovation because they don’t have enough cash available. There are several different ways that you can fund a home makeover if you are unable to or prefer not to pay in cash, including:

The total project cost will be different depending on how you decide to fund it.

The advantage of taking out a personal loan to complete your home renovation is that personal loans often charge lower interest rates than credit cards, especially if you take out a secured loan. This can help keep the long-term costs of borrowing money to a minimum.

Using a personal loan can also minimise the time spent paying back the loan, which may mean less total interest paid on the loan. In contrast, accessing funds from your home loan's redraw facility to use for a renovation could mean paying more interest over time, despite the home loan’s lower interest rate. This is because the loan amount will be paid back over your home loan’s term, which is typically much longer than that of a personal loan. Consider speaking to a mortgage broker for more information about redrawing from your mortgage.

Learn more: Can I refinance my home loan to pay for renovations?

What are the pros and cons of taking out a personal loan for a home renovation?
  • Personal loans generally have lower interest rates than credit cards.
  • Some lenders offer features to make the loan more flexible for borrowers, e.g. the ability to make additional repayments.
  • Borrowers can typically pay back the loan over a fixed term of three to seven years.
  • Fees are usually charged to set up and keep the personal loan.
  • Personal loans generally charge higher interest rates than home loans.
  • Not all personal loans will be flexible and some may charge you fees for paying off the loan early.
  • There is a chance your property’s value will not increase despite taking out a personal loan and undertaking a renovation.

What features of a personal loan should I know about?

Finding the right combination of personal loan features could help you secure a loan that is suited to your own personal financial situation. 

  • Secured personal loan - This is a loan where you offer up an asset as security that the bank will sell if you fail to make the payments on your loan. As there is an added layer of security for the bank, these loans may offer lower interest rates than unsecured personal loans.
  • Variable vs fixed interest rates - Personal loan rates come in both fixed and variable forms. Fixed rate loans will have one interest rate that keeps your monthly repayment amount steady over the loan term. Variable rate personal loans generally have a lower interest rate than fixed loans but will be subject to rate rises according to market conditions. The option that will best suit you may depend on if you require your monthly repayment amount to be consistent and how much room there is in your budget for fluctuation.
  • Fees - Personal loans will also charge varying fees that you should be aware of before you sign on to the loan. These could include upfront costs such as establishment fees, as well as ongoing costs and fees for certain features such as early repayment fees. You should ask your prospective lender for a summary of all the costs involved in taking out the loan you are interested in before you commit to anything. Taking note of different comparison rates can also give you an idea of how much the fees might cost you.
  • Extra repayments - Finding a loan that allows you to make extra repayments and pay off the loan early will give you more control over how long you have the loan for and how much you pay in interest over the life of the loan. You will find that the faster you can pay down the loan, the more you will save over time. But some lenders will charge you break fees if you pay off your loan earlier than specified. You can investigate different loan terms and the amount of interest you might need to pay with these loan terms using RateCity’s Personal Loan calculator

How can I use a personal loan to add value to my home?

Using a personal loan to renovate your property can be a good way to increase its value. By renovating a kitchen or adding an outdoor area to your home, you could potentially be boosting your property’s resale value.

It is important to remember that not all home improvements will add value to your home. If this is your primary goal, then you should research what type of renovation could make your home more attractive to buyers. It is generally agreed that a refurbished kitchen or bathroom are most likely to add value to an older property.

Minor home improvements could also bring up the value of your home without being too expensive or disrupting living arrangements of residents. Things like replacing old carpet in bedrooms or adding a fresh lick of paint could help boost the value of your home.

Keep in mind that not every renovation decision will help bring up the value of your home. For example, painting the walls dramatic colours or adding fixtures and fittings that may not be to everyone’s taste could turn away both buyers and tenants.

How to apply for a home renovation personal loan in Australia

Applying for a home renovation personal loan may be a simpler process than you think. Consider the following steps:

  1. Check your credit history: If you haven't checked your credit score recently, consider visiting RateCity's credit score hub to find out. Once you know your credit score, you’ll have a better idea of which loan products and interest rates might be available to you.
  2. Consider your budget: Use a personal loan calculator to get a loan repayment estimate, including the total cost of the loan and total interest payable. This could help you make a more informed decision based on what works with your budgeting requirements.
  3. Search and compare personal loan options: RateCity makes it easy for you to compare a wide range of personal loan products from over 90 Australian lenders, so you can find options that suit your individual needs.
  4. Ensure you're eligible: After compiling a shortlist of potential personal loan products, it's time to check whether you meet all of the eligibility criteria. Remember, these can differ from one loan to the next. Consider reaching out to the lender if you have any questions.
  5. Begin the application process: When comparing personal loans at RateCity, you can click directly through to the lender's website to apply online for your preferred car loan. Consider having all of your required documentation handy before you get started on your loan application.
  6. Submit your application and await a decision: Once you submit the required documentation, simply await communication from the credit provider with an update on your application status. Personal loan approval times vary, and could take a few hours or a few days.

Frequently asked questions

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I include my spouse’s income on a personal loan?

If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.

Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity. 

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

Can students with no credit history get loans?

It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.

Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.