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Finance your renovation dreams with some of April's top personal loans

Finance your renovation dreams with some of April's top personal loans

If you’ve spent the last two pandemic years at home and daydreaming of making repairs or updating your home, you may be able to finance your goals through a personal loan.

Australia has always been a renovation-loving nation, with updating your home all part of the Great Australian Dream of buying property. This is why home renovation is such a popular personal loan type, with a range of options available for eligible borrowers, depending on their financial needs and budget.

For owner-occupier homeowners, a renovation can give a room a much-needed facelift to bring it into the 21st century or add additional space for growing families. And for investors, it may be one option to boost your property value.

Some repairs, maintenance or updates may also be tax deductible for investors, including:

  • Repairs to the property
  • Management and maintenance costs
  • Depreciating assets
  • Interest repayments on a mortgage
  • Body corporate fees
  • Property management fees
  • Council rates
  • Cleaning expenses
  • Advertising fees
  • Land tax

Whatever your reason for renovating, it may be worth comparing personal loan options to help you finance your goals. To make your personal loan comparison a little easier, RateCity has put together its top-rated personal loans for April 2022.

RateCity’s personal loan leaderboard ranks the top five personal loans using Real Time Ratings™, our rating system that gives loan products a score out of five, based on cost and flexibility.

Keep in mind that a personal loan is a financial commitment that can often take several years to pay off. Consider using RateCity’s personal loan calculator for a repayment estimate to make sure they’ll fit comfortably within your budget.

(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)

Top-rated personal loans for borrowers with excellent credit

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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