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Summer's on the way: top personal loans to help spruce up the house this October

Peter Terlato avatar
Peter Terlato
- 3 min read
Summer's on the way: top personal loans to help spruce up the house this October

Despite the steady rise of inflation, Australians continue to assert their purchasing power by taking advantage of low interest personal loans to furnish their homes and indulge their hobbies and interests.

In order to fulfil these spending demands, the latest lending indicators from the Australian Bureau of Statistics (ABS) revealed fixed term loans for the purchase of household and personal goods rose 23.8% month-on-month, from $112.8 million in July to $139.6 million in August.

Summertime is just around the corner, laying the foundation for a slew of backyard or balcony barbecues with friends and family, gardening duties, house parties and a heap of hobbies.

You may wish to replace some tired or outdated furnishings around the house, upgrade the tools and equipment in your garage or storage space, buy a new outdoor grill or smoker, or put in a new air conditioner to keep the family cool as temperatures begin to rise.

Looking to add polished concrete or a carport? A personal loan may assist in funding these projects.

When renovating your home or buying household items, numerous small purchases can add up quickly. A modest budget may balloon into unaffordable territory if you’re not careful. Discovering inventive ways to save on costs is crucial given the cost of materials is higher as a result of supply chain delays.

The Australian government’s plan to reduce carbon emissions by 43 per cent by 2030 is set to shake up a range of businesses and industries around the country. A new star rating system will likely affect the future value of your home.

When renovating, be cognizant of your home’s heating and cooling equipment, hot water systems, lighting, swimming pool and spa pumps, and onsite renewable energy systems (e.g. solar panels). All of these household goods influence your emissions output.

If you're seeking a personal loan with repayments that fit your budget, RateCity's personal loans calculator can provide you with an estimate to help find one that's right for you.

RateCity has ranked the top-rated personal loans on our Personal Loans Leaderboard using our comprehensive, game-changing Real Time Ratings™ system. This system gives loan products a score out of five, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of personal loan options.

(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.)

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Product database updated 23 Jul, 2024

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

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