Renovation Loans

Renovation loans are great to help you out when you need to get your project going. Before you consider researching renovation loans, it's a good idea to plan out your budget. It’s important to think about the materials and the labour that will be involved in getting your renovation done. A kitchen renovation or a bathroom renovation, for example, is going to require a lot more skilled labour than if you are getting a nursery ready. Although you may want to cut costs by doing the work yourself, it’s important that you get a professional when necessary to make sure that the job is done well. Shopping around for materials will help you cut costs, but remember that quality materials will last longer and should also hold their value.

How do renovation loans work?

It’s then time to look at how different renovation loans work and choose the best type of loan for your situation.  Personal loans will offer you a larger amount of money as a lump sum, which will be useful if you need to pay for a lot of items upfront. An unsecured personal loan means that you don’t have to offer any collateral such as your home or your car as security for the loan and are usually relatively small loans as they are riskier for banks and other money lenders. However, you can still usually borrow up to around $50,000, which can go a long way to getting that renovation done. Unsecured renovation loans may carry a higher interest rate. Still, personal loan interest rates are often fixed, and the repayment amounts are also fixed, so you can budget the repayments more easily. It’s also a good idea to look for money lenders who don’t charge you for paying off your loan earlier, so you can benefit from any extra funds that may come your way by getting your loan paid off faster.

A credit card may be useful if the payments for your renovation are ongoing as it is a continual line of credit. However, the repayments are variable, and the interest rates tend to be higher, so in order to make sure you are managing your bills and debts, you would need to be paying it off in full every month. For access to funds quickly, a virtual credit card can be available for use within minutes rather than days.

What is the eligibility criteria for renovation loans?

First of all, you really should ask yourself, “How much can I borrow?”. A quick look at a personal loan calculator online should be able to help you plan how much repayments for renovation loans will be. This is a great way to help you budget for the repayment of your loan and also to make sure you are not borrowing more than you can manage. As part of the application process, money lenders will look into your financial history, such as your credit score and also look at your income and your bank account. They need to decide whether they wish to take a risk and lend you the money you need. Furthermore, you will need to meet the minimum criteria for a personal loan which includes being over 18 and an Australian resident.

How to apply for a renovation loan?

Easy renovation loans mean that you can start that big project, so you want a money lender who can provide you with fast cash without a lot of hassle.  If you need quick cash loans online, Ozzie Loans have online loan applications that take only a few minutes and don’t require a load of paperwork.  You can just use your phone and be done quickly and easily.  In fact, dependent on eligibility and subject to approval, our renovation loans, student loans, boat loans, travel loans, whatever-your-life-needs loans can be same day cash loans, so the money you need could be in your account the very same day.   Same day loans mean cash today, the renovation project starts tomorrow.