The New Year is just around the corner, and for the millions of Australians who have spent more time indoors than ever before, you may be putting home improvement at the top of your resolution list.
Whether you dream of updating your old-fashioned kitchen, creating your perfect home office, or adding a granny apartment, there are several projects to consider that can not only transform your home, but also increase the value of your property.
Earlier this year, a RateCity survey found that 37% of those surveyed intended to renovate their home in 2021. And the number of homeowners keen on renovations may have increased as a result of restrictions and blockages related to the pandemic that kept so many inside for months. .
Recent data from Hipages revealed that money that households might otherwise have spent on travel and entertainment is instead spent on home improvement. Research found that two-thirds of homeowners planned to use their foreclosure savings on home maintenance, upgrades, repairs or renovations.
However, a perfect storm is brewing for homeowners looking to renovate. The latest supply chain delays and material shortages are already having an impact on the construction industry. Wood supplies, for example, would dry up across the country, as demand skyrockets from future renovators in Australia and the United States, where some of our wood is imported.
So, if you are planning to renovate your property this New Year, your foreclosure savings might not be enough to complete your project. This is where a personal home improvement loan may be able to offer assistance.
Typically, you can borrow up to $ 50,000 for a home improvement personal loan, but the loan amount and your interest rate will depend on your financial situation and credit history. Keep in mind that any financial product has its pros and cons, and you may have to pay upfront fees and other ongoing costs with this type of loan.
To help you on your personal loan comparison journey in December, RateCity has created rankings to rank personal loans in the market using our real-time ratings.MT system. Real-time evaluationsMT the results give each personal loan a rating out of five stars, based on the cost and flexibility of the loan.
(Rankings are correct at time of posting. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects those movements.)
Premium personal loans for borrowers with excellent credit scores
If you know that you have an excellent credit rating, you may find that you qualify for more competitive home improvement loans. Lenders are more likely to reserve these lower rate loans for less risky borrowers.
Green renovation personal loans
If you are considering “green” improvements to your home, such as installing solar panels and rainwater tanks, you may be eligible for a green personal loan. Lenders can also offer lower than average personal loan interest rates with this type of loan to encourage borrowers to make eco-friendly choices.