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A personal loan for home renovations
Looking to improve your place with a home renovation loan? An ANZ Personal Loan could help you realise your home improvement dreams much sooner. We discuss possible finance options, as well as some useful tips to help keep your project on track.
Nail that home reno with an ANZ Personal Loan
$250 cashback + $150 Loan Approval Fee Waiverdisclaimer
Whether it’s new wheels, a home reno or a dream holiday, an ANZ Personal Loan can help make it happen.
Eligibility, ANZ’s credit assessment criteria, T&Cs, fees and charges apply.disclaimer Full offer terms at ANZ Personal Loans.
Borrow up to $50,000
Borrow a specific amount between $5,000 and $50,000 (subject to approval).
Greater flexibility
Choose a loan term from 1 to 7 years, with weekly, fortnightly, or monthly repayment options.
Personalised rates
Get a personalised interest rate with an ANZ Fixed Rate Loan or an ANZ Variable Rate Loan based on your credit history.
No assets needed
ANZ Personal Loans are unsecured, which means you don’t have to provide an asset, such as your car, as security.
Same-day cash
Get same-day cash when you apply and are approved in-branch by midday, Monday to Friday.disclaimer Deposited into your existing ANZ everyday account.
No early repayment fees
No penalties for making extra repayments or paying off your loan early with an ANZ Variable Rate Loan. Plus, redraw available if you’re ahead on payments.
Repayment certainty
Know what your repayments will be and protect yourself from interest rate movements for the life of the loan with an ANZ Fixed Rate Loan.
Online convenience
Track your balance and make repayments 24/7 with ANZ Internet Banking or via the ANZ App.disclaimer
Estimate your personalised interest rate
We tailor our interest rates based on our assessment of your credit score. With a better credit score, you could enjoy one of our lower interest rates.disclaimer This tool will also help you estimate your repayments if you finance your renovation using an ANZ Personal Loan.
Calculate how much you could borrow
Get an indication of how much you may be able to borrow based on your income and expenses. Please note this is an estimate only and your full borrowing amount will only be made available in your Letter of Offer.
Choose a personal loan that works for you
If you want your loan repayments to stay the same – even if interest rates change – then an ANZ Fixed Rate Loan could be for you.
If you're looking for flexibility – such as paying off your loan sooner with no exit fees – then an ANZ Variable Rate Loan could be for you.
Check your eligibility
To be eligible for an ANZ Personal Loan you must:
- be at least 18 years old;
- earn a minimum of $15,000 per annum; and
- be an Australian citizen, permanent resident, or have a valid visa.
Read up on the eligibility criteria and documentation we’ll need for each type of loan.
Estimate your renovation
Before applying for a personal loan, it's important to decide on the scope of your project and estimate your renovation costs.
Below we've put together some useful tips on how to estimate your costs, what to do during key stages of your project and how to hopefully keep your home renovation under budget.
Apply for a personal loan
Here's what you need to apply:
- details of your income, expenses, assets and liabilities
- your driver's licence, ANZ Account Number or Customer Registration Number (if you have them)
If you're new to ANZ, you'll need any two of your Australian driver's licence, Medicare card, Australian passport, or Australian visa.
Personal loans
A personal loan can be suitable for small to medium-sized home improvements, such as a brand-new kitchen or bathroom, home repairs, new interiors, new furnishings and small extensions. It can also be used for outdoor improvements, such as landscaping, decking or shading.
While there are very few restrictions on what you can use the money on around the house, many personal loans are capped at around $50,000, which means you’ll probably need to look at other financing options for larger projects.
Construction loans
If you're planning on making structural changes to your home – such as renovations that require council approval or a building permit – then you might find that a personal loan won't cover the cost.
A construction loan enables you to draw down on your loan progressively so that you can pay your builder at key stages of the project, rather than drawing down the whole loan amount upfront. This is done to help monitor the progress of the build and protect you, the customer.
What's more, you'll only be required to make interest-only repayments on the loan until the project is finished. Once the build it complete, you'll then start paying back the money you borrowed, plus interest.
Home loan options
If you already have a home loan, you could potentially use some of these options to fund your home renovations.
Unlock the equity in your home
If you’ve made a sizeable dent in your home loan or the value of your property has increased, then you might be able to unlock the equity in your home by taking out a supplementary loan to pay for your renovations.
Top up your home loan
If your home loan is on a variable rate, then you might be able to borrow additional funds against your existing home loan, subject to approval.
Redraw on your home loan
If your home loan is on a variable rate and you’ve made additional payments on your mortgage over the years, then you might be able to redraw those funds to renovate your home.
Refinance your home loan
Renovating is an ideal time to review your home loan to see if you can’t get a better deal – and utilise the equity in your home – to access extra funds to get the job done.
Scope out the project
Be clear about what you want to achieve. The bigger the project, the bigger the cost. Start with a list of must-haves and nice-to-haves, because at some stage you might have to start prioritising things to stay under budget.
Do your research. Know your rights
Take a look at the Federal Government website YourHome as well as the consumer protection agency in your State or Territory. These departments will provide you with helpful consumer protection and building advice.
Estimate your renovation costs
There are some useful renovation calculators and building estimate guides available online. Many building and renovation companies also provide similar tools on their websites. They'll give you a rough, yet realistic guide, of how much things cost.
Get some designs and create a budget
It's almost impossible to create a realistic budget until you get detailed renovation costs and quotes. If you're doing a major renovation or extension, you'll need plans and designs, which can then be used to obtain quotes.
Start speaking to the professionals
Before finalising your budget, get some professionals – such as architects, designers, quantity surveyors, builders and engineers – to go over your plans and designs to see if they agree with your estimates and whether they can spot any gaps. The cost of the build will depend on things such as: materials you want to use; tradespeople you employ; quality of work, finishes and fittings; size of the job; location of your site and access.
Time to get some quotes
It might be a cliché, but it's a good idea to get at least three quotes from builders or tradespeople. Start talking to friends and family and search online community hubs for recommendations on good tradespeople.
Enquire about fixed-priced contracts
Some builders may offer fixed-priced contracts. The price is likely to be higher than other quotes – that's because they'll be taking the risk on any unforeseen delays and not you. But it could give you budget peace-of-mind.
Add some fat to your original budget
Home improvements often go over budget because there are so many unknowns and potential for delays. Even with the most detailed plans and cost guides, the unexpected can happen. Because of this, most experts will tell you to factor in an additional 10-20% of your total project costs into your budget.
ANZ Fixed Rate Loan
Borrow $5,000 to $50,000 over 1 to 7 years.
Interest rate from |
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Comparison rate from |
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Features
- Certainty your repayments won’t change even if rates increase as you’ve locked in a fixed interest rate
Things to consider
- Early repayment charges may apply if you make early or extra repayments, repay your loan early or increase your loan amountdisclaimer
- No access to extra money paid (redraw)
The interest rate range shows the minimum and maximum rate that may apply. Your interest rate will be confirmed in your Letter of Offer (if approved).
ANZ Variable Rate Loan
Borrow $5,000 to $50,000 over 1 to 7 years.
Interest rate from |
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Comparison rate from |
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Features
- Ability to make early or extra repayments, or repay your loan early, without additional costs
- Flexibility to increase your loan (subject to credit assessment)
- Access to extra money paid (redraw)disclaimer
Things to consider
- Your interest rate and repayments may increase or decrease during the term
The interest rate range shows the minimum and maximum rate that may apply. Your interest rate will be confirmed in your Letter of Offer (if approved).
Loan approval fee
$150
Loan administration charge
$10 per month, debited every three months until the loan is closed in ANZ systems.
Late payment fee
$20 will be charged if your repayment is 5 days late or more. A further $20 will be charged monthly until repayments are up to date.
Early repayment charges (fixed rate loans only)
You may incur an Early Repayment Cost, which may be significant, if you make early or additional payments. See Early Repayment Costs (PDF) and Consumer Lending Terms and Conditions booklet (PDF).
General
ANZ Fixed Rate Personal Loan
Loan Approval Fee |
$150 |
Loan Administration Charge |
$10 per month, debited every three months until the loan is closed in ANZ systems. |
Early repayment charges |
Early Repayment Costs may apply if you make early or additional repayments, see Early Repayment Charges (PDF) and ANZ Consumer Lending Terms and Conditions booklet (PDF) for further information. |
Late Repayment Fee |
$20 will be charged if your repayment is five days late or more. A further $20 will be charged monthly until repayments are up to date |
ANZ Variable Rate Personal Loan
Applying for a personal loan
Any information provided is general in nature and does not take into account your personal needs, financial circumstances or objectives and you should consider whether it is appropriate for you. ANZ recommends you read the applicable Terms and Conditions booklets and the ANZ Financial Services Guide (PDF) before deciding whether to acquire, or continue to hold, a particular product.
All applications for credit are subject to ANZ’s credit assessment criteria. Terms and conditions are available on application. Fees and charges apply. Australian credit licence number 234527.
This offer is available for a limited time to customers who apply for a new or increase their existing ANZ Personal Loan between 16 October 2024 and 31 January 2025. This offer may be withdrawn or changed at any time without notice. The loan must be approved, and the funds drawn down to be eligible for the offer. The cashback payment will be paid within 120 days of drawdown into the transaction account which the loan funds are disbursed into. The transaction account must be in the same name as the loan account. For joint applications, only one cashback payment will be paid in total for the application and will be paid to the first listed applicant. For joint applications, the account for funds disbursements must include the name of the first listed applicant. Applications for a joint ANZ Personal Loan or an increase of a joint ANZ Personal Loan may only be made in branch. If a customer closes their ANZ Personal Loan account or transaction account before the cashback payment is paid, they will become ineligible for the cashback payment. Applications for credit are subject to ANZ’s eligibility and credit assessment criteria. If you have any questions about the tax treatment of the cashback offer, please discuss with a tax agent or the Australian Tax Office.
ReturnApplications must be submitted at an ANZ branch, and approved before noon Monday to Friday (AEST), and customers must have approved funds deposited into an existing ANZ everyday account. For a full list of eligible ANZ everyday accounts, please contact us on 1800 801 485 between 8am to 6pm (AEST) weekdays.
ReturnThe ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them. This information is general in nature only and does not take into account your personal objectives, financial situation or needs. ANZ recommends that you read the ANZ App Terms and Conditions available here for iOS (PDF) and here for Android (PDF) and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.
ANZ App for Android is only available on Google Play™. ANZ App for iPhone is only available from the App Store.
ReturnWe tailor your interest rate based on our assessment of your credit score. Where you have demonstrated good credit based behaviour, such as not opening too many credit products or making repayments on time for your other credit products, this will be reflected in your credit score and you may be offered a rate in the lower end of our range. Where your credit history isn’t as long, or as good, or you have made many applications in a short period of time, this may negatively impact your credit score and you may be offered a rate at the higher end of the range.
ReturnInterest rates as at and are subject to change. These interest rates may be withdrawn or changed at any time without notice and may not be available in conjunction with any other offers, packages, or promotions.
ReturnThese comparison rates are based on a $30,000 Personal Loan for a five year term. The rates are applicable for unsecured loans only.
WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates.
Fixed rate personal loans aren’t for everyone and early repayment fees and charges, which may be significant, may apply if you make early or additional repayments or repay your loan early. Refer to Early Repayment Charges (PDF) and ANZ Consumer Lending Terms and Conditions booklet (PDF).
ReturnTerms and Conditions and eligibility criteria apply to ANZ Redraw. For further information on ANZ Redraw please refer to the ANZ Consumer Lending Terms and Conditions (PDF).
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