Renovation Loan

Renovation Loan

Wanting to renovate your home may leave you wondering how to start, considering all the upfront costs it may take. Applying for a renovation loan can be a great idea for people who want to update their homes and get good financial deals.

If you have a good credit profile, SocietyOne can reward you with attractive personal loans with low interest rates that you can use to give your home the update it deserves.

Is it better to apply for a renovation loan for home improvement?

Applying for a home renovation loan is a great idea for those who need or want to update their homes but don’t have the budget yet. Home renovation involves many costs, including materials and labour, which can add up to a hefty amount. Applying for a renovation loan saves you the worry of upfront costs and offers more flexible payment options. You can spread the costs over regular payments, which is perfect if you can’t immediately cover the whole amount.

When applying for a renovation loan with SocietyOne, you need to submit the following documents:

• Personal documents detailing your name, address, and date of birth
• Driver’s licence or passport
• Proof of address, such as a utility bill
• Proof of income, such as a payslip or bank statement
• Details about your daily expenses or other debts

If you’re applying for a secured loan, you’ll also be required to present asset details, such as proof of insurance and a registration certificate.

Once you’ve submitted your loan application, all you have to do is wait for your loan offer. Your property renovation loan offer will depend on the following factors: loan amount, loan tenure, loan type, interest rate, credit score, application fee, and cash flow. Because we follow a risk-based pricing system, the better your credit profile, the lower your interest rate.

If your application gets approved, you will receive your funds in your Australian bank account in as little as one business day! You can be sure that SocietyOne will never charge you any excess fees, such as monthly or early loan repayment fees, giving you more flexibility and freedom with your finances.

Can I borrow extra on my home loan for renovations?

Yes, you can! When you loan with SocietyOne, you can always apply for more than you need for your project. We understand that additional costs may be incurred during renovations – you may opt to buy new furniture to complete your living room’s look, for example.

Borrowing more on your personal loan allows you more choices and opportunities. You can use the extra amount you borrow for anything you want, and you can even use it for a motorbike loan, a student loan, loan consolidation, or a holiday loan.

At SocietyOne, we offer two types of personal loans: secured and unsecured loans. Unsecured loans have loan amounts from $5,000 to $50,000, with loan terms of two, three, or five years. If you have an eligible asset, you can use it as collateral for a secured loan. These loans allow you to borrow from $5,000 to $70,000, with repayment terms of two, three, five, or seven years.

If you want to receive a loan quote, you can always try our personal loan repayment calculator. You’ll also be able to view some comparison rates to determine if you’re making the right choice by borrowing for renovations with us.

What can renovation loans be used for?

When you apply for a personal loan with SocietyOne, you can use it at your discretion. Home renovation loans can be used for sprucing up your space, buying new furniture, creating new spaces, tearing down old walls, remodelling rooms, and the like. If you’re someone who likes to do home improvement projects, we recommend you take out a renovation loan.

In addition, personal renovation loans can be used to pay for moving fees, storage expenses, or even temporary living expenses. Whatever you can think of for your home renovation, easily fund it with a personal loan from SocietyOne – you have the freedom to spend it however you like.

The process of applying for home improvement financing at SocietyOne is easy. The application process takes an average of five minutes, and anyone with the following criteria is eligible:

• Eighteen years old and above
• Australian citizen or permanent resident
• Earning more than $30,000 per annum
• With good credit standing

Some people aren’t aware of their credit standing, and that’s okay because you can always run a quick credit check on our website. Have your driver’s licence or passport on hand. We’ll need to verify your identity so we can access your credit records from Experian, an official credit reporting agency in Australia.

If your credit check shows that you have a less-than-ideal credit score, we can offer you tips and tricks on improving your credit. If you want to take it a step further, you can sign up for our Credit Score Club, which offers members various resources and methods for boosting and maintaining their credit scores.

Spruce up your home with a renovation loan from SocietyOne today!

Every day, we help thousands of Australians get the funds they need for various reasons. Why should your home improvement plan be any different?

Apply online today for a renovation loan with us!