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Renovations Loans

Personal Loans up to $15,000

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Loans for home improvement

Renovating your home can be expensive. Something that started as a small job can easily turn into thousands of dollars, leaving a large dent in your budget. Don’t stress or pause your renovations; you can apply for a home renovation loan and save the stress of coming up with the money to cover these bills.

What is a renovation loan?

Home improvement loans are a form of personal loan used to finance renovation costs. At Jacaranda, we offer personal loans from $1,000 to $15,000. This can be used to cover anything from a small paint job to a full kitchen makeover. So, whether your renovation is big or small, we can lend you a helping hand.

Common home renovations

If you are looking to update your home but are not sure where to start, here are some ideas that you may like to consider.

  • Kitchen remodelling
  • Bathroom remodelling
  • Room additions
  • Window/door replacement
  • Repairing property damage
  • Deck repair/installation
  • Roofing

Ways to finance your home renovations

There are a few options for you to consider when it comes to financing your home renovations. 

Personal loan

A personal loan could be an option for covering your renovation expenses. At Jacaranda, we offer personal loans up to $15,000. Most large-scale home renovations are likely to exceed $50,000. If you have exceeded your budget and need a quick loan, a personal loan with Jacaranda may be your solution. You can apply for either a secured or unsecured loan depending on the amount you are looking to borrow. 

Line of credit

Another option is to take out a line of credit, which will allow you to access funds as you need them. The interest on the balance owing will be charged to your account. This offers more flexibility and with this often comes higher interest rates. 

Construction loan

If you are looking to do a high-scale renovation project, such as an extension or a rebuild, you could consider a construction loan. A construction loan is typically based on the estimated value of your home post-renovation, so you can withdraw any amount to pay renovation-related costs. 

Home equity loan

If you have enough equity built up on your home, you could refinance your existing home loan. If you were able to borrow the money for your renovation based on your home equity, you could potentially increase your loan size. You can renegotiate your loan with your bank, or find a bank with a better interest rate or conditions. 

What features of a renovation personal loan should I know about? 


There are two types of personal loans: secured and unsecured. Whether you apply for a secured or unsecured loan will depend on how much you are looking to borrow. 

Unsecured loans are typically for smaller loan amounts. These loans do not require you to have an asset to use as collateral. This is because there is less risk involved for the lender. These loans usually come with higher interest rates and fees.

Secured loans are for larger amounts. At Jacaranda, any loan amount above $2,000 will be a secured loan. This means that you will need to have an asset to offer as collateral against your loan. This could be in the form of a car or motorbike.

Fixed vs variable interest rates

You will either be offered a fixed or variable rate on a personal loan. A fixed-rate means that your interest rate will remain the same throughout the life of your loan. This usually makes the loan easier to budget for and you will know exactly how much you are repaying. A variable-rate means that the interest rate can fluctuate, either up or down, depending on the market. This option is more ‘risky’ in that you could end up paying more interest and it can be more difficult to budget for.

Fees and charges

There are some fees and charges generally associated with personal loans. 

Upfront fees (sometimes called application fees) can range from $100 to $500 or more depending on the lender.

Account fees vary depending on the lender and the amount you apply for. At Jacaranda, our monthly fees will depend on how much you borrow; some loan options incur no monthly fees at all. 

Early repayment fees refer to the cost of settling your loan earlier than your agreed term. Some lenders will charge you to repay your loan early as they will miss out on additional interest and monthly fees. At Jacaranda, we don’t charge early settlement fees.

How to apply for a personal loan for renovation 

If a quick personal loan for renovation with Jacaranda is all that you need, you can follow these simple steps to get started on your application.

Step 1: Apply online

Scroll up and click the ‘Apply Now’ button and complete the rest of our 100% online, paperwork free application process.

Step 2: We assess your application

Once we receive your completed application, we will begin assessing your application. We will aim to get back to you within 60 minutes* (if you apply within AEST business hours) but this may vary depending on your individual circumstances.

Step 3: Collect your money

If your application is approved, we will send you an electronic contract for you to review and sign. Once we receive your signed contract, we will send your money straight to your bank account. You could have it ready to use within just 60 seconds** (depending on your bank). 

Am I eligible for a personal loan for home improvement?

Not sure whether you can apply for a loan with us? We like to keep things simple, so we only have a few eligibility requirements for our applicants. Please ensure that you meet the following criteria:

  • You are at least 18 years old
  • You are an Australian citizen or Permanent Resident
  • You have received income for at least 90 days into a personal bank account
  • You have an active email address and phone number
  • You have internet banking set up

Documents required for my online application

To apply and process your loan application as fast as we can, please make sure you have these documents ready when you apply.

  • 100 points of identification
  • Internet banking details
  • Your myGov details (if you receive Centrelink benefits)
  • Employment details and employer contact info
  • Proof that you are an Australian citizen or Permanent Resident

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Reviews current as of June, 2021.

Our low rates

Our low rates

💰 Personal Loans starting from 8.69% (12.05% p.a. Comparison Rate)

🚗 Car Loans starting from 5.29% (5.84% p.a. Comparison Rate).

We never charge early repayment or exit fees.

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Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.