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Loan for Home Improvement

Jacaranda Finance offers speedy loans for home improvement. 

When your property starts to become out-dated, a home improvement loan can be used to renovate your property and increase its value. Jacaranda Finance offers home improvement loans up to $10,000 to eligible Aussies looking to finance their renovation costs.

Time for a home refresh?

Owning a property comes with the addition of maintenance and upkeep. As your home ages, it can often deteriorate or become out-dated. If it is time for some much-needed home maintenance, or just a change for convenience, Jacaranda Finance can help. We offer home improvement loans up to $10,000 so that you don’t need to spend thousands of dollars in one large payment; you can repay your loan in manageable instalments over time.

What is a loan for home improvement?

A loan for home improvement is a personal loan used to finance home improvement costs. We offer online loans from $300 to $10,000 with flexible repayment terms and competitive interest rates. Our loan options fall into three categories: small loans, medium loans and large loans.

• Small loans are unsecured loans ranging from $300 to $2,000. These loans can be repaid from 6 to 12 months
• Medium secured loans require an asset to be used as security against the loan. These loans range from $2,100 to $4,600 and can be repaid over 12 to 24 months
• Large loans are also secured loans and can range from $5,000 to $10,000. The repayment terms are 12 to 24 months.

What can I do with a personal loan for home improvement?

In need of some inspiration? Realistically, most people could use a home improvement loan to fix something around the house, whether it’s a faulty cabinet or damaged wall. These are some of the most common reasons clients have taken out a loan for home improvements:

• Minor bathroom remodelling
• Deck, patio or porch addition
• Replacing old/unsafe windows
• Updating living room decor – including staging and updating living room decor with new light switches, outlet covers etc.
• Updating flooring
• Fresh paint job
• New fencing
• Minor kitchen remodelling
• Loan for energy-efficient home improvements (solar panels, solar hot water, energy-efficient lights etc.)

How to get a loan for home improvement

Jacaranda Finance makes taking out a loan for home improvement easy. We are a 100% online lender, which means that we handle everything from application to approvals online. We don’t require physical paperwork or hours of your time; you could submit your application within just 8 minutes and hear back from us within one-hour (if you apply within our AEST business hours). You can apply for a loan for home improvement by following these simple and straightforward steps:

Step 1: Apply online

Use our loan slider to select how much you would like to apply for and your repayment terms.

Step 2: We assess your loan application

Once our team has received your completed application, we will begin processing it. We endeavour to get back to you within one hour if you apply within our business hours. However, this will depend on our individual assessment.

Step 3: Review and sign your contract

If your application was successful, we will let you know and send you a copy of your e-contract. We encourage you to read the contract carefully to make yourself familiar with our terms and conditions.

Step 4: Receive your loan payout

Once we have received your signed loan agreement, we will transfer your funds directly to you. If your bank supports NPP-transfers, you could have the money within just 60-seconds.

Eligibility requirements

We require all of our loan applicants to meet our standard eligibility criteria. Please ensure that you meet all of these requirements before you apply:

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

Supporting documents

To speed up the time it takes you to apply and our processing of your application, please ensure that you have the following supporting documents available when you apply:

• 100 points of ID
• Your basic personal information (name, D.O.B, address etc.)
• Your online banking details
• The reason for your application
• Your myGov details (if you receive Centrelink benefits)

Home improvements with bad credit

Jacaranda Finance is an alternative lender, meaning that we can be more flexible with our credit requirements. We can offer bad credit loans to eligible borrowers that have the ability to repay their loan. If you have bad credit but have improved your financial situation, we may be able to offer you a loan. 

We conduct a thorough assessment of every applicant, including a credit check and analysis of bank statements, to ensure that taking on a loan is comfortable and manageable for you. We will access read-only copies of your bank statements to assess your financial situation, including your income and spending habits. 

We adhere to the responsible lending guidelines set by ASIC to protect borrowers from incurring unpayable debts. While we can be lenient with our credit requirements, we cannot provide you with a loan that is not within your budget. 

What should I consider before starting my home improvements?

Taking on home improvements can be a big commitment. If you are not completely prepared, especially if you will be completing the renovations yourself, you may end up incurring additional costs or leaving jobs unfinished. Before you apply for home improvement finance, ask yourself these questions:

Is it worth it?

If you are considering purchasing an older home that needs renovations, you need to ensure that you are prepared. While buying a ‘fixer-upper’ is a popular investment trend which can offer good long-term returns, these homes are a large responsibility and financial burden if you are unable to manage the project. 

How much value will the renovations add to your home?

When choosing which home renovations to undertake, projects that will pay for themselves when you sell are optimal. Any core component of a home is usually a good focus; a kitchen renovation can sometimes be a deciding factor for potential buyers. 

What is your ideal budget?

You will still have bills to pay when you renovate. Analyse your current income and spendings and see how much you can realistically spare for home improvements. You can stretch out your timeframe for completion or opt for cheaper options, depending on the extent of your renovations.

How are you going to manage your time?

If you work full-time, when are you going to have the time for your home improvements? If you want to stay on time and on budget, set some realistic goals for yourself. You may wish to map out a full timeline for your project.

FAQs

*If you apply within our business hours.

**If you have an NPP-enabled bank account