Get the Best Home Improvement Loans with IF

Q: What should I consider before applying for a home renovation loan?

Before applying for a home renovation loan, consider the scope of your renovations and whether you need council consent, the purpose of the renovations (increasing livability or home value), and the loan amount needed along with repayment options. Using an online loan calculator can help you get a clearer idea of your total loan amount, term, and regular payments.

Q: Can I borrow against my house to renovate?

Yes, you can borrow against your home through a cash-out refinance or home equity loan. This method involves borrowing against the equity built up in your home, often with lower interest rates. However, as your home is used as collateral, you should carefully plan your finances and consult a financial advisor or mortgage lender before proceeding.

What are home renovation loans?

Home renovation loans are a type of personal loan designed to help you finance home improvements and renovations. The loan is typically repaid over a period and can be tailored to suit your individual needs. Whether you’re looking to add value to your property with a new kitchen and bathroom or upgrading your furniture and appliances, Instant Finance can support you with a loan for your renovation project.

Add value to your property while keeping costs low.

Home renovations can potentially be both expensive and time-consuming, but they can also add significant value to your property. If you’re thinking of selling your house in the near future renovation finance may help you to kick off those improvements you have been putting off until now. To keep your renovation costs down, you can consider more cosmetic renovations such as painting, retiling the bathroom, replacing the stovetop etc. And if you have the tools and skills, you can always make it a DIY project to save you some labour costs.

Remember to plan ahead, set a realistic budget, and keep to your budget – it’s very easy to overspend on home improvement projects. If you’re an existing Instant Finance customer, you might be able to top up your existing personal loan to get extra funds for your renovation. Get in touch with your nearest branch to find out the best way to get home renovation loans.

Boost your lifestyle with a Home Renovation

Making home improvements and remodelling are some of the best ways to improve your lifestyle without having to buy another house. From small projects like painting and adding new wallpaper to full-scale renovations like building an extension or laying down a new deck, we can help you with your renovation finance. There are many different projects you may want to consider loans for home improvement to help finance, such as:

Kitchen remodelling
Bathroom remodelling
Interior and/or exterior painting
Improving kerb appeal
Adding insulation
New furniture and appliances
Adding storage space
Garden Landscaping

We're making applying for your home renovation loans online easy!

Apply online.

With our easy online loan application process, you can apply for your renovation finance without leaving the couch! Make sure you have a valid photo ID, proof of income and address on hand to make the process run more smoothly.

We'll tailor your loan to you.

As soon as we receive your loan application, we start working on how we can help make your loan possible. Our friendly team will be in touch to cover off any additional information we may need, the terms and conditions of the loan options which will include your personalised rate and repayment terms.

Get your money within 24 hours!

Once approved and you accept the terms of our loan for renovation, in most cases you'll have the cash in your account within 24 hours, so you can get that home renovation planning started.

For further information on our application process, you can find it on our How to Get a Loan page.

Start your Home Reno application today!

Apply Now

Why choose Instant Finance?

Easy online loan application process: Instant Finance can help you with home renovation loans from $500 or even much larger renovation finance up to $50,000. Applying for loans online helps us process your application even faster, so get started today with our simple online loan application form.
Affordable loan repayment plan: Instant Finance provides fixed-rate personal loans with an interest rate between 9.95% - 29.95% per annum. We also have easy-to-manage repayment plans to suit your financial situation. We will help you choose the best plan for you, helping you decide the best loan term and amount for your situation.
Fast funding: Once your loan has been approved, in most cases, you can have the money in your account within 24 hours or the following business day.
Personal service: We pride ourselves on being a responsible lender with the best customer service and have done so for over 50 years! Our friendly and knowledgeable team are here to help and support you throughout the loan application process.

Home Renovation Loans: Terms, Rates, and Fees Explained

Loan terms

Our minimum loan term is 3 months, and our maximum loan period is typically 7 years.

Interest rates

Instant Finance provides loans at an annual interest rate from 9.95% to 29.95% per annum.
The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us or others, the security you can provide and the loan amount.

Once set, our interest rate is fixed for the term of your loan.

Default interest rate

If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments, while they are unpaid. The Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan.

On this basis the maximum annual interest rate charged would be 39.95%

Loan fees

We have various fees attributed to your loan which are added to your loan repayments.

Fee	Description	Cost
Loan establishment fee	A one-off set up fee for your loan.	From $100 to $220 depending on amount of new money borrowed.
Digital ID Verification Fee	A per verification charge through a 3rd party where we meet face to face	$2.55 per person
Digital & Biometric ID Verification Fee	A per verification charge through a 3rd party where the loan is transacted remotely.	$7.70 per person
Security Registration fees	For secured loans where we register an interest in Personal Property items provided as security	$8.05
Administration Fee	A fee payable on each instalment due date of your loan	$3 (per instalment)
Credit and Default fees	Default or other fees that can arise during the course of a loan are shown in our full fee schedule.

Loan Example:

The amount repayable of your loan is made up of your interest rate, plus fees. For example, if borrowing $10,000 repayable over 3 years at an interest rate of 29.95% you would be required to make 156 weekly instalments of $102.54. This repayment is made up of interest, an establishment fee of $220, an ID verification fee of $7.70 and an administration fee of $3.00 per instalment.

Total interest would be $5,300.54 with total fees of $695.7 making the total payable over the full term $15,996.24.

FAQs

What should I consider before applying for a home renovation loan?

Before you apply for a home renovation loan there are a few things you should consider. You should think about things like:

What sort of renovations are you considering, and do they require any external consent? Council consent can lead to additional costs and will generally mean the whole process takes longer, so it’s important you understand if that project will require consent.
Be clear on why you are undertaking the project. Is it to make your home more liveable, or are you more focused on increasing the value of your home? If you want to increase the value of your home, this may lead to a different focus for your renovations and the extent of these.
How much money do you think you will need to borrow and what your repayment options might be? Hint – you can use our handy online loan calculator to get an idea of your total loan amount, the term of the loan and your regular payment amount

Once you’re ready, you can apply for home renovation loans through our online loan application process, and our friendly team will be in touch to discuss your loan options once we’ve reviewed your application.

Can I borrow against my house to renovate?

Many homeowners in New Zealand choose to borrow more on their mortgage for home improvements. This is often referred to as a "cash-out refinance" or "home equity loan."

Essentially, you're borrowing against the equity you've built up in your home. It's a popular method because often these loans offer lower interest rates than other types of credit.

However, it's important to remember that your home is used as collateral, so it's crucial to plan carefully and make sure you can afford the repayments. Always consult with a financial advisor or your mortgage lender to understand all the implications and make the best decision for your situation.