Planning renovations? Check out the top personal loans for March 2023

The holidays have come and gone. You’ve reassessed your spending budget and you may be considering making some much-needed upgrades to your family home or investment property.

Taking out a personal loan is one way to secure the funds necessary to fulfil your renovation aspirations.

The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance rise 0.5 per cent in January, following a decline of 3.0 per cent in December 2022.

Getting the timing right

It’s not always easy to know when conditions are ideal for a home renovation. For example, during the COVID-19 pandemic, a combination of record-low interest rates and the introduction of government support, such as the HomeBuilder grants, led to record numbers of Australians building and renovating homes.

However, just a few years later, rising interest rates, falling home values, supply chain issues and shortages of materials and labour led to many building and renovation projects being stalled or cancelled, and even the collapse of some construction firms.

Renovating a property could potentially improve your lifestyle at home, or increase the value of your investment. Deciding on the best time to undertake a renovation project and calculating the risks is important.

Finding the personal loan that’s right for you

If you’re in the market for a personal loan, compare a range of different financing options using RateCity’s personal loan comparison tables or by checking out the personal loans leaderboard as determined by Real Time Ratings™.

Wondering how to find a loan with repayments that fit your budget, credit score and desired loan term? RateCity's personal loans calculator can provide you with an estimate to find one that's right for you.

If you’re struggling to gain approval for a lump sum, whether it’s due to having a poor credit history or outstanding debts, you may be considering turning to loved ones for financial help. It may be worth considering writing a promissory note that spells out the terms of a loan between two parties.

When financing a renovation or buying a big-ticket item, some homeowners use their home loan to access the money they need. Others finance their project by taking out a personal loan. Which option is the right choice for you?

Here are some of the most competitive personal loans on the RateCity database:

• OurMoneyMarket Low Rate Personal Loan (Excellent Credit) at 6.69% (comparison rate 7.31%)
• Moneyplace Unsecured Personal Loan (Excellent Credit) at 8.49% (comparison rate 8.49%)
• Liberty Unsecured Personal Loan (Excellent Credit) at 8.49% (comparison rate 8.49%)
• Heritage Bank Unsecured Fixed Standard Personal Loan at 8.49% (comparison rate 9.12%)
• Wisr Unsecured Personal Loan - Platinum at 11.10% (comparison rate 11.9%)

Source: RateCity database. Rates are correct as at 09/03/2023.

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