Home Renovation Loan Australia

Through Fundd, you can typically borrow from $5,000 for smaller projects up to $500,000+ for major renovations or extensions. The exact amount depends on your income, expenses, credit history, and available home equity. Personal loans are available from $5,000-$50,000, while home loan top-ups can go much higher if you have sufficient equity.

Interest rates vary depending on the loan type and your financial situation. Personal loans typically range from 6-15% p.a., while home loan top-ups or refinancing options usually offer lower rates (similar to standard home loan rates, currently around 5-7% p.a.). Fundd will compare rates from multiple lenders to find you the most competitive option available.

Personal loan applications can often be approved the same day or within 1-2 business days. Home loan top-ups or refinancing typically take 3-7 days for approval, with settlement in 2-4 weeks. Fundd will work quickly to ensure you can start your project as soon as possible. The timeline depends on how quickly you can provide required documentation.

No, you don't need to own your home for all finance options. Personal loans are unsecured and don't require property ownership. However, if you're looking to finance larger projects ($50,000+), you'll typically get better rates by using home equity through a home loan top-up, which does require home ownership with available equity.

Fundd's services are typically free for borrowers. Mortgage brokers are usually paid commissions by the lenders they work with, so there's no upfront cost for their expert advice and loan matching services. However, the loan itself may have standard fees like application fees, valuation fees, or settlement fees depending on the lender and loan type chosen.

While good credit improves your chances and gets you better rates, Fundd works with a wide network of lenders including specialist lenders who may consider applications from borrowers with less-than-perfect credit. Your broker will assess your situation and find the best available options. Keep in mind that bad credit typically results in higher interest rates and stricter lending criteria.

Typical documents required include: proof of income (payslips, tax returns, or business financials), photo ID (driver's license or passport), recent bank statements (3-6 months), details of existing debts and assets, and quotes for your home improvement project. If refinancing or topping up a home loan, you'll also need property ownership documents and recent mortgage statements.

Yes, absolutely! We recommend getting free quotes through The Wombat™ first so you know exactly how much your project will cost. This helps you apply for the right loan amount and speeds up the approval process. Lenders typically want to see quotes or estimates for what you're financing, especially for larger amounts. Having detailed quotes also helps you budget accurately including contingencies.