In 2015 the average total spend on renovations was $68,300, with most alterations being made to kitchens or living areas. And whilst there are a growing number of DIY renovators, 9 out of 10 Australians still hire professionals to upgrade their homes2.
There's no doubt about it, doing renovations on your home is an exciting prospect - and it’s way less stressful when you have your funds all organised and ready to go. An unsecured renovation loan with Pepper Money can help you achieve your renovation goals.
Personal loan product features
|Interest Rate||Fixed interest rates range from 7.45%pa - 16.95%pa* (9.07%pa - 18.53%pa comparison rate**)|
|Easy online application process||10-minute online or by phone (1300 108 794)|
|Loan Term||18 months to 36 months (<$7,999) and 84 months (>$8,000 to $40,000)|
|Loan Amount||$5,000 - $40,000|
|Funds paid into your account||Next business day following approval (subject to your bank's direct credit processing times)|
|Repayment Frequency||Weekly or Fortnightly|
|Repayment Facilities||Direct Debit|
|Fees and Charges||Loan Establishment Fee | 4% of loan amount, capped at $495
Security Registration Fee* | $20
Account Administration Fee | $13 per month
Early Repayment Fee | $0
Our unsecured personal loans range from $5,000 to $40,000, repayable between 18 months to 84 months.
Unfortunately at this time we do not accept applications for personal loan borrowers that have defaults on their credit report.
Yes, however the way our application process works is we first allow you to access your individual rate for free without it affecting your credit score. If you decide to proceed to an application, a credit check will be done.
A credit score is used to represent the creditworthiness of the person. Pepper Money will use credit scores to partly determine who qualifies for a personal loan, at what interest rate, and what credit limits.
Credit bureaus like Equifax use the following credit score groupings:
- Average = 510-621
- Good = 622-725
- Very Good = 726-832
- Excellent = 833-1200
Not sure where you land? Check your credit score for free by visiting their website here.
There are many factors that may impact your credit score such as a number of enquiries, adverse credit listings and personal information held on credit file. Learn more about the common problems that could contribute to a low scores here.
Once you’ve received full approval on your loan and we have received the necessary documentation, the funds will typically be transferred into your nominated bank account the next business day (subject to your bank’s direct credit processing times).
For the full FAQs click here.
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Ready to give your home some great improvements?
*Interest rates range from 7.45% p.a. (9.07% p.a. comparison rate) to 16.95% p.a. (18.53% p.a. comparison rate). Rates are correct as at 23 June 2020 and subject to change at any time. The actual interest rate applicable will depend on the individual borrower’s circumstances.
** All Comparison Rates are calculated based on an unsecured loan of $30,000 over a 5 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Loan repayment terms range from 18 to 84 months for secured loans. Repayment terms range from 18 to 36 months for unsecured loans between $5,000 and $7,999, and 18 to 84 months for unsecured loans from $8,000 to $40,000.
EXAMPLE: An unsecured personal loan of $30,000 borrowed over a term of 5 years with the minimum interest rate of 7.45%p.a. (9.07%p.a. comparison rate), would equate to an estimated minimum total amount payable of $37,741.60 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change.
For more answers to your questions visit our Help Centre.