Renovation Loans
Real life loans for real people
There's no place like a renovated home.
We Australians love renovation. With around 62% of homeowners doing some kind of renovations in the last 12 months1, it seems that renovating is the new upgrading. There are a number of improvements you can make to add value to your home, but it helps to understand the cost before you get started.
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 is 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.
Calculate your indicative interest rate and repayments
Here's where Pepper Money can help
With zero establishment fees and zero monthly fees.
Apply online from any device, from start to finish in 15-20 minutes.
Interest rates from 9.99% p.a. to 27.99% p.a.* (9.99% to 27.99% p.a. comparison rates**) based on your circumstances
Which rate is best for my renovation?
| Interest Rate Type | Variable | Fixed |
| Interest Rate | Interest rates from 9.99% p.a.* (9.99% p.a. comparison rates**) | |
| Easy online application | Yes | |
| Loan Terms | 1 - 7 years | |
| Loan Amount | $5,000 - $50,000 | |
| Funds paid into your account | Next business day following approval | |
| Account Statements | 6 monthly | |
| Flexible Repayments | Weekly / Fortnightly / Monthly | |
| Repayment Facilities | BPAY / Direct Debit / Direct Credit | |
| Monthly account keeping fees | $0 | |
| Break fee - if early repayments exceed an amount equal to three months' repayments or more | N/A | $150 |
| Early repayment fee - if you repay your loan in full prior to the end of the term | N/A | $300 |
Popular questions
With a Pepper Money renovation loan you can borrow up to $50,000 to make your house a home.
You can use our unsecured renovation loan for any type of home improvement. Whether you’re upgrading your kitchen, building a new deck or just making some basic home improvements, our mission is to help you succeed.
We’ll pay funds into your nominated account on the next business day following approval. That means you’ll have the flexibility to pay your tradesmen any way you want. And if your project comes in under budget, you can use those extra funds to pay back your loan sooner, or put them towards your next renovation.
Pepper Money does consider applications that have defaults providing they pass our credit score and application lending criteria.
A credit score is generally provided by a credit reporting body and used to represent the creditworthiness of an applicant. Pepper will use credit scores to partly determine if you qualify for a loan, at what interest rate, and what credit limits. Many factors can impact your credit score including number of enquires, adverse credit listings and personal information held on your credit file.
For the full FAQs click here.
Start your journey
Ready to give your home some great improvements?
*Interest rates range from a minimum of 9.99% to a maximum of 27.99% p.a. Rates are correct as at 5 April 2019 and subject to change at any time. The actual interest rate applicable will depend on the individual borrower’s circumstances. Indicative interest rates provided are calculated based selected credit situation, loan purpose, amount and term, type of interest and payment frequency. All applications are subject to Pepper’s normal credit assessment and loan suitability criteria. Terms, conditions, fees and charges apply.
** 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.
Sources:
1http://propertyupdate.com.au/believe-not-62-australian-home-owners-renovation-last-year/
2http://info.houzz.com/rs/804-JLJ-529/images/Australia_Houzz_%26_Home.pdf
Help at hand
For more answers to your questions visit our Help Centre.