Loans as they should be
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Borrow up to $45,000 for a range of loan purposes
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Simple online application
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Loan terms from 12 to 60 months
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No early repayment fees
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Fast finance – funds typically disbursed within 24 hours of approval
Learn more about our renovation loans
Ready to give your home a fresh new look? Whether you’re updating a single room or planning a full home makeover, a secured renovation loan from Rapid can give you access to flexible options for loan amounts, loan terms and repayment frequencies. When you apply for a renovation loan, you are applying for our secured personal loan product, which can be used to finance eligible renovations and home improvement projects.
At Rapid, we know that home renovations can be exciting, but the upfront costs can feel overwhelming. That’s where we come in. Our secured personal loans offer flexible loan amounts, loan terms and repayment frequencies that may be used for eligible home renovation projects, subject to our lending criteria and approval. With a secure online application platform, our process is designed to be straightforward and simple.
Rapid Loans has helped thousands of Australians access finance through a straightforward online application process.
Why Choose a Renovation Loan?
Home renovations are exciting, but they can also come with unexpected costs. What starts as a simple project can quickly grow with design upgrades, surprise repairs or structural changes.
A Rapid Loans secured personal loan provides access to funds for eligible renovation projects, subject to our lending criteria and approval. With fixed repayments loan terms from 12 to 60 months, you can plan your repayments with certainty throughout the life of your loan.
Our secured loan for renovations requires you use an asset, such as your car, as security. Using a registered vehicle as security forms part of our lending assessment.
Apply online today to get started.
How to Apply for a Renovation Loan
We know a lot goes into a renovation project, from identifying the need for improvement to finding a builder or contractor. That’s why we’ve made applying for a personal loan for renovations straightforward and 100% online.
Here’s how our simple process works:
- Apply online – complete your application in just a few minutes.
- Application assessment – we’ll review your application and contact you if any additional information is required.
- Funds transferred – if your application is approved and your loan settles, we’ll arrange for your funds to be transferred.
- Fixed repayments – your repayments stay the same throughout your loan term, and there are no early repayment fees if you choose to repay your loan sooner.
With Rapid, you can complete your renovation loan application online at a time that’s convenient for you.
Renovation Loan Options
Every home improvement project is different, and so are your borrowing requirements. That’s why Rapid offers loan amounts from $2,001 up to $45,000, subject to our lending criteria and approval.
Our secured personal loans may be used for a range of eligible home improvement projects, including:
- Kitchen renovations
- Bathroom upgrades
- Home extensions
- Flooring or painting
- Outdoor living and landscaping
- Urgent home repairs or insurance gaps
If you’re unsure whether your planned renovation is an eligible loan purpose, our team will be happy to assist.
Am I Eligible for a Renovation Loan?
If you’re considering applying for a renovation loan, you may be eligible if:
- You’re at least 18 years old
- You’re an Australian citizen or permanent resident
- You have regular income
- You can meet your repayment obligations.
Because our secured loans use your registered vehicle as security, we’ll also require details of that vehicle during the application. At Rapid, we assess every application against our credit eligibility criteria and lending requirements, so a less than perfect credit score doesn’t automatically rule you out.
What Documents are Needed to Apply for a Renovation Loan?
To help us assess your renovation loan application, you’ll need a few simple documents:
- Valid ID (driver’s licence or passport)
- Proof of income (recent payslips or benefit statements)
- Information about your current debts and expenses
- An estimate of how much you need to borrow for your renovation
Once we receive your application, we’ll review it as quickly as possible and let you know the outcome.
How It Works
1. Apply Online
Get started with our simple online application and be on your way in just a few clicks! Our secure online platform keeps your information safe.
2. We’ll Get In Touch
Your application will be reviewed and one of our friendly loan consultants will be in touch soon! We’re here to help.
3. Receive Funds
We take our commitment to being fast seriously! If you applied in the morning and were approved, your funds could be available the very same day.
Why go with Rapid for your loan?
Designed for Simplicity
Our auto and personal loan products are designed to make borrowing simple, with flexible options for loan amount, loan term and repayment frequency.
Fast Online Application
Our online application takes just minutes, and our secure online portal makes it easy to upload your supporting documents quickly and conveniently.
Real People, Ready to Help
Our dedicated Customer Service team is here to help. From application through to settlement, we’re committed to making every interaction easy to understand and supportive.
50,000 Customers and Counting
We’ve helped more than 50,000 customers access finance. Our experienced team understands that life isn’t always straightforward and is here to support you throughout the process.
Explore Our Other Loan Types
Dental Loans
For when you want to smile big.
Medical Loans
For when its time to prioritise your health
Personal Loans
For when you want to start living
Renovation loan questions
How do home renovation loans work?
At Rapid Loans, when you apply for a Renovation Loan, you are applying for one of our secured personal loan products, which may be used to finance eligible home renovation and improvement projects.
All applications are subject to our credit eligibility criteria and approval. Terms and conditions, fees and charges apply.
What can I use a renovation loan for?
A home renovation loan may be used for a range of eligible home improvement projects, including:
– Kitchen remodelling
– Bathroom renovation
– Addition of new room
– Flooring replacement
– Roof replacement
– Electrical and plumbing upgrades
– Installation of energy-efficient systems
– Landscaping and outdoor living areas
– Painting and decorating
– Solar Panels and systems
If you’re unsure whether your planned renovation is an eligible loan purpose, our team will be happy to assist.
What should I consider before applying for a renovation loan?
Before applying for a renovation loan, it’s worth taking some time to consider your project, budget and repayment obligations. Some factors to think about include:
Purpose of the renovation
Consider the scope of your renovation and the improvements you’d like to make. Obtaining quotes from builders or tradespeople can help you estimate the overall cost of the project.
Your budget
Think about how much you’ll need to borrow and whether the loan repayments fit within your budget. Preparing a detailed renovation budget, including an allowance for unexpected costs, can help you plan ahead.
Loan term
Consider the repayment term that best suits your circumstances. A longer loan term may reduce your regular repayments, while a shorter term may reduce the total interest payable over the life of the loan.
Your financial circumstances
Before applying, consider your income, existing financial commitments and your ability to meet your repayment obligations throughout the loan term.
If you’re unsure whether a loan is appropriate for your circumstances, you may wish to seek independent financial advice.
How much do I need to borrow for a home renovation?
The amount you need to borrow for a home renovation will depend on the scope of your project, as well as the materials and labour costs involved. Here are some things to consider when estimating how much you may need to borrow:
- Cost of materials: Consider the cost of all the materials you’ll need for your renovation, including flooring, cabinetry, fixtures and appliances. Obtaining a quote from a builder or tradesperson can help you estimate these costs.
- Labour costs: Estimate the cost of hiring builders, electricians, plumbers and any other professionals required to complete your renovation. Quotes from contractors can help you understand the expected labour costs.
- Council permits and fees: Depending on your project, your local council may require permits or approvals. Be sure to include any associated application or permit fees in your budget.
- Contingency allowance: Renovation projects can sometimes uncover unexpected issues. You may wish to include an allowance in your budget for unforeseen expenses.
- Finishing touches: Remember to include the cost of items such as paint, window furnishings, furniture or accessories if they’re part of your renovation plans.
Once you have an estimate of your total renovation costs, you can determine how much you may need to borrow. Preparing a realistic budget before applying can help you choose an appropriate loan amount for your project.
If your application is approved, we’ll provide you with details of your loan amount, interest rate, fees, charges and repayment schedule so you understand the total cost of your loan.
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Learn how our loan system makes borrowing easy, quick, and hassle-free.