The type of renovation loan will depend on your personal circumstances. You have a few options for funding your home improvements and it’s important to find the solution that works best for your financial position.
If you have an existing mortgage or home loan, you may have the option to access some of the equity in your home and refinance to borrow more against your home, but this option often comes with lots of paperwork and may come with additional fees and interest over the life of the loan.
The benefits of choosing a personal loan for your home improvement is an easier application, faster processing times and fewer hoops to jump through. Plus with SocietyOne you have no ongoing monthly fees or early repayment fees, so you can pay the loan off sooner without penalty.