Reno Loan

Looking for an easy, hassle free and cost effective way to finance improvements to your home? The Reno Loan can provide you with up to $50,000 for all those smaller home improvements projects, without the need to extend your home loan.

Features

• Add value to your home and increase the equity in your property – no new mortgage required to do so!
• Repay your loan over a short term and keep repayments and affordability within your budget – no loan payout fees either
• Low interest rate
• No security required
• Low establishment fees – cheaper to set up than our standard home loan
• Borrow from $3,000 to $50,000 for your home improvements and renovation project
• Terms from 1 to 5 years
• Choice of weekly, fortnightly or monthly repayments
• Able to make additional repayments

A Reno Loan can be used for any of the following purposes:

• Building a deck or patio
• Constructing a carport or new driveway
• Purchase and installation of an in-ground pool
• Building a new room in your house
• Renovating the kitchen or bathroom
• Replacing or repainting the roof of your house or shed
• Professional internal/extrernal repainting of your house
• Professional landscaping, fencing and irrigation
• Replacing your house floor coverimgs
• Eco friendly home improvements such as solar panels, rainwater storage tanks, greywater treatment systems, roof insulation, solar hot water system, LED lighting and eco lighting, inverter air conditioners.

Excluded items that cannot be purchased using the Reno Loan include:

• Whitegoods and electrical goods that are not hardwired appliances e.g. fridges, entertainment systems, washing machine, TV’s, microwave ovens etc.
• Household furnishings e.g. lounges, tables, chairs, beds, rugs etc.

Note: The loan is only available to personal Members for the renovation of owner-occupied or residential investment homes. All loan proceeds will be disbursed on provision of an invoice/s which states the exact renovations being carried out and will be paid to the business or company carrying out the works stated on the invoice.

**Comparison Rate calculated on an unsecured loan of $30,000 over a 5 year term based on monthly repayments.

*WARNING: These Comparison Rates apply only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Please be aware that variable interest rates may change at any time without agreement. All interest rates quoted are per annum. Fees and charges are payable. Normal lending criteria, terms and conditions apply and are available on request. Before acquiring this product, the information above should be read in conjunction with the following documents to determine if this product is right for you: Personal Loans, Fees and Charges, Credit Guide and Loan Interest Rate Schedule.