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Renovate your home with a Great Southern Bank Personal Loan

Is your home looking a little dated? Or maybe you want to increase the value of your home? Our personal loan for home renovations makes sprucing up your home easy. You’ll be the envy of your street in no time!

Making improvements to your home that reduce emissions? We have an Unsecured Green Personal Loan for that too.

How do home renovation loans work?

An Unsecured Fixed Personal Loan for home renovations gives you the funds to complete the work you need, then pay it off in easy-to-manage repayments with no monthly account fees. No need to move house, you can refresh, revamp and upgrade the home you’re in!

If you’re adding solar panels or a battery pack to reduce the emissions of your home, an Unsecured Green Personal Loan is likely a better option – offering a lower interest rate for eligible green products.

Home renovation loans from Great Southern Bank

Designed to help you pay your loan off easier, our loans come with:

  • $0 monthly account fee.
  • Fee-free extra repayments.
  • Free redraw facility – in case you need to access your additional repayments.3
  • No penalties for early payout.

What can I use my home renovation loan for?

Home renovations do more than give you a luxurious living space. Maintaining your home can help you save money on costly repairs and increase the value of your property in the long term.

Our Unsecured Fixed Personal Loans can be used for:

  • Home maintenance and general repairs
  • New kitchens
  • Bathroom upgrades and repairs
  • Adding an extra room or extension
  • Furniture and whitegoods
  • Backyard improvements and landscaping

Our Unsecured Green Personal Loan can be used for:

  • Solar panels (3 kilowatt (kW) system or above)
  • Battery packs (5 kilowatt (kW) system or above)
  • Solar hot water systems
  • Hot water heat pump systems

Some eligibility requirements apply for green loans.

Note: if you’re planning home renovations which include installing green items, such as solar panels and/or battery packs, you’ll need to apply for a green loan separately.

A personalised rate* tailored to your credit score

MULTIPURPOSE
Unsecured Fixed Personal Loan
Loans from $5,000 to $75,000
Interest rate from
7.49
%
p.a.
to
19.99
%
p.a.
Comparison rate from2
7.74
%
p.a.
to
20.27
%
p.a.
Used for
GREEN LOAN
Unsecured Green Personal Loan
Loans from $5,000 to $75,000
Interest rate from
6.74
%
p.a.
to
19.24
%
p.a.
Comparison rate from2
6.99
%
p.a.
to
19.52
%
p.a.
Used for
Eligible green products
What's the difference between secured and unsecured loan?
What is a comparison rate?
What is a green loan for?
Have a Great Southern Bank Home Loan?
You may be able to use the equity in your home to apply for a home loan top up.
Connect with us to find out more.

Eligibility checklist

You must be

  • At least 18 years of age
  • A permanent resident of Australia
  • Receive a regular income
  • Have not been bankrupt or insolvent in the last five years.

You’ll need

  • An email address and contact number
  • Existing Great Southern Bank customer number (if you're already a customer)
  • Australian driver's licence, Medicare or passport details
  • Employment and income details
  • Details of any existing loans and expenses
How to apply for a home renovation loan
1. Apply online
It should take 10 minutes.
You will need proof of ID and your current financial situation.
2. Approvals
If approved, you will receive your loan contract to accept online.

3. Access your money
Your loan is paid into your Great Southern Bank account.4 You can also view repayment details online and on our mobile banking app.
WHY CHOOSE US
We've been putting customers first for more than 75 years.
Flexible loan options

Pay it off your way.

Clever features to help you save money

From personalised interest rates to no monthly account fees, you’ll be saving smarter, not harder.

We’re customer owned

That means no shareholders. Our profits go back into new products and clever ways to help you manage your money.

FAQs

Home renovation loans explained

If you’re still deciding which loan is right for you, we’re here to help. Call us on 133 282 for a chat.

What is a personalised interest rate?

A personalised interest rate is an interest rate based on an assessment of your credit score. If you have an excellent credit score and a good history of repaying loans, credit cards and other bills, you’ll likely be offered a lower interest rate.

When you apply for a personal loan, your individual situation and credit score will be considered when calculating your personalised interest rate.

Can we apply for a joint personal loan?

Yes. To apply for a joint personal loan both parties will need to be present and provide their ID plus details of their income, expenses and any existing loans.

Can I use part of my home loan for renovations?

Depending on your current home loan, its flexibility, and how much you’ve already paid off, you may be able to use it to pay for your renovations.

There are two main ways of going about it, these are:

  • A home loan top up
  • Redrawing from your home loan (if you’ve been making extra repayments)
  • Check out our guide to renovating your home to find out more and weigh up your options.
How do you get a home renovation loan?

Before you apply, we recommend visiting our personal loan calculator to estimate your repayment amount.

Then, applying online is easy. Simply gather your ID and some details of your income, expenses and any existing debts and you can apply in 15 minutes.

Is a home renovation loan tax deductible?

We recommend speaking with a tax accountant to find out what tax deductions you are eligible for. Loans taken out to renovate investment properties may be eligible for capital works deductions.

Can I make additional repayments?

Yes. At Great Southern Bank you can pay off your renovation loan before the end of your loan term without incurring extra fees, charges, or penalties.

What is the difference between an Unsecured Fixed Personal Loan and an Unsecured Green Personal Loan for home renovations loan?

An Unsecured Green Personal Loan is available for customers installing items that reduce emissions in your home including solar panels, battery packs and solar hot water and heat pump systems.

A renovation loan is an Unsecured Fixed Personal Loan that can be used for any type of home renovation such as kitchen and bathroom upgrades, extensions, patios and general home repairs.

If you're planning traditional renovations and installing green items such as solar panels, you’ll need to apply for two separate loans to get the reduced rate for your eligible green products.

CALCULATOR

Calculate your home loan renovation repayments

An ideal loan for a range of purposes. Learn about personal loan types
Available for new or used cars and motorbikes up to seven years old. Learn about personal loan types
Available for electric and hybrid cars up to seven years old. Learn about personal loan types
Available for eligible green purchases. Learn about personal loan types
Must be between $5,000 and $100,000.
Loan term (years)
Repayment frequency
Estimate your credit rating
Tell us what you think your credit rating may be and we can estimate your interest rate. What’s a credit score?
Estimated
repayments
$45
week
Estimated repayments
$45
week
Interest rate for good credit
X.XX
p.a.
Comparison rate2
X.XX
p.a.
This estimate is based on information you've provided. Your interest rate and repayments will be confirmed on assessment.
Apply now
Apply in 10 minutes
Your total repayments will be $XX,XXX. Your total interest will be $X,XXX.

The calculations provided are estimates only and are based upon the information entered by the user. The calculations do not include upfront or continuing credit fees and charges and do not constitute a loan application or variation to an existing facility, loan offer or loan approval.

Your contracted personal loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.

Ready to apply?
Your funds could be a few clicks away.
Apply now

Home renovation tips

Here are some handy tips to help make your reno happen:
Buy and sell, renovate or rebuild what's the best way to get a better home

As your family grows you might find your home isn't big enough anymore. You may need a third bedroom or a bigger kitchen. But what's the right way to upgrade?

Read more
Five ways to add value to your property

Find actionable tips to increase the value of your property and learn how to plan for home improvement projects.

Read more
Seizing the moment: a guide to personal loans

Applying for a personal loan can be be a bit confusing. Read our guide to discover everything you need to know when applying.

Read more
Get in touch
We're here to help.
Call 133 282

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Find a branch
Speak to one of our friendly staff at a branch near you.
Connect online
Chat to us or browse help topics and FAQs.
Important Information


Loans are issued by Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply.

Rates current as at 8 May 2024 and subject to change.

Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.

1. Comparison rate examples are accurate for a personal loan amount of $30,000 secured loan over a term of 5 years. WARNING: Comparison rates are 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.

2. Comparison rate examples are accurate for a personal loan amount of $30,000 unsecured loan over a term of 5 years. WARNING: Comparison rates are 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.

3. A $200 minimum withdrawal amount applies for redraws conducted in-branch. Redraw facility is available for Great Southern Bank Personal Loan products on offer from 6 June 2017.

4. You will need to hold a Great Southern Bank everyday account when the loan is funded.

*The rate you are offered is calculated based on your personal circumstances and credit history. A few different factors are considered, including:

  • Your credit score.
  • Information provided in your application.
  • Existing loans.
  • The loan amount and your perceived ability to repay the loan.

Your personalised rate won’t be confirmed until you receive an offer from us (if approved) and is subject change before your loan settles.

Speak to a Home Loan Specialist
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Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

How much would you like to borrow?
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The minimum amount you can borrow is $100,000
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Would you like to tell us anything else?
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First Home Guarantee
Family Home Guarantee
Regional First Home Buyer Guarantee

The Australian Government has introduced initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee.

Thanks [Name], we'll speak to you soon
One of our Home Loan Specialists will call you on [0413 456 789] at your preferred time.
To help you get the most out of your call, we recommend having some details ready:
  • Identification details
  • Details of your income and expenses
  • Financial details, including what you own and what you owe
In the meantime, if you have any questions, we’d be happy to help.
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