Pay for Home renovations without the hassle of a home loan

Better rates on Home Improvement Loans

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Are you planning to renovate your home but experiencing any of the following:

You’ve been surprised by moving costs and don’t have fund left for essential renos?

You’ve just moved in and can’t live with that ‘80s bathroom after all?

Thinking about borrowing against your home loan to get a lower interest rate but put off by the paperwork?

Want to know the most cost effective way to pay for your renovation projects?

If any of the above sounds familiar, then we’d like tell you how we’ve helped hundreds of Aussie homeowners pay for their renovations without using their home loan. 

What every bank doesn’t want homeowners to know about their home loan

Home loans have lower interest rates than personal loans but are paid off over a longer period, so, home loans generally cost less per month in repayments but…

what most banks don’t tell you is that using a home loan to pay for home renovations can cost you more in the long run. Even with a lower rate, the longer loan term can compound up to thousands more in interest repayments - undoing all the good work you have done to pay off your home loan balance so far.

The difference between Home Loans and Personal Loans

Interest rates on personal loans are higher than home loans because they are unsecured debt and don’t use your home as collateral.

Personal loans have a maximum term of 5 years –ideal to pay off renovations as soon as possible without increasing your home loan.

Take, for example, a $500,000 home loan to which you’ll be adding $20,000. Based on a variable home loan rate of 4.7% that would be an extra $130 a month.

Not bad, you think. Until you work out that’s around an additional $10,900 in interest payments at current rates over 20 years.

Now compare that to a SocietyOne personal loan of $20,000 paid back over 5 years at a fixed term interest rate of 10% - which could be even lower if your credit history is good. Your monthly repayments are, of course, much higher - in this case $438 a month.

But, you’ll only be paying $6260 in interest over that 5 years which is, in effect, $4,600 less than what you would be loading up onto your home loan and 15 years with lower payments!

How it works

People backing people. We're not a bank! We connect borrowers who want lower rates with investors who want better returns. Everybody wins.

Choose your repayment term. You can pay off your Home Improvement Loan over a period of 2-5 years with fortnightly or monthly repayments.

Why SocietyOne

People backing people. We're not a bank! We connect borrowers who want lower rates with investors who want better returns. Everybody wins.

No monthly fees. Because no one likes service fees when you’re already paying interest.

No early repayment fees. We’re happy for you to pay off your loan sooner. And we won’t charge you if you do!

All you need to do is pay an establishment fee which is also based on your loan amount and credit score and added to your loan.

Quick and easy process. You can get personalised quote in less than 3 minutes and apply online.

Our loans are ideal for homeowners who:

Want to renovate but don’t have enough funds.

Don’t have a redraw facility on their current home loan.

Don’t want the hassle of refinancing their home loan.

Don’t have enough equity in their property to borrow against.

Prefer not to use their home loan because it could cost more in the long term.

Have a good credit history and want to use it to get a better deal.

Make It Happen

Get a quote

If you’d like to know what your repayments could look like with a Home Renovation Loan You can get a personalised quote in less than 3 minutes.

Our rates

We never charge any monthly or early repayment fees. Loans available for a minimum term of 2 years and a maximum term of 5 years.

SocietyOne Loan
Interest Rate
% p.a. (2-3 years)
Interest Rate
% p.a. (5 years)
Comparison Rate
% p.a. (2-3 years)2
Comparison Rate
% p.a. (5 years)3
Tier 17.50% - 10.55%8.35% - 11.40%3.00% - 4.00%9.51% - 13.28%9.61% - 13.13%
Tier 210.55% - 11.50%11.50% - 12.45%4.25%13.44% - 14.41%13.34% - 14.31%
Tier 311.50% - 13.96%12.55% - 15.01%4.50%14.58% - 17.09%14.52% - 17.02%
Tier 413.96% - 18.99%15.11% - 20.14%5.00%17.43% - 22.57%17.35% - 22.49%

The establishment fee is added to your loan; the amount is based on your SocietyOne loan grade and the loan amount. A $35 fee applies if you need to vary your loan. 2 Based on a $10,000 unsecured personal loan for a 3 year term. 3 Based on a $30,000 unsecured personal loan for a 5 year term.

Example based on a SocietyOne Tier 1 loan for $10,000 with a 3 year term.

Comparison Rate*


Monthly Repayment


Total Repayments

36 x $320.39 = $11,534.20

*Comparison based on a SocietyOne Tier 1 unsecured personal loan of $10,000 over 3 years.  SocietyOne Tier 1 borrowers will receive an interest rate between 7.50% - 10.55% (comparison rate 9.51% - 13.28% p.a.) depending on investor demand. WARNING: The comparison rates are true only for the examples provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.

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