Home renovation loan for renters
Home renovation loans help eligible people pay for work done to their home for health and safety reasons.
The loans can be used to top up savings or grants to pay for the work.
To be eligible for a home renovation loan:
- You must meet the Home Renovation Service eligibility criteria as well as loan requirements, including credit checks
- The home must be your principal place of residence
- Your total monthly commitments cannot exceed 25 per cent of your gross monthly income. This includes repayments for your Home Renovation Loan, credit cards, existing personal and home loans and rent.
As a private renter:
- You can get a loan up to $2,000: no security is needed.
Costs and repaying the loan
You can negotiate minimum repayments.
The maximum loan term is 15 years. The annual percentage rate is usually two per cent below the Director of Housing's three year fixed interest rate.
Call Loan Assistance to find out current interest rates and if there will be any fees, charges and conditions on your Home Renovation Loan.
Call Loan Assistance on (03) 9096 9821 or free call 1800 134 872.
Go to Loan application and current borrower appeals for more information about what you can appeal.