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What about a loan for home renovations or improvements?

  • Writer: Harmoney
    Harmoney
  • 17 hours ago
  • 2 min read

Home renovations are a great way to add value to your property and create a living space you love. When it comes to funding these projects, a personal loan is a popular choice for many New Zealanders. A personal loan for home improvements can be a fast, simple, and flexible way to get the money you need without the complexities of other financing options.

At Harmoney, our unsecured personal loans are a great fit for a wide range of renovation projects, from a new kitchen or bathroom to a new deck or landscaping.

Why a Harmoney Unsecured Loan is a Great Fit for Renovations

When you choose a personal loan from Harmoney, you get a simple and transparent process that's specifically suited for home improvements.

  • Keep Your Equity in Your Home: Our loans are unsecured, which means you don't need to use your house as collateral. You don't have to risk your most valuable asset to get the money you need.

  • Fast and Simple Process: Our 100% online application and approval process is quick and hassle-free. We don't require tradie quotes or building contracts to approve your loan, so you can get the funds and get started on your project right away.

  • Fixed Rate for Easy Budgeting: Our loans come with a fixed interest rate for the entire loan term (3, 5, or 7 years). This means your repayments are predictable, making it easy to budget for your renovation costs.

  • Borrow What You Need: You can apply to borrow from $2,000 up to $100,000, which is enough to cover a wide range of renovation projects, big or small.


Unsecured Loan vs. Mortgage Top-Up: A Key Comparison

Another common way to fund a renovation is to increase your mortgage (a "top-up"). While a mortgage top-up might offer a lower interest rate, it comes with a few key differences you should consider.

Feature

Unsecured Personal Loan (Harmoney)

Mortgage Top-Up

Collateral

Not required.

Your home is used as security.

Term

Shorter term (3-7 years).

Longer term (often 20-30 years).

Risk

No risk of losing your home.

Your home is the collateral.

Process

Fast, online, and simple.

Can be more complex, with extra paperwork.

Total Cost

Higher repayments but can save you total interest over a shorter term.

Lower repayments, but the paperwork can have a cost, and the top up can significantly increase the total interest paid over 20+ years.

For many, the simplicity and speed of an unsecured personal loan, combined with the peace of mind of not risking their home, makes it the preferred option for renovations.



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