Dreaming of a slick new bathroom, and ready to take the plunge? Don’t let your finances hold you back – there’s no time like the present (as the saying goes). Bathroom renovations are one of the most common home improvement projects, and they needn’t be too costly. It always pays to think strategically and determine how much you want to spend right from the start.
Planning a bathroom renovation is exciting, but it’s worth doing some research before you actually begin the process so you understand what you can get for the budget you set. Then you can go for it – and if money is an issue, you can use a personal loan to help fund your bathroom reno. Here are our sure fire tips to get that personal loan - and make that new bathroom you’ve been dreaming of happen!
1. Identify your budget
The first step is to decide how much money you need for the renovation. There are plenty of options for tiles, vanities, baths and showers so head on out to your local bathroom shops and check everything out. If you want to keep the budget low, look out for special offers and end of line items which you can often pick up at bargain prices. And don’t forget to check out what Bunnings have to offer as they carry a wide range of affordable items that could look great in your new bathroom.
Then it’s time for the tradies – depending on the extent of your reno you’ll need to contact a builder or carpenter, a tiler, sparkie and plumber to get some quotes. It’s worth getting at least 2 quotes from each trade so you can compare. And don’t forget the cost of anything that needs to be demolished in your existing bathroom – you’ll save money if you do it yourself, otherwise a handyman can help. Once you’ve identified your costs, add them all up to get your total budget and add in a little extra so you’ve got some wiggle room for unexpected costs.
While some bathroom renos can come with a hefty price tag, you should be able to create an awesome bathroom for less than $10,000 – and if you plan it right you can achieve a lot for around $5,000.
2. Check your credit report and score
While it’s possible that someone with a bad credit score can be approved for a personal loan, the better your credit score is, the higher the chances are for your application to be approved. Remember, a lender finds out your financial history through a credit report - that includes all sorts of financial information about you including how many times you’ve applied for a loan or a credit card and whether you have any defaults. You can find out more about your credit card score in this blog.
3. Find the right personal loan for you
There are many different lenders in the financial marketplace and a plethora of options to choose from, including non-bank lenders such as Safe Financial who offer fast and easy personal loans that don’t come with all of the red tape associated with the big banks. A personal loan can be secured or unsecured and it’s important to know the difference between the two and how they work. So before you jump into it and apply for a personal loan, read the low down on how they work here.
When you’re looking for the right loan to suit your needs, make sure you check out the fees and charges, the loan term and loan repayment flexibility, and of course, the support and customer service you can expect to receive. Before you make a final decision on your lender, make sure you check the reviews their customers have left for them – the last thing you want is to end up going for a loan through a lender who doesn’t make things simple and easy for you. You can read what Safe Financial customers say here.
4. Apply for your loan
There’s absolutely no need to front up to your preferred lender in person – these days most lenders accept and process loan applications online so it’s a relatively simple process. You’ll need to fill in an online application form to let the lender know who you are, where you live and what your financial situation is, but the questions shouldn’t be difficult to answer. This information will help the lender assess your application faster.
If you’re reading this blog, you probably know that here at Safe Financial we’ve helped thousands of Aussies get access to small personal loans that can fund just about anything – including bathroom renovations! If you want to know more, just take a look at our personal loans up to $5,000 to find out how quick and easy it is to get your hands on some extra funds. Once a loan is approved, we can usually deposit the cash into your bank account within a few hours - so you can stop dreaming about that new bathroom and start planning it!