Frequently asked questions
- 1. What is the eligibility criteria?
You must be:
- 21 years or over
- An Australian citizen or permanent resident
- Earn $50k or more per annum
- Not be bankrupt or in a debt arrangement
- Not be solely reliant on Centrelink as a source of income
- 2. How do I apply?
- 3. How much can I borrow?
You can borrow any amount from $5,000 to $100,000. Subject to our credit assessment criteria. Terms, conditions, fees and charges apply.
- 4. How often do I need to make repayments?
You can select to make repayments fortnightly or monthly by direct debit.
- 5. How long is the repayment plan?
If you apply and are approved for a RenoNow loan up to $40,000 you can pay the loan off between 1 and 7 years. For loans between $40,001 and $100,000 you can pay the loan off between 1 and 10 years. However, you have the flexibility to pay your payment plan off faster or at any time with no penalties.
- 6. What can I use the funds for?
The funds can be used to pay for anything related to your renovation.
- 7. How secure is my personal information?
- 8. What is the interest rate?
- 9. Can there be joint borrowers?
Yes, each applicant will need to complete and submit their details. We will assess this as a joint application and both of you will need to sign the agreements. Joint borrowers can only be partners or parents. In the case of parents, children must be under the age of 25 years. In the case of your partner you must be married or in a de-facto relationship and reside at the same address.
- 10. What are my monthly living expenses?
As part of completing your application we ask you for the amount of your monthly living expenses (or your monthly household living expenses if you are married or in a de facto relationship). This information assists us to determine whether the RenoNow loan is suitable for you as it is important to us that we don’t put you and your family in a hardship situation. To help you calculate what should be included in your monthly living expenses we have prepared a guide that you can download. This is a guide only. If you have any questions around what should be included you can always email us on email@example.com or call us on 1800 012 795 and speak to our friendly team.
- 11. Will you contact my employer?
We may need to contact your payroll department to verify your employment status. Don’t worry – we won’t disclose any personal information to them about you or the purpose of the loan.
- 12. What is the next step once a decision is made?
Once you have submitted your application we will respond within 60 minutes. Subject to having all the required information and during NSW normal business hours. If you are conditionally approved we will still need to verify your income by requesting a copy of 90 days of your most recent bank statements. This is all done online within seconds with our trusted partner bankstatements.com.au.
Final approval is subject to RenoNow’s lending criteria and supplying satisfactory supporting documents.
- 13. Why do you ask me for my bank statements?
We are a responsible lender and we want to ensure that you can afford your repayments. A copy of 90 days of your most recent bank statements assists us to verify this. This can be done with our trusted partner bankstatements.com.au. Rest assured it is not possible for anyone at RenoNow to see or access your online banking information or password.
- 14. What is bankstatements.com.au?
BankStatements.com.au is a trusted financial data platform. It is used by a number of Australia’s banks to retrieve customer bank statements in a safe and efficient manner.
BankStatements.com.au takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.
- 15. Are there any fees for early repayment?
No, you have the flexibility to make one off payments at any time without incurring penalties. One off payments can be made by BPAY. If you wish to pay off your payment plan in full please email us and request a payout figure.
- 16. How can I change my direct debit details for my repayments?
Download and complete the Direct Debit Request Form here ensuring you insert your loan account number and provide your correct BSB and bank account number.
If it is a joint bank account please ensure it is signed by all account holders. Once complete scan (or take a photo with your smartphone) and email the signed Form to us at firstname.lastname@example.org
Please allow a minimum of 5 days for us to process the change. We will email you to confirm the change has been made.
- 17. What happens if I have a problem repaying my loan?
Please let us know as soon as you think you may have a problem paying any of your future payments. We will try and work with you to get you back on track. We don’t have a penalty interest rate as we believe it is best to work together to get you over any hurdles you may encounter.
Your dream awaits
Apply online in under 5 minutes and get a decision in 60 minutes.
Use the funds when you're ready.