What it can cover
- A new hot water system.
- Plumbing or electrical repairs.
- Roof, gutter or storm damage repairs.
- Replacing a broken heater or air conditioner.
- Small improvements, like new flooring or paint.
Check these before you borrow
Check your home insurance
Storm, fire and water damage may be covered. Call your insurer before you book repairs.
Renting? Ask your landlord
Repairs to a rental property are usually the landlord’s job. Tell your agent in writing.
Get two quotes
Compare what’s included, and ask for the quote in writing.
Use a qualified tradesperson
Plumbing, gas and electrical work must be done by a qualified tradesperson. Ask to see their details.
How the loan works
It’s the same loan whatever you use it for. Your offer and contract show your exact figures before you accept.
| Feature | What it means |
|---|---|
| What you can borrow | $2,050 to $4,600 in cash, in $50 steps |
| Establishment fee | $400, added to the loan, so the total stays within $5,000 |
| Length | 3 or 6 months |
| Repayments | The same amount each time, weekly, fortnightly or monthly, timed to your pay. The first is at least 7 days after the loan is paid. |
| Interest | A fixed rate, charged only on what you still owe |
| Paying early | Allowed at any time, with no early repayment fee |
| Security | None. The loan is unsecured |
| How you get the money | Paid into your own Australian bank account, if you’re approved and accept |
When this loan isn’t the right fit
- Repairs your landlord or insurer should pay for.
- Renovations that cost more than $4,600.
- Everyday bills or living costs that keep coming back.
- Paying off other loans or debts.
- Anything for a business, investing or gambling.
- If the repayments would leave you short for essentials. Free, confidential help is available from the National Debt Helpline on 1800 007 007.
Questions
Can renters use it?
Yes, for your own costs. Repairs to the property itself are usually the landlord’s responsibility.
Do I need a quote?
It helps. A written quote lets you choose the right amount, so you borrow only what you need.
How quickly is the money paid?
If you’re approved and accept your contract, the money is sent to your own bank account. Timing depends on your bank and our checks, so we can’t promise when it will arrive.
Can I pay it off early?
Yes. You can repay early at any time, with no early repayment fee. You only pay interest for the time you have the money.