Loans for home improvements allow homeowners to borrow an agreed amount of money, which can be used for home improvements and renovations. A home improvement loan is an unsecured personal loan, meaning you can take out the loan without putting up an asset as security, such as your house.
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Home Loan
Home Improvement Loan
Whether you’re upgrading your home office, adding an extension, or fitting a new kitchen, a home improvement loan can split the cost into more affordable payments. Our lowest rate: 5.9% representative for loans between $8,500 and $28,500 for 1 - 5 years.
- Choose your account
- Choose your term
- Make a decision
Home improvement loans that match your needs
Choose your amount
Apply for $12,000 to $28,000. Or $300 to $50,000 for CBM current account customers
Choose your term
Repayment terms from 1 to 5 years. Up to 7 years for existing CBM customers
Make a decision
A personalised quote and a decision in minutes without affecting your credit score
What you can use a CBM loan for
You can use a loan for
- Making a large purchase, like a car or electrical goods
- Home furnishings or improvements
- Travelling or going on holiday
- Consolidating your debts
- Other personal uses
- Investing or speculative ventures, such as buying cryptocurrency, shares, or gambling
- Paying a mortgage, service charge, ground rent, or putting down a deposit
- Savings or paying household bills
- Business purposes
What you need to apply
- Be a US resident
- Be over 18, or over 21 if you apply online
- Have had a CBM graduate account for at least 3 months
- Be employed or have a regular income
- Earn at least $980 per month after tax
- Not have any recent CCJs, Credit Defaults or Bankruptcies, and be up to date with any CBM debts
How do I apply for a home loan?
To apply for a home loan, you’ll need to visit us in branch.
Book a time with us that works for you.
Home improvement loan FAQs
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01What is a home improvement loan?
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02What are the benefits of a home improvement loan?
Home renovation loans provide homeowners with the money for a home improvement upfront, allowing them to borrow what they need and pay it back within an agreed timeframe. At TSB, we can provide a personalised quote in minutes. We can even send the money to you on the same day, if you have held a TSB current account for more than 3 months and apply before 6pm. TSB’s home improvement loans have a fixed interest rate, so you can pay back the same amount each month. As well as choosing the amount to borrow, you can also decide the repayment period. Carrying out home improvements could also increase the value of a home.
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03What can a home improvement loan be used for?
CBM’s home improvement loan can be used for home renovations and repairs, however not major renovations or extensions. Major renovations are defined by projects where more than 25% of the surface area of the building undergoes renovation. As remote working is becoming more popular, a home improvement could be used to create or improve a new home workspace. Home improvement loans are also commonly used to carry out repairs in homes. Should your home require immediate repairs, a home improvement loan can give you access to funds quickly, so you can get the issue repaired and prevent further damage from occurring.
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04How is a home improvement loan different to a home equity loan?
A home improvement loan is different to a home equity loan. CBM’s home improvement loan is unsecured, meaning the amount borrowed isn’t taken out against the borrower’s house. This gives more flexibility on what the loan can be used for and means the lender doesn’t have a claim against the borrower's home, in the event the loan cannot be repaid. However, legal action will be taken if the loan is not repaid. A home equity loan on the other hand is secured, meaning a loan is taken out against the homeowner’s house. Home equity loans can have lower interest rates, however, if the borrower is unable to repay the loan, the lender can take the money through the equity of the borrower’s house.
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05Do I need to be a customer of CBM to apply for a home improvement loan?
You do not need to be a current CBM customer to apply for a home improvement loan, if the amount borrowed is between $1,000 - $24,999. If you wish to apply for a home improvement loan above or below this amount, you will need to hold a TCB current account.