All you Need to Know on the Best Home Improvement Loans

House 3 min read

01 Oct 2019

It’s official. You are taking the plunge and finally making those home improvements you’ve always dreamed of. Nothing is going to stand in your way. Sure, you might not know your claw hammer from your drill driver, but that’s what Youtube tutorials are for, right? And with our expert guide from Taskmatch, you’ll know exactly where to get started. 

There’s just that one little issue of how you are going to pay for that Dermot Bannon worthy home makeover you’ve planned. Let’s face it, there are not too many of us who will have the necessary disposable cash to hand. No need to worry, as there is great value to be had on home improvement loans.

But just what are the best home improvement loans out there? Here’s all you need to know.

Definitely not the best home improvement loan around

We need to nip something in the bud before we go any further. Do NOT put your home improvements on your credit card. We know it’s tempting. But is it that attractive when you stop to consider all that interest you’ll accrue? And that’s even if you make every monthly minimum repayment. Using a credit card will ultimately be a big mistake. Really. You don’t have to just take it from us. There is a wealth of online material out there that will tell you the same thing. (But, if you do want to take it from us, just read our blog on credit card interest and how it works). It’s definitely not – by a long shot – the best home improvement loan option for you.

Now for the best home improvement loan for you

So we’ve established what NOT to do. Now let’s look at what to most definitely do if you need an affordable loan for your renovations. The best home improvement loan you’ll get is with your local credit union. We know we’re biased, but hear us out. Credit union loans are designed to make live easy for you. They are probably the most flexible form of credit in Ireland at the moment. This is because credit unions are happy to work with you to restructure loan repayments if you are finding it too difficult to meet them.

best home improvement loan

If you change your mind and want to pay the loan back early, there is no issue with that either, and no financial penalty. Credit unions always want to ensure their borrowers are living their best life - and their loan is not impacting on that. This is because credit unions are not-for-profit, so their only objective is to help you achieve your goals and dreams. You can read more on the unique benefits of credit union loans here.

Best home improvement loan rates

In addition to the flexibility with a credit union loan, they also offer some of the best home improvement loan rates around. Let’s take a look at a few.

  • Altura Credit Union in Co Wexford offers a special home improvement rate of 6.9%. Say you wanted €5,500 to carry out some bits and pieces around the home. It suits you to pay back the loan fortnightly. You would pay just €219 every fortnight, and a total of €199 in interest over the course of the loan.

  • Kildare Credit Union offers its home improvement loan at 6.45% APR. If you want a €20,000 loan for your dream home make-over and you want to pay it back every week for three years, you’ll pay just €141 weekly. Your total interest will be €1,939 over the course of the loan.

  • St. Paul's Garda Credit Union in Co Cork offers its home improvement loan at an APR rate of 4.33%. The minimum on the loan is €25,000, so let’s look at this amount as an example. You can get some serious home improvements for this! If you wanted to pay the loan back on a monthly basis, you would pay €740.88. Your total interest over the course of the loan would be €1, 671.68.

When you compare these rates to credit card interest rates of between 13% and 23%, you can see why we were telling you to steer clear of the plastic! And why we’re saying that credit unions have the best home improvement loans around.

Not convinced? How about you just take a few minutes to contact or talk to your local, friendly credit union and hear it from the horse’s mouth. They can tell you about the APR rate they are currently offering and provide you with a cost of credit. 

But we think you probably are convinced by now, so why not just go ahead and Submit an Online Loan Enquiry