Australians are more likely to take a loan out to renovate their homes than to splash out on a holiday or a lavish wedding.

Brisbane-based lender CUA says more than one in 10 personal loans it has issued in the 12 months to June 30 have been for home improvements or household goods. Home renovators borrowed slightly more than $15,000 on average, while loans for household items were about $8,900 on average. Slightly more…