With December only days away, stores around the country are about to get a whole lot busier. But with budgets getting tighter and wishlists growing, many Aussies might be looking for alternative ways to help cover the cost of Christmas.
One way to keep costs low might be to take out a personal loan rather than using a credit card. Personal loans usually have lower interest rates and set repayments, which are easier to manage and work into your monthly budget.
So if you’re prepared to get Christmas ready with a personal loan, kickstart your search with these five great deals below.
If you prefer to have all your finances managed by a big bank, why not try the ANZ Unsecured Personal Loan? Offering a fixed rate of 12.45% (13.32% comparison rate), you’ll be able take comfort in always having the same monthly repayment amount. Loan protection insurance is also available with this loan, which can help cover your repayments if you were to suffer sickness, injury or unemployment. And since this loan is unsecured, you won’t have to worry about offering up an asset as security.
Australian Military Bank Unsecured Personal Loan
Variable interest rates from 7.88% (8.72% comparison rate ^^)
No exit fee
Extra repayments and redraw available
Be rewarded for your top credit history with the Australian Military Bank Unsecured Personal Loan - Excellent Credit. If you’ve got excellent credit, you could have access to the low 7.88% variable rate (8.72% comparison rate ^^). And if you’re thinking of making more than the monthly repayment, you’re in luck, as this loan offers free extra repayments as well as a redraw facility. There’s also no exit fee, so if you do decide to pay out your loan early, you won’t have to worry about any extra charges.
If you like to keep things simple, take a look at the ME Bank Personal Loan. This unsecured personal loan features a fixed 10.98% rate (11.35% comparison rate ^^), giving you peace of mind in always knowing your repayment amount. There’s also no ongoing or exit fees, only the one-off upfront fee of $250. And with the option to make free extra repayments, you’ll be on your way to getting out of debt fast.
If you’re a Queenslander, you need to check out the RACQ Unsecured Personal Loan. There’s a 12.95% variable interest rate on offer, plus no ongoing or exit fees. Not only is there a simple, online application process and unlimited extra repayments available, you’ll also have the flexibility to make your repayments on a schedule that suits you best. And if you’re an RACQ member, there are also a few discounts up for grabs!
^The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms below, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan. ^Based on $10,000 over 3 years ^^Based on $30,000 over 5 years