According to new research by Credit Simple, once a personal loan bill is in default, it takes an average 326 days to pay off the outstanding balance.
For many Australians, the term ‘credit history’ will elicit a yawn or perhaps a blank face. But given that our access to credit could shape everything from the homes we’re able to buy to the holidays we can take, it’s a facet of everyday finance that we’re being urged to better understand.
A personal loan can be a handy and cost-effective way to achieve big milestones in your life, like buying your first car or renovating your home, not to mention extremely useful for consolidating existing debt or establishing a good credit history.
It’s no secret that a rock solid credit score is one of the keys to scoring a great personal loan when you need it - but did you know that keeping your credit history squeaky clean can make a huge difference to how much interest you pay on your loan as well?
So you’ve grown tired of your current home, do you renovate or relocate?
For many Australians hearing the words ‘credit history’ may well elicit a shudder down their spine - especially if they’re looking at taking out a finance option such as a personal loan, credit card or home loan. But in just under four months that could well change, with the impending implementation of mandatory Comprehensive Credit Reporting (CCR).
If you’re thinking about applying for a personal loan with NAB, it might be time to get your credit history in order because they’ve just become the first major bank in Australia to welcome Comprehensive Credit Reporting (CCR).
Summer is over, but with the Easter long weekend just around the corner, now’s the time to tackle those renos you’ve been thinking about, but always postponing. According to Mozo property expert Steve Jovcevski, there are two keys to a successful long weekend renovation which will add value to your home: planning, and a strict budget.
In an age of rapid technological disruption, Aussie banking practices are constantly changing and there is now a piece of technology that could be responsible for assessing your creditworthiness when you apply for a personal loan.
Whether you’ve overspent at Christmas, racked up a big bill on a much needed holiday or just have a guilty habit of carrying a balance on your plastic, carrying debt around on your shoulders is never fun.