When it comes to finding a great low-rate personal loan, shopping around is a must. With unpredictable rate movements, it's more important than ever to compare your personal loan options before locking in an option.
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Whether it’s spending more time at home or a new perspective on life, many Aussies across the country have been taking great strides in smashing their financial goals by taking out a personal loan. In fact, according to a recent Loan Book Update from peer-to-peer lender, Plenti, debt consolidation (27%) was the leading financial reason for applying for a Plenti personal loan. Other major reasons for taking out a personal loan were for renewable energy spending (25%) and home improvements (13%), suggesting that more Aussies are looking to boost the value of their home. Interestingly, 30% of current personal loan customers were between the ages of 30 and 39, while more than half (52%) earned between $50k and $100k. If you’ve been thinking about taking out a personal loan, finding the right option for your needs and financial goals can be tricky. The good news is if you’ve got a decent credit history, you could have access to some low interest rates, as many providers offer competitive rates to these kinds of borrowers. To help get your search started, we’ve rounded up some hot personal loan deals available in the Mozo database.
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Throughout April we’re seeing more and more Aussies starting to take out personal loans, particularly to fund home renovation plans.
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As we cruise on through April 2021, we’ve seen more and more Aussies taking out personal loans to fund home renovation plans.
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If you have multiple personal debts, you may be wondering: what is the simplest way to pay back what I owe? Reality is, it’s totally up to you. But there are some financial hacks which may help you save on interest and make your repayments more convenient.
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Many Aussies have experience with debt. In fact, as of June last year 20% of Australian households have credit card debt, while 33% have other personal debt, according to RBA numbers. Meaning a whole lot of people are dealing with making repayments, and in some cases, multiple repayments. But the truth is, keeping your debts separate isn’t always the most financially savvy option - considering where personal loan rates sit right now. This is where a debt consolidation can come in handy.
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For many the barrier to installing solar panels is price - pure and simple. Of course the irony is that if you can afford the initial outlay, having solar panels is actually a money saver.
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Planning some home renos, a wedding or upgrading your car in 2021? You may need a loan to cover the cost. That’s where a low-rate personal loan or car loan might be handy. In fact, it could be a lifesaver when it comes to covering a large cost and could also save you from forking out too much in interest repayments. Because let’s be real, who wants to do that?Right now on the Mozo database, the average interest rate for personal and car loans look like this:
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Since the federal government’s decision in late November to extend its HomeBuilder scheme, a growing number of Australians have been pouring some serious money into home renovation projects like garden landscaping and room remodelling.HomeBuilder, which began in June last year, involved handing out $25,000 cash grants (now reduced down to $15,000) to eligible households to cover the cost of home building or renovations. This scheme was introduced to help boost activity in the housing construction industry, and has so far seen a huge takeup in interest. According to Treasury figures, 75,143 households applied as of 31 December, which is almost double of what was initially predicted.
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If there’s one thing 2020 gave the average Aussie, it’s a change in perspective when it comes to money. Not only did we take saving more seriously, but one in four Aussies vowed to rid themselves of debt. “Historically, Australians haven’t been afraid of debt, particularly through our love of credit cards. We’ve racked up debt with the assumption that job security and a steady paycheck is a relatively safe bet, but a global pandemic has tipped that notion on its head as unemployment soars,” said Mozo Director, Kirsty Lamont. “For many people, Covid-19 has been a wake up call to get their finances in order, and eliminating debt is a key part of that.” If you’ve never had to take a serious look at your debt before, it can seem a little daunting. So to equip you with skills you need to make your debt disappear, we’ve listed our top four tips below.
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