Whether you’re planning on renovating your home, going on holiday or consolidating debt, there’s no shortage of personal loans to help you get things off to the right start. And with so many digital lenders out there, much of the lengthy wait times and paperwork that were once par for the course when borrowing have been cut in half.
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Chances are we’ve all picked up a new hobby during the pandemic, whether it’s sewing or baking. For a big portion of Australians though, their newest obsession is with home improvement projects. New research from retailer Amart Furniture found over a third of Aussies used the extra time spent indoors to update and restyle their homes. But rather than knocking down parts of the living room or bedroom for large-scale renovations, 58% of respondents said they opted to buy new furniture instead. In fact, furniture sales have been steadily increasing since the start of COVID-19. Couches (30%), chairs (28%), coffee tables (28%), desks (27%), and mattresses (24%) top the list as the five most popular items Australians purchased over this period, according to Amart Furniture. “So many of us can relate to making changes to the way we live in our homes at the moment, whether that’s creating a new office space from scratch or turning our living rooms into makeshift restaurants, cinemas and gyms,” Amart Furniture’s general manager of buying, Steve Norman said.
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It may seem like everyone is overseas, however, domestic travel is on the rise in the last 12 months with a 37% increase on spend reported by the Australian Government Tourism Research of Australia.
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Homeowners may spend thousands of dollars in home renovations to increase the value of their property.
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The idea of borrowing money on credit has been around since the earliest marketplaces. Indeed, money lending can be traced back as far as the Roman Empire and ancient Greece. What has changed over time is how loans work. Modern day lenders are subject to many more regulations, and loans can be firmly categorised as either secured or unsecured. Plus with the introduction of Comprehensive Credit Reporting (CCR) and the phasing in of Open Banking in recent years, your personal story is crucial to your personal loan. In other words, the amount you need to borrow, together with your credit history, will help determine what loan you choose. In the following report, we’ve broken down the current marketplace, looking at the best personal loans in 2020 compared to a year ago. We also share tips on improving your credit score and how to save money on your loan overall.
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Whether you’re redoing the bathroom or planning your wedding, taking out a personal loan can help make your dreams a reality.
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Whether you’ve had your sights set on a new set of wheels, renovating your home, taking that road trip around the country or perhaps consolidating your debt into a low rate repayment, now might be the time to consider getting yourself a personal or car loan to reach those financial goals.But where do you begin? With so many options out there, shopping around can be daunting, but comparing loans is a must! So a great place to begin your search are with the winners of the Mozo Experts Choice Awards for personal and car loans.“We compared a massive 334 personal lending products on offer from 88 Australian financial institutions and found a vast difference in interest rates from provider to provider,” said Peter Marshall, Mozo Experts Choice Awards judge. “Our in depth analysis highlighted why it is so important to shop around, and with a myriad of smaller online lenders out there competing for your business, you could be paying more than you need to by not comparing your options beforehand.”Personal Loan Provider of the Year
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2020 has been an odd one to say the least. Whether your travel plans have been cancelled, you’ve rearranged your wedding or home renovation, or your finances simply aren’t what they used to be, a personal loan might help you get back on track. It’s true, in some cases it’s more convenient to reach for your credit card to make purchases. But if you have a big expense coming up or find yourself needing to cover a large bill, a personal loan may actually be the better option. According to the Mozo database, the average interest rate on a secured personal loan sits at 8.01% and the average unsecured personal loan rate sits at 10.24%. Meanwhile the average credit card interest rate is 16.35%. So, if you think that your situation might be a good one to consider a personal loan, check out some of these examples below.
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Today, Aussie lender NOW FINANCE introduced a no fee feature on its personal loan. That’s right, no fees. For customers applying for the NOW FINANCE Unsecured Personal Loan, and borrowing between $5,000 and $15,000, there are no fees at all. Meaning borrowers won’t pay establishment fees, ongoing fees or an early repayment penalty. However, for loans over $15,000 customers will pay fees, including a $495 upfront cost and $13 monthly service fee. So, if you’re on the hunt for a small personal loan, introduce yourself to NOW FINANCE’s newest fee-free offer:
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In the current world we live in, it’s no surprise that many Aussies are looking to go green. While it’s unlikely that recycling, composting or steering away from single-use plastic will cost you an arm and a leg, other efforts come with a heftier price tag. Meet the green personal loan. Whether you’re installing solar panels, getting a water tank or even making the switch to an eco-friendly car, these loans are designed to make your sustainable dream come true.
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