Personal loan news and advice

All the latest personal loan news and top tips to help you manage your personal loan.

  • Too many Aussies are 'financially excluded'

    Tuesday 29 May 2012

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    A growing number of Australians are being "financially excluded" because they cannot afford to pay for credit services. New research conducted by the Centre for Social Impact and funded by National Australia Bank (NAB) has shown that 39 per cent of people down under do not have access to mainstream credit cards, personal loans or even bank accounts. The fees attached to such products are far too high and a lot of Aussies are turning to alternative credit providers who have lower initial charges, but huge long-term interest rates. This is obviously placing far too many citizens into debt and NAB chief executive Cameron Clyne insisted the figures are "alarming". "In a country with a banking system and economy as strong as ours, it is simply unacceptable that nearly three million Australians are financially excluded from affordable financial services," he remarked. Mr Clyne said Australia's banks have a responsibility to resolve the situation. Have a question about personal loans? Ask the money gurus at Mozo Answers.

  • Interest rate cuts 'are not inevitable'

    Monday 28 May 2012

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    A lot of economists across Australia believe that further interest rate cuts are inevitable, but this may not be the case. The government is keen to deliver a budget surplus in the next year, which has caused many people to believe that the Reserve Bank of Australia (RBA) will lower the current 3.75 per cent cash rate. This would be great news for people who have taken out personal loans, provided that lenders pass any cuts on in their entirety. Many people are struggling to cope with the rising cost of living down under and a lot of Aussies have taken out a loan in order to cover the extra expense. However, Art Woo – a director at Asia Sovereign Ratings – told Dow Jones Newswires that rate reductions are not a foregone conclusion. "The reality is the economy is still growing quite strongly," he remarked, before adding that it is difficult to justify lowering interest rates when the economy is performing well. Have a question about personal loans? Ask the money gurus at Mozo Answers.

  • Uptake of personal loans increases

    Wednesday 16 May 2012

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    Aussies have been wary of taking out personal loans in recent months because of the uncertainty surrounding interest rates. The Reserve Bank of Australia (RBA) had been reluctant to lower the national cash rate until the start of May. Although the national rate now stands at 3.75 per cent – 50 points lower than last month – many banks have not handed this cut on to their customers in its entirety. It seems that many of the nation's major lenders have detached themselves from the RBA and are instead setting their own rates. However, new figures released by the Australian Bureau of Statistics have indicated that – despite the uncertainty – Aussies have been taking out personal loans in greater numbers this year. The number of people securing finance agreements grew by 1.1 per cent in seasonally adjusted terms in March 2012 when compared with the previous month. Revolving credit commitments were up by 1.2 per cent, while fixed arrangements were one per cent higher. Have a question about personal loans? Ask the money gurus at Mozo Answers.

  • Casual working arrangements hindering Aussies

    Tuesday 21 February 2012

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    Casual working arrangements are hindering Aussies' chances of securing mortgages or personal loans, it has been argued. New figures released by the Australian Bureau of Statistics have indicated that rates of unemployment have declined recently, with just 5.1 per cent of the population out of work at the end of January. However, one in four people are still working on a casual basis and as a result are not entitled to holiday perks or sick pay, according to the Australian Council of Trade Unions. The organisation has now called for a review of the system and Unions WA's Simon McGurk told ABC News that the current employment structure is not entirely fair on casual staff. "It might mean that they have difficulty accessing housing, it can mean that they have trouble getting a personal loan," he was quoted as saying. Mr McGurk added that the purpose of the inquiry was not to eradicate this type of work altogether, but to ensure employees do not struggle to make ends meet should they be unable to attend their job for whatever reason. Have a question about personal loans? Ask the money gurus at Mozo Answers.

  • Banks 'must hand over the cash'

    Monday 16 February 2009

    Although unscrupulous lending was the principal cause of the current economic crisis, it is vital that banks open up their purses again and start lending, one expert warns.

  • Personal loans an option for remodelling

    Thursday 12 February 2009

    The starting point of any home remodelling plan should be to work out what you can afford, the National Association of the Remodelling Industry (NARI) has insisted.

  • The Good, the Bad and the Ugly Debt

    Tuesday 27 January 2009

    When organising finances, it is vital that people sort their good debt from the bad, writes personal finance expert Helena Keers.

  • Insurance 'a good idea' for debt-laden Aussies

    Monday 26 January 2009

    Australians who can envisage running into difficulty making payments on home loans, personal loans or credit cards may do well to take out insurance.

  • Christmas guilt sets in

    Thursday 22 January 2009

    One in four Aussies are worrying about the amount of cash they spent over the Christmas period, a new survey has found.

  • Couples fork out record figures for perfect wedding

    Friday 16 January 2009

    Couples around the world are risking big debts in order to pay for their perfect wedding, new figures show.