Personal loan news and advice

As we enter the month of May, not only do we begin to creep closer to the end of the financial year, but we’ve also started to see a number of significant rate changes in the personal loans sphere, which we’ll touch on more below.

Many Aussie personal loan lenders have slashed rates over the last 12 months, with many hitting all-time lows. But the truth is, some rates remain stubbornly high, which means that you could be missing out on a better deal by not shopping around.

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.

Throughout April we’re seeing more and more Aussies starting to take out personal loans, particularly to fund home renovation plans.

As we cruise on through April 2021, we’ve seen more and more Aussies taking out personal loans to fund home renovation plans.

Whether your fridge has just packed up on you or you have big plans to renovate your home, a personal loan could be one way to consider financing your purchases.

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.  

From holidays to home renovations to cars, personal loans can save the day if you're ever short on cash while trying to fund your next Europe trip, kitchen revamp or brand new car.

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. 

Whether you’re in the market for a loan to complete that home reno you’ve been dreaming of, or have had your eyes on a new set of wheels to take you from point A to point B, finding a loan that complements your needs can be confusing with so many options out there.With interest rates hitting rock bottom, it seems crazy that so many Australian’s paying more than they have to for their personal loans and car loans. So shopping around for the best value loan makes sense, but where does one begin?To make things easy, our 2021 Mozo Experts’ Choice Awards compared over 330 loans from 88 providers to find the creme de la creme of the personal loan and car loan market. So, if you’re on the hunt for a loan to get to your goals sooner, here are some of our top picks to get the ball rolling.