There are a lot of ways to make a personal loan work for you, whether you're looking to consolidate debt, finance long-planned home projects or simply access some extra cash. And in these economically tough times, plenty of Aussies could do with a helping hand.
If you’ve been weighing up whether to take out a secured personal loan but are not really sure how this whole collateral thing works, you’re not alone. This is one of the more frequently asked questions about personal loans. We’ve sought out answers from Mozo’s banking expert, Peter Marshall, and David Norman, the chief operating officer of online personal loan lender NOW Finance, to help explain the pros, cons and key considerations when using collateral to secure a loan.
The numbers are in - Aussie personal loan and car loan customers have borrowed more now than before the pandemic began. This is according to the Australian Bureau of Statistic’s latest lending indicators data, which tracks the total value of new loan commitments month on month. Over the month of May 2021, the total value of new loan commitments for personal fixed term loans came to $1.986 billion, a growth from $1.397 billion in May 2020 (during the pandemic) and $1.599 billion in May 2019 (pre-pandemic). The ABS also broke down the data into purchase types, with things like road vehicles, other vehicles and equipment and household and personal goods all jumping over pre-pandemic levels. As to be expected however, the total value of travel and holiday loans continues to be well below 2019 figures. While there was a small rise from 2020, these figures are historically closer in line with the numbers of the other vehicle and equipment, and household and personal goods categories, as indicated by 2019. Here’s what some of the numbers look like:
Personal loans are likely to become increasingly popular in coming months as Australians look to consolidate debt, finance long-planned home projects or simply avail themselves of some extra cash in these economically tough times. A low rate personal loan from a trusted bank or non-bank lender is a far better option than opting for a payday or fast cash loan, and personal loan rates are now more accessible than ever, but there are plenty of things that can go awry in the process of taking out a loan and paying it off.So if you're considering a personal loan, read on for the Mozo expert guide to the top tips and traps of personal loans and check our comparison of low rate personal loans from bank and non-bank lenders in Australia.
Whether you’re dreaming of an entirely new kitchen or are looking to retile your bathroom to give it a facelift, home renovations can be really exciting. And more Aussies are jumping on board. In fact, according to recent numbers from the Australian Bureau of Statistics (ABS), in December 2020 a total of $2,544.6 million worth of home alterations and additions were made. That’s 3.1% more than in September 2020 and 9.8% more than in December 2019. Plus, the ABS also found that in March 2021, $1072.5 million worth of residential alterations and additions were approved, a growth of 7.3% on the previous month. The truth is though, home improvements can be pretty costly. So when renovating, it’s all about being savvy. You want a home you can enjoy but one that will also see some returns when it’s time to sell.
Today, Melbourne-based online personal loan lender Symple announced its partnership with rewards point giant Qantas Frequent Flyer. The new move means that from now Symple customers can earn Qantas Points when they are approved for a personal loan. With a cap of 50,000 Qantas Points, new customers are able to earn 1 Qantas Point per $1 borrowed. This partnership is the first of its kind in Australia, between Qantas and a fintech personal loan lender. “At Symple, we are continuously looking for new and innovative ways to reinvent the personal lending experience and to offer Australians a better, faster, and more rewarding lending experience,” Symple co-founder and chief executive officer, Bob Belan said. “In addition to our market-leading interest rates and easy digital application process, our partnership with Qantas allows us to further differentiate Symple’s proposition and offer even more value to our customer base. We are very pleased to be partnering with Qantas — clearly a premium brand and category leader – and we are excited to be working with them closely going forward.”And according to Qantas, this partnership with Symple Loans gives members a fresh way to earn Qantas Points. “We’re always evolving and innovating to help our 13 million members earn even more points towards their next dream trip, whether it’s on their groceries, buying petrol, paying bills or now, accessing personal loan services,” Qantas Loyalty chief executive officer, Olivia Wirth said.So if you’re in the market for a top notch personal loan and want the bonus of earning Qantas Points for your stash, check out the Symple personal loan 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.According to the Mozo database, the lowest unsecured personal loan variable rate for low-risk customers sits at 4.15% p.a. (5.09% p.a. comparison rate*) while the highest rate skyrockets to 16.00% p.a. (16.31% p.a. comparison rate*). That’s a massive 11.85% difference!You may be asking yourself, with the curveball of COVID-19 is it still possible to get your hands on one of these low interest personal loans? If you have a solid credit history and a steady income, then the answer is yes! So if you need a hand to start your search for a killer personal loan to avoid paying too much in interest, we are here to help. Scroll down for some of the top low interest personal loan options right now.