Personal loan news and advice

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

Debt consolidation the leading reason aussies take out personal loans says plenti

Debt consolidation the leading reason Aussies take out personal loans, says Plenti

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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Why a debt consolidation loan could be a smart move right now

Why a debt consolidation loan could be a smart move right now

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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Australia s cheapest personal and car loans for 2021 unveiled

Australia's Cheapest Personal and Car Loans for 2021 Unveiled

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.

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After a low rate personal or car loan in 2021 here s where to start looking

After a low-rate personal or car loan in 2021? Here’s where to start looking…

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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Home renovation spending surges on back of homebuilder

Home renovation spending surges on back of Homebuilder

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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