Aussie Personal Loans

Efficient Financial Management with a Personal Loan

Many people turn to credit cards or to their mortgages when they want to borrow a larger amount of money, either to buy a new car, go on holiday or for any other number of ‚Äúluxuries‚Äù. People, who opt to use their credit cards, generally do so because they don’t want to go through the whole process of securing a loan, without considering the consequences, namely the high interest costs.

Then there are those who redraw on their mortgages because they believe they will save money due to the lower interest rate, when compare to personal loans or credit cards. However, most people don’t actually sit and work out the figures to determine whether or not borrowing against their home is such a sound idea.

For example, borrowing $20,000 on a personal loan at an interest rate of 14% per annum for five years, which is the average repayment term on personal loans, will cost you approximately $7,900 in interest. However, borrowing the same $20,000 against your mortgage at 6% over 25 years will set you back $18,600. The difference is quite significan’t in terms of money actually flowing out of your pocket.

Of course, you might be thinking that you will pay off the amount you borrow against your mortgage faster and save money, but the fact of the matter is that few people actually pay down their loans quicker than they have to. So, instead of relying on good intentions, you are better off with a personal loan that you will have to pay off in five years, whether you like it or not, thus guaranteeing you save quite a bit of money in the long term.

Certainly, the best strategy with any loan, whether it’s a mortgage, a credit card or a personal loan is to pay it off as quickly as you can, even if it means making larger repayments. The faster you pay it off, the less you will have to pay in interest charges.

A Deal You Can’t Beat

So, now that you see why a personal loan is in your best interests, over a mortgage or a credit card, the hunt begins. You see, just as with any financial product, not all personal loans are created equal and some will be cheaper than others. This is why you need to do a bit of research and shopping around to find the best deal for your needs.

We’ve already done some research for you, to give you a starting point, and have found that one of the best personal loans is from Aussie Bank. Aussie personal loans offer some of the best rates on the market, at 14.39% per annum, and also give you the flexibility to decide how much you can afford to repay each month, by offering a longer term than most loans, namely up to 7 years.

Additionally, since the rates on Aussie personal loans are fixed, you’ll know exactly how much you need to pay every month, so you can budget accordingly. You won’t have any nasty surprises with hidden fees or other issues. On top of that, taking out a personal loan from Aussie Bank will also help you save money because you won’t have to resort to multiple lenders and thus pay fees on numerous loans. This is especially useful because multiple loans and accounts can lead to errors, meaning that you simply make a mistake and forget to make your repayment on time because you are juggling so many loans. This will not only hurt your wallet, but it can also negatively impact your credit history.

Debt Consolidation Loans: Save Money and Dig Your Way Out of Debt

One of the most common reasons to take out a personal loan is to consolidate all your existing debts under a single umbrella. With a personal loan you can cover everything from credit card debt, store cards, car loans and any other high-interest loans you might have into a single loan.

Not only will you find it much easier to manage your bills and finances, because you won’t have to deal with five or six bills and you won’t have to make payments and different times of the month to different lenders, you will also save money. Debt consolidation usually means a lower average interest rate, compared to your existing debt, and it also means saving money on fees. So, in the long run, you can make some substantial savings by consolidating your debts under one personal loan.

However, don’t make the mistake of driving up debt on your credit cards after having paid them off with a personal loan, because you won’t gain any benefits from consolidating your debt. You’ll end up in a worse situation before because you will owe more money. The best approach is to cut up your credit cards so there is no temptation.

So, if you have decided it is the perfect time to consolidate your debts and get off the credit hamster wheel, then there’s no better option than the Aussie personal loan. With great rates, flexible repayment terms and more, that Aussie personal loan is your best bet to save money and get out of debt.

Renovation Loans: An Aussie Personal Loan Makes for Cheaper Renovations

So, you have decided that you would like to make some improvements to your home. Of course, home improvements have a wide range of benefits, including a better lifestyle and an increased property value after the work is completed. It is due to the latter that many people believe the best option is to finance their renovations by redrawing on their mortgage. The problem with this approach is that it can take quite some time and can also be expensive, if one considers the Lender’s Mortgage Insurance, mortgage exit fees and stamp duty taxes. Then, you actually have to have equity available to be able to draw against in the first place.

You are much better off financing your renovations with an Aussie personal loan, whether you want to add a pool, a deck or simply upgrade your kitchen. With an Aussie personal loan, you will save money because your repayments are fixed and over a shorter time frame than if you were to top up your mortgage. Additionally, you won’t incur the same expenses as with the latter. This way you will be able to finance your dream renovation and pay off your debt as quickly as possible.

First Home Loans: Turn Your Dream into Reality

A home is the most important asset most families will ever own, which is why so many Australians dream of having a place they can call their own. However, buying a home is no small commitment and if you don’t want to end up crying rather than laughing, you first need to sort out your financial situation.

Purchasing a home involves having a deposit and if you have outstanding debt, saving up for that deposit can be practically impossible. Of course, you can’t use a personal loan to finance a deposit on a property, but you can use it to get your other debts under control. By consolidating your existing debts under one loan, you will establish a good credit history, have a single repayment to deal with and also save money on fees and interest charges.

Consolidating your loans with an Aussie personal loan will also help you save for the deposit on your dream home much faster than if you were dealing with separate debts and higher interest costs.

Travel Loans: Go On the Holiday of Your Dreams

You work day in and day out, month after month and you reach the point where you need a break or you are going to scream. You feel the need to get away from everything, to go somewhere where you can be waited on hand and foot and the most complicated thing that is required of you is to decide whether you’re going to roll out of bet at noon or earlier.

And then the daydream comes to a crashing halt as you start thinking about how much it would cost you to get away from it all. You start working out airfare for you and your family, accommodation, food and other expenses and you get more and more depressed when you realise how much you need.

Well, with an Aussie personal loan you can take that much needed break and it won’t cost you an arm and a leg either. Aussie personal loans offer great rates and fixed repayments, so you can easily work it into your budget. Add to that the fact that you can decide on the level of the repayment, by choosing the loan term, and you’ll be on that plane faster than you can say ‚ÄúAloha!‚Äù

Wedding Loans: Remember the Big Day for the Right Reasons

Any which way you turn it, a wedding is expensive. You can try and scrimp and save, cut down on costs left, right and centre but it’s still going to set you back a fair amount. In fact, statistics show that the average wedding can cost up to $30,000 and that figure isn’t set to go down any time soon. Considering everything you need for a wedding, it’s not surprising. After all, there’s the venue, the flowers, the dress, the food and the list goes on and on.

So, unless you want to elope or take your friends for a barbeque on the beach instead of having a traditional wedding, you are going to need to find a way to finance your wedding. Your first inclination might be to charge some of the expenses to your credit cards, but do you really want to start a new life with your partner with a ton of high-interest credit card debt hanging over your heads? After all, you want to remember your wedding day with pleasure and not regret, every time you pay your credit card bill.

With an Aussie personal loan, you can finance your dream wedding and enjoy affordable repayments so that your wedding day will always be remembered as a wonderful moment in your life and not the day that destroyed you financially.

Car Loans: Get New Wheels, Save Money and Consolidate Your Debts

A car is essential for any family but sometimes, you just want to buy a new car because it’s calling out to you. That beautiful paint job, the great engine that seems to purr whenever you draw near and that amazing new car smell are all calling out to you and sometimes the call is irresistible.

However, you can’t really seem to justify buying a new car at the moment because the extra repayment would play havoc with your budget. But what if there was a way for you to lower your overall repayments, save money and buy the car of your dreams? Wouldn’t you jump at the opportunity?

Well, with an Aussie personal loan you can do just that because you can use it to finance the purchase of a new car, or anything else that strikes your fancy, like a boat, and use the remaining cash to consolidate your existing loans. That way you will save money by reducing the overall interest rate as well as any fees you are currently paying and you might even have the pleasant surprise that your new, single repayment is actually lower, even with the addition of a new car.

How Much Can I Borrow?

Once you decide on an Aussie personal loan to finance your dreams, the first question you will probably ask is how much can you borrow. The good news is that Aussie personal loans don’t have ceilings and it all depends on you and your personal financial situation. However, you can’t borrow less than $3,000 on an Aussie personal loan or a car loan.

The easiest way to estimate how much you can borrow is work backwards. Basically, you first need to put together a budget, if you don’t already have one, to see how much you spend every month and how much money you could redirect towards a repayment. However, make sure to give yourself a little room for error. In other words, if you earn $5,000 per month and you spend $4,200, you would automatically assume that you can put $800 towards a repayment on a personal loan. This would be a mistake. Remember that the unexpected can happen, so you are better off giving yourself a little wiggle room. So, instead of $800, bank on maybe $650 or even less.

Once you have established your repayment, you can estimate the amount you can borrow by using the online calculator available on the Aussie bank website. Simply move the slider on the calculator until the repayment is an amount you can afford. For example, for a $600 monthly repayment, you can get about $25,000 over five years.

However, remember that these are estimative figures because your personal financial situation and credit history will also play a role in how much money you can borrow. You won’t have to wait long to find out, though, because you will get a call soon after you apply from Aussie Bank to let you know exactly how much you qualify for.

Aussie Personal Loans: Features and Terms

Before applying for an Aussie personal loan, you need to be aware of all the features as well as the terms and conditions. So, read on to find out everything you need to know from interest rates and loan terms to eligibility criteria.

Features

The interest rate on Aussie personal loans is fixed and comes in at 13.90% . If you are opting for a dedicated car loan, then the interest rate is even more attractive at 13.99% While there are no upper limits on how much you can borrow, you can’t apply for less than $3,000. The amount you can borrow will depend on how much you can afford to repay every month, as well as your personal financial situation.

Your loan can span anywhere from 1 to 7 years, so that you can choose a repayment that easily fits within your budget. You also have the option of making repayments weekly, bimonthly or monthly via Direct Debit. This way you won’t ever be late with your repayments and incur late fees because everything will be on auto-pilot.

Additionally, during business hours, you will get an instant response after applying online and you can get the money in your bank account the same day you receive approval. You are also permitted to make lump sum repayments, if you want to pay off your loan faster and save money.

Fees

When you get an Aussie personal loan, it’s normal to want to know exactly what costs will be involved, besides the interest rate. Well, Aussie fees are quite reasonable as you will only pay an establishment fee when you first get the loan, which amounts to $199 . Subsequently, you’ll only need to pay a meagre $10 every month, which is the administration fee.

However, note that there is an early termination fee but this only applies if you will be paying off your loan early. There is no fixed rate as it will depend on how much of the loan is left to pay off and how long you have until the contract expires.

What Can Aussie Personal Loans Be Used For?

You can use your Aussie personal loan for anything you like, except for business purposes, investments and deposits on the purchase of property, whether it’s a home or a piece of land.

Am I Eligible?

To be eligible for an Aussie personal loan you need to be at least 18 years of age and be a permanent resident of Australia. You also have to have a stable income and have a good credit history, meaning that you have not defaulted on loans or credit card bills during the past five years.

Additionally, you can’t have just started a new job and be in the probation period. You need to be officially settled in to your job before applying. Also, you must not have filed for bankruptcy within the past 7 years.

What Information Do You Need From Me?

When you apply for an Aussie personal loan, you will need to supply some information, so make sure to have the following handy:

• You need to know how much money you want to borrow;
• A current address and, if you’ve moved within the past 3 years, your previous address;
• Financial information including your savings, assets, expenses and income. You will have to include all your expenses, from rent or mortgage to credit card limits and living expenses;
• Employment information, including the contact information of your employer.

Application

You will find that the application process is extremely simple and fast. You can apply via phone or online, according to your preferences. If you apply online, you will fill out a form which takes about 20 minutes and you will get a response from Aussie Bank within 60 minutes during regular business hours.

Personal Loan Management

Once you have taken out your Aussie personal loan, you will find that things go quite smoothly. However, there are still certain things you need to be aware of to ensure that things run properly.

Moving House or Changing Your Telephone Number

If at any time you move or your contact details change, you will have to inform the bank of your new details. Simply call them at 13 13 55 to supply your new details.

What If I Want More Money?

If you want to increase the amount of your loan and can afford the repayments, all you have to do is call the bank and they will help you sort out the paperwork.

What If I Want to Sell My Car?

If your car is being used as security, then you will need to pay the loan in full before selling and also inform the bank of your intention. Likewise, you should make sure the buyer knows that the car was being used as security for a loan.

Where’s My Statement?

Aussie Bank won’t be sending you monthly statements, since repayments are fixed, and the world could do with a few more trees. However, if you really want one, call the bank and they’ll send you a statement. You can just as easily find out all the information you need via phone as well.

What If You Can’t Make Your Payment this Month?

Rather than panic that you might have a problem and won’t be able to make your repayment, tackle the problem early on and call Aussie Bank. Tell them what’s going on and they’ll find a way to help you out. Just pick up the phone and dial 13 13 55 but don’t wait for three weeks after you haven’t made your repayment. Call as soon as you know there’s a chance you won’t be able to meet your obligations to avoid any major problems.