Personal Finance
5 Tips to Help You Get A Low Interest Personal Loan
Low interest personal loans can be a good way to secure funding for your purchase but do take some care. Personal loans have hit the radar lately with more complaints being registered through the financial ombudsman office and a focus from the Royal Commission. Before you consider a personal loan look at all your options and make sure you can afford the loan. Here are some tips to think about securing the best personal loan deal possible.
- Your options: Do you really need to purchase on credit? Could you look at a lay-by plan or save the funds. Personal loan rates can vary from 6% to 15%. With lower rates requiring a security or upfront deposit.
- Your Future Commitments: personal and credit card debt can severely reduce your capacity to borrow for your home loan, if you have an upcoming purchase in mind carefully put together your budget to ensure you are able to meet your borrowing commitments both current and planned.
- Your Loan Term: Repayments are typically fixed on a monthly repayment cycle with a shorter loan term resulting in a higher repayment amount per month. Loan terms are typically available between 1 and 7 years. You should use the available calculation tools to make sure your repayments fit inside your monthly budget.
- Your Deposit: lenders like to see that you have some skin in the game so if you are able to provide a deposit and show a good savings history you are likely to secure a better rate.
- Your Security: Adding some security in the form of the asset that you are buying or property to the deal will give the lender a level of comfort with extending you the funds and of course access to a lower borrowing rate.
moneyhive can help you access the funds you need to grow.
When you are ready we can help you with your personal finance, asset finance or home loan.
give us a call on +612 8005 6844
OR
email our friendly support team to arrange a chat with one of our lending specialists.
