Compare Loans for Australia

comparedinkum Featured Loans for September

The ranking does not represent an implied recommendation for a particular financial product on the part of comparedinkum. Visitors should evaluate each individual product and choose the product that suits their requirements the best.

Loans Explained

Most people at some point in their lives have experienced being short of cash. When money is tight people can use loans to tide them over, alternatively if they are making a purchase that is particularly expensive such as a house or a car, a loan can be used to finance the purchase.

Loans give consumers the flexibility to do things they otherwise would be unable to do. A loan requires the lending of cash to an individual or company on the understanding the amount loaned out will be paid back with a pre determined amount of interest. Loans usually come with a contract that specifies the terms of the loan which includes the interest rate and repayment schedules.

Loans can be used for many things, some people borrow small amounts of money using their credit card for example. Personal loans tend to have a minimum amount that can be borrowed and for smaller amounts banks tend to prefer people borrow using lines of credit such as a credit card.

The most common type of loan is the home loan. Most people cannot afford to pay for a house in full and therefore borrow money to finance the purchase of property. Another type of loan that is common is the car loan, where the bank lends cash to a consumer and secures the debt against the new vehicle.

Latest Loans News from the comparedinkum Blog

Mortgage Lending Criteria Tightened Leaving Many Borrowers In A Pickle

As variable home loan rate changes have been made, it should come as no surprise that many Australians are rethinking their existing mortgage. Thousands of property owners in the country are set to become so called “mortgage prisoners”. This is when a homeowner cannot obtain refinancing because they no longer meet their mortgage lender’s lending requirement even if they have made every repayment on time.

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Mortgage Borrowers Should Think About Switching To Fixed Rate Home Loans

Over the last few months mortgage lenders have been raising their variable rates and passing on increased funding costs to borrowers. Many banks have lifted rates already and more are expected to follow. Experts say the cost of obtaining funding pretty much affects every lender in the market, so it is no surprise that rates are rising across the board. This means even if you borrowed from a big bank, you shouldn’t expect they will sit tight whilst every other lender seeks to manage the increased costs. Continue reading

Would Be Property Buyers Need Financial Education

The latest research from ME Bank suggests that first time property buyers don’t have the necessary knowledge required to make wise investment decisions. The lender polled 1,000 first time home buyers and found that more than half of those polled failed a basic test on purchasing property. That was despite the fact that 70 per cent of those polled said they felt confident making financial decisions. An ME spokesperson says this kind of overconfidence could end up costing people. Continue reading

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