Compare Loans for Australia

comparedinkum Featured Loans for May

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

ANZ Reviewing Its Car Loan Business And May Exit The Space Entirely

At the end of last month Australian banking major ANZ suspended making retail asset-based loans as it seeks to determine whether the rising costs of this type of lending is worth the return the bank makes. This means people looking to borrow to finance the purchase a car, boat or caravan will be fresh out of luck, though ANZ will continue to make personal loans. ANZ expects the review to be complete by the end of September and adds that existing borrowers will not be affected by its decision. Continue reading

Australian Banks Expected To Start Hiking Mortgage Lending Rates

ME, the online lender has decided to raise the interest rate on its variable rate mortgages because it says funding costs have risen. ME is not the first bank to do this, nevertheless the lender hiked its standard variable rate for owner-occupier, principal and interest borrowers. Jamie McPhee CEO of the online lender said higher funding costs and increased regulatory compliance were the main reasons behind its decision to hike rates. Continue reading

NAB Cuts Variable Mortgage Rates

NAB has introduced a new variable interest rate owner occupied mortgage product with an interest rate starting at just 3.69% for customers who choose to make both principal and interest payment. This new offer is just the latest in series of sharp cuts in interest rates as banks battle to acquire new customers. NAB also followed the lead of CBA and ANZ in cutting interest rates on fixed home loan rates as well. Continue reading

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