Credit Cards vs Personal Loans vs Payday Loans

Three of the most popular methods for borrowing a bit of extra cash are credit cards, personal loans and payday loans. Each of these loan types have their share of benefits and drawbacks, making them better suited to different financial circumstances.

Signs you may have a debt problem

Australians have a complex relationship with debt. In 2014, RateCity found that 42% of young people under the age of 24 have between $10,000 and $30,000 of personal debt, not including a mortgage. More than half (56%) of Generation Y’s with a credit card were found to have never had a $0 balance on their credit card in the previous year, and 63% were not aware what interest rate they were paying.

How to find your interest rate

Pop quiz, hotshot – what interest rate are you currently paying on your home loan? Could you name it off the top of your head?

How to find the value of your property

It’s romantic to measure what a home is worth in terms of love, memories, or similarly sentimental metrics. Unfortunately, banks and other mortgage lenders aren’t renowned for their sense of whimsy, and prefer to measure the worth of properties in dollar values.

What are home loan break costs?

If you have a fixed rate home loan and you are still in the fixed period, you may incur additional charges if you refinance or sell your property and exit from your loan. These charges for breaking the fixed rate home loan contract are called break costs.

More housing needed for Australia's retiree renters

RBA keeps rates stable following eventful month

The Reserve Bank of Australia Board confirmed today that the nation’s cash rate would remain on hold at 1.5% for a second consecutive month.

What is a mortgage?

Whether you are after a variable or fixed rate mortgage, or a principal and interest (P&I) or interest-only loan, shopping around for home loans can make all the difference when deciding which home loan product is suitable for you.

What happens if I miss mortgage repayments?

When we sign up for a mortgage we can get so caught up in the dream of owning a home that we haven't suitably prepared for the actual impact the repayments will have on our life. The main problem is, if you have a bad week and miss a payment, you will be stung with a fee, magnifying to your home loan repayment woes.

What do Australian credit laws do for you?

Australia has a variety of rules, regulations and laws in place to help protect citizens and their personal finances when they’re borrowing money. There are protections in place for credit card, car loan and personal loan customers, as well as for borrowers taking out a mortgage.