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Buying land? Top personal loans for November 2023
The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance rise 2.7% in September, following a rise of 6.2% in August 2023.
Commitments for personal lending were bumped up by an increase in the number of fixed term loans for travel and holidays (+8.45%) and road vehicles (+0.60%).
Meanwhile, the RBA has increased the national cash rate by 25 basis points after four months of holding steady. Economists from the Big Four banks are, for now, still forecasting that cuts could be coming at some point in 2024. However, don’t think that your lender will automatically lower your personal loan interest rate to match - you may need to negotiate or refinance your personal loan to benefit from any future rate cuts.
Can you use a personal loan to buy land?
You can obtain a personal loan to buy land but approval will depend on the conditions set by the lender.
If you're able to acquire a plot of land at a reasonable price, it has the potential to speed up your access to capital growth opportunities and offer flexibility for future development.
When it comes to financing, personal loans often offer a quicker application process compared to home loans due to reduced paperwork and fewer verification steps. This speed could facilitate a swifter property purchase.
Personal loans generally feature shorter repayment terms compared to conventional mortgages, allowing you to pay them off in a matter of years rather than decades. Additionally, opting for an unsecured personal loan eliminates the risk of losing collateral in case of default, unlike secured personal loans or mortgages.
However, it's important to be aware that personal loans often come with higher interest rates than most home loans, and individuals with less-than-excellent credit scores may face even higher rates. Furthermore, some lenders may only grant personal loans for specific purposes (e.g. home improvements, weddings, holidays) and may not approve applications for purchasing land.
Finding the personal loan that’s ideal for your situation
If you're seeking a personal loan with repayments that fit your budget, your credit score and desired loan term, RateCity's personal loans calculator can provide you with an estimate to help find one that's right for you.
RateCity has ranked the top-rated personal loans on our Personal Loans Leaderboard using our comprehensive, game-changing Real Time Ratings™ system. This system gives loan products a score out of five, based on cost and flexibility. Unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you narrow down your shortlist of personal loan options.
Here are some of the most competitive personal loans on the RateCity database:
- Harmoney Unsecured Personal Loan (Excellent Credit <$5,000) at 5.86% (comparison rate 6.65%)
- OurMoneyMarket Low Rate Personal Loan Secured at 6.57% (comparison rate 7.19%)
- Moneyplace Secured Personal Loan at 6.72% (comparison rate 6.86%)
- Now Finance No Fee Personal Loan at 6.75% (comparison rate 6.75%)
- Liberty Unsecured Personal Loan (Excellent Credit) at 6.99% (comparison rate 6.99%)
Compare personal loans
Product database updated 26 Nov, 2024
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