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Multi-purpose lending: top personal loans for September 2023
While the cash rate has remained stable for the past three months, interest rates remain relatively high. If you’re seeking finance, it may be worthwhile comparing a number of different loan options to find terms that align with your budget.
The latest lending indicators from the Australian Bureau of Statistics (ABS) saw the value of new loan commitments for fixed term personal finance rise (4.7%) in July, following a sharp fall (-6.9%) in June 2023.
Commitments for personal lending were bumped up by an increase in the number of fixed term loans for personal investment (42.1%), while loans for travel and holidays rose (12.3%) to the highest level since August 2018.
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, 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) (Amount > $5000) at 5.86% (comparison rate 6.65%)
- Plenti Unsecured Personal Loan - Fixed (Exceptional Credit) at 6.57% (comparison rate 6.57%)
- OurMoneyMarket Low Rate Personal Loan Unsecured (Excellent Credit) at 6.57% (comparison rate 7.19%)
- Driva Personal Loan at 7.49% (comparison rate 8.33%)
- Moneyplace Secured Personal Loan (Excellent Credit) at 7.64% (comparison rate 8.06%)
Compare personal loans
Product database updated 26 Nov, 2024
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