With vaccination rates in lockdown-impacted areas of Australia rising, millions of Aussies may be seeing the end of COVID-19 restrictions by Christmastime. So, with the light at the end of the tunnel very much in sight, it may be worth taking your plans off the back-burner with a personal loan.
The latest lending indicators from by the Australian Bureau of Statistics (ABS), found that the overall value of new personal loan commitments increased by 14.2% in July 2021.
The categories that saw the greatest value increase in new loan commitments was personal investment, growing by 92.8% in July 2021. The value of new loan commitments for purchasing road vehicles, as well as household and personal goods, also grew in this time frame. Unsurprisingly, travel and holiday categories fell during this same period.
As Australian lockdown-impacted states and LGAs begin to see restrictions ease, we may soon see spending through personal loans rise again.
For example, with summer right around the corner, perhaps now is the time to consider what sun-friendly home improvements you can make over the next few months. This may include solar panel installation or updating your backyard with new decking, a pool, or an awning.
Post-lockdown plans may look different for every Australian, but a personal loan may help you to fund a range of projects or objectives, such as:
- Paying for a wedding
- Buying a car
- Taking a holiday
- Home renovations
- Installing rooftop solar panels
RateCity has thankfully done the hard work of researching some of the top-rated personal loans for you with the RateCity Leaderboards. Our leaderboards rank personal loans in the marketplace using our Real Time RatingsTM system.
Unlike other rating systems that grade their products once or twice a year, Real Time RatingsTMresults are calculated in real time. This means you get the most up-to-date rating for your comparison. Each personal loan is given a score out of five stars, based on loan costs and flexibility.
It’s important to keep in mind, however, that a personal loan is a financial commitment that can often take several years to pay off. Consider using RateCity’s personal loan calculator for a repayment estimate to make sure they’ll fit comfortably within your budget.
(Rankings are correct at the time of publishing. Please note lenders may trade places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)