Tuesday, October 24th, 2017
When your goals exceed the reality of your bank account balance, getting some extra financial assistance to help you do what you need to can be a positive thing – as long as you budget well and approach your loan with a realistic eye about what you can afford to pay back.
Before planning your loan application, create a budget for yourself and look at what you can afford to repay, without it causing you financial stress.
Here are 7 ways that a loan can help you live a better life.
Whether you simply want to upgrade your home appliances, or install solar panels for long-lasting savings, spending on home renovations can be a great investment that increases the value of your most important asset.
For minor refurbishments to your property, a personal loan might be all you need to create the home you’ll love.
For more substantial renovations, refinancing your mortgage could be a smarter way to access the funds you need.
If you have multiple credit cards and a variety of personal loans, debt consolidation can be a good way to put all your debts in one place and negotiate a better interest rate that keeps your ongoing repayment costs at a manageable level.
Debt consolidation doesn’t suit everyone, so to explore your options, talk to an experienced broker to crunch the numbers and see what’s possible, or get advice from a professional financial adviser to see if you are making a good move for your personal situation.
Recent findings from IBISWorld reveal that wedding-loving Australians are spending an average of $36,200 on the celebrations for their nuptials. Food, alcohol and a stunning wedding venue are high on the lists of expenses, especially as the trend for destination weddings – taking your nearest and dearest to some exotic locale – continues to rise. It’s important to remember, of course, that the real reason to get married is not to have a brilliant party (and getting yourself into major debt at the official start of your life together may lead to unwanted stress), so be smart about your loan requirements to ensure you don’t stretch a tight budget to breaking point.
If you shop around and keep costs low, a loan with a good interest rate can help you put on the wedding you’ll both love, without the unwelcome financial hangover.
If, like an increasing number of Australians, where you work is far from where you can afford to buy a home, having access to a car is an integral part of daily life.
With a car loan to help you, you can afford the vehicle you want to get you where you need to be – safely and reliably.
Shop around for the best finance deal and don’t be tempted to take those offers from the car dealers. Your best loan will often be found through a broker who can find the ideal lender to meet your needs and get you the best possible interest rate – without the sleazy sales pitch.
Education can be costly but it is also an investment in your future.
Upgrading your skills can lead to better career opportunities that earn you more income and set you up for long-term success.
Applying for a personal loan to help fund your education can be the boost you need to succeed like you never have before.
There are few more enriching experiences than taking off to a far-flung country but, unfortunately, it’s not always easy to do this while paying bills and rent. A personal or small home loan can help you take advantage of affordable airfares and make that trip of a lifetime happen today.
If you don’t have private health insurance – or even if you do – the costs of an elective medical procedure can be high and prohibitive. (Remember, it’s easier and cheaper to get health insurance whilst you are young and healthy rather than waiting until you are older and starting to experience health issues.)
To help you pay for the bills you need to cover and access the medical treatment you need, a personal loan can be a positive move – but not if the repayment costs add to your post-operative stress.
Work out what your costs are and how important the treatment is to your ongoing health and wellbeing. If you can afford the repayments and your life will improve as a result of the medical care you receive, it might be one of the healthiest financial decisions you’ll ever make.
Remember – sometimes, being able to access an injection of funds can be a helpful tool that helps you do something important and meaningful but it’s important to realise that finance should always be entered into responsibly.