Sail into summer with November's top personal loans

Australians love to get out on the water. If you’re considering buying a tinnie to spend the summertime fishing or perhaps a jet ski to zip across the lakes, then a personal loan might be right for you. 

Following strong demand for fixed term loan commitments in August, the latest lending indicators from the Australian Bureau of Statistics (ABS) revealed new commitments for personal loans declined slightly across almost all categories in September - loans for personal finance fell 5.2 per cent month-on-month, loans for road vehicles were down 6.8 per cent, and loans for personal investment shrank 10.0 per cent.

However, fixed term personal loans for the purchase of other transport vehicles and equipment rose 6.3 per cent month-on-month in September.

Examples of these vehicles include boats, trailers, caravans, jet skis, motorbikes or all-terrain vehicles (ATVs).

High inflation keeps pushing up the price of everything but there is some light at the end of the tunnel. The Reserve Bank of Australia (RBA) suggests we may be able to observe the effects of recent rate hikes as early as next year.

Does my employment status matter when taking out personal loans?

Taking out a personal loan as a salary paid worker with a good credit score is commonplace, but there are some 2.5 million casual employees in Australia who may also desire this privilege.

While it might be more difficult for these workers to secure a personal loan, they are available from some lenders. If you’re a casual employee considering applying for a personal loan, make sure to do your research, check your credit score and be aware of circumstances that could influence your application.

Next steps

If you're seeking a personal loan with repayments that fit your budget, 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. But 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.

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.

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