Personal loans for moving house
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Fixed up to 8.99%
3 years to 5 years
Enjoy lower rates and no early repayment fees with this 2020 RateCity Personal Loan Gold Award Winner.
Fixed up to 19.49%
1 year to 7 years
Be rewarded for your excellent credit rating with this competitive fixed rate personal loan offering fast funding and flexible repayments.
Fixed up to 17.95%
1.5 years to 7 years
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
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2 years to 3 years
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Can you take out personal loans for moving houses?
Borrowers can take out personal loans for a variety of reasons, like moving house. Short-term personal loans for moving houses can be a convenient way for borrowers to access additional credit to cover the costs of moving house.
Who offers personal loans for moving houses?
When it comes to personal loans for moving houses, borrowers have a few options. Depending on your current financial situation, credit history, the amount you’re looking to borrow and your relationship with your existing lender, borrowers can choose between traditional banks, credit unions and non-traditional peer-to-peer lenders.
How do you take out personal loans for moving houses?
Before taking out a personal loan for moving houses, start by working out how much you want to borrow and what the loan repayments will be. Once you’ve worked out whether you can afford the loan and you’ve found a personal loan for moving houses that works for you, you can apply directly through the bank or lender. Each lender will have their list of eligibility criteria, so be sure to read through them to make sure you qualify and have the supporting documents ready.
Can people with bad credit take out personal loans for moving houses?
Customers with an impaired credit file and bad credit histories may still be able to apply for a personal loan for moving houses. Borrowers with bad credit may be suited to secured personal loans, guarantor personal loans or short-term payday loans – although it depends on each borrower’s unique circumstances.
While there are lenders that cater specifically to higher-risk borrowers, it’s worth noting that these personal loans usually have higher interest rates and fees. Borrowers with bad credit should always do their research and make sure the lender is reputable and that they can afford to borrow the money and make the repayments. Depending on your situation, it may be worth engaging a broker to assist with finding a personal loan for moving house that is suitable for borrowers with bad credit.
Borrowers with bad credit may wish to take steps to improve their credit rating before applying for a personal loan.
How do you compare personal loans for moving houses?
As each personal loan is different, it's important to compare apples with apples. When comparing personal loans for moving houses, be sure to compare interest rates against similar personal loans for both secured and unsecured personal loans. Most personal loans have an establishment fee; be sure to check other costs such as ongoing monthly or annual fees, late payment fees and any redraw fees. Other factors to consider are whether the loan has any restrictions on what you can use the loan for or any penalties for paying off the loan early.
Before applying for personal loans for moving houses, work out how much you can afford to borrow and what the repayment terms will be. Regardless of which personal loan you choose, it’s important not to sign up a for a loan that you can’t afford to repay.
What are the pros and cons of personal loans for moving houses?
As with all types of loans, there are pros and cons to each situation which should be assessed on a case-by-case basis.
One of the main advantages of a personal loan for moving houses is they’re generally easier to get than other types of loans like mortgages and, depending on your situation, usually have lower interest rates than credit cards.
Unlike borrowing money on a credit card, you have to go through a formal application process with personal loans for moving houses. Borrowers who have an existing mortgage and access to a redraw facility may wish to explore that option as you may be charged a lower interest rate than if you borrowed the money as part of a personal loan.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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Frequently asked questions
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What are the pros and cons of personal loans?
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
What can I use a bad credit personal loan for?
Generally, bad credit personal loans can be used for the following purposes:
- Debt consolidation
- Paying bills
- Buying vehicles
- Moving expenses
Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.
Are there emergency loans with no credit checks?
While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.
Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Can I get guaranteed approval for a bad credit personal loan?
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Can I get a fast loan with bad credit?
Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.