As Australians kick off the new financial year, plenty are giving deeper thought to their financial situations, and how to better prepare themselves during the pandemic and recession.
Many who have been financially impacted by COVID-19 might have seen a recent change in their financial situation. In news that may have been relieving for many, the government announced this week the extension of stimulus measures, including JobKeeper and JobSeeker.
While this is being extended, the payments will be tapered and, for those on JobSeeker, reduced. It’s also important to remember that government support will not go on forever.
As a result, some people may be planning their budgets and prioritising the repayment of their debts, particularly any debts with high interest rates.
If you’re aiming to clear your debts in the short-to-medium term, it might be worth considering consolidating your debts into one personal loan. Doing this may help you save on interest costs, as you’d be on one interest rate. You might also save on personal loan fees, as you would typically only be charged one set of fees.
It’s important to understand that consolidating your debts with a personal loan still means you are taking on a financial commitment. It’s best to compare all your options before opting for a debt consolidation personal loan. It could be a good idea to speak to a financial adviser for advice specific to your personal situation.
If want to stay up to date on the personal loans market, consider using RateCity’s Personal Loans Leaderboards, where personal loans are tracked and rated daily.
RateCity has put together some of the top-rated personal loans for July 2020 to help start your personal loan comparison.
(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.)
Best excellent credit personal loans
Best green personal loans