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Catch up on your new year’s resolutions with July’s top personal loans

Georgia Brown avatar
Georgia Brown
- 3 min read
Catch up on your new year’s resolutions with July’s top personal loans

If you’ve found yourself halfway through 2022 with a list of untouched goals, this month’s top-rated personal loans could give you the push you need.

New lending indicators from the Australian Bureau of Statistics have revealed the value of new loan commitments for fixed term personal finance rose 5.1 per cent in the latest reference period of May 2022.

This was largely driven by a 10.2 per cent rise in lending for personal investment, as well as a 3.2 per cent rise in lending for the purchase of road vehicles. Meanwhile, lending for travel rose 11.4 per cent, though it remained 20.4 per cent lower than pre-pandemic levels. 

Travel, personal investment, and road vehicles are just a few of the many loan purposes eligible for personal finance.

Here are some of the ways a personal loan could help you, depending on your goals:

Home improvement

Do you have a home improvement project on your to-do list that you’ve been putting off? Perhaps a bathroom renovation, or the installation of a new entertaining deck ahead of the warmer months? A personal loan could help you get started on your home update sooner, so you can check it off your list before the year comes to an end.

Family holiday

If you, like many, have been putting off booking a big family holiday due to COVID-19 and the travel restrictions that came with it, you may be starting to get itchy feet.

Flights and accommodation tend to be the biggest expenses that come with travel, and often need to be booked well in advance. A personal loan could allow you to book your trip now and start paying it off before your departure.

Solar panel installation 

Energy prices are on the rise, as well as the general cost of living. So, you may be looking at ways to cut costs around the home. If your house is suitable, rooftop solar could allow you to save money on energy over the long term as well as reduce your environmental footprint.

Some lenders offer green personal loans for the purpose of purchasing or installing eco-friendly products for your home, including rooftop solar panels. Green personal loans tend to come with lower interest rates, as lenders incentivise borrowers to ‘go green’.

Before making the decision to take out a personal loan to help fund your next project, be sure to do your research and compare your options to find what’s right for you. 

RateCity has put together some of the top-rated personal loans for July 2022 to help get you started on your 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.)

Top-rated excellent credit personal loans

Top-rated green personal loans

Compare personal loans

Product database updated 26 Apr, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.

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