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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
Disclaimer
This article is over two years old, last updated on July 6, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent personal loans articles.
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Product database updated 13 Dec, 2024
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