- The Savvy Promise
We all have dreams and goals that we would like to accomplish, but sometimes our finances fall a little short. This shouldn’t be the reason why you don’t complete them. A personal loan can help you with your budget in more than one ways. Whether you are completing a home improvement project, making a major purchase, or covering an old bill that is incurring interest, it comes in handy. Here are four reasons why a personal loan can bring you one step to achieving your goals.
Home improvements
1 in 6 Australians are not happy with their homes, but cannot afford to undertake any improvement projects. Your home should be the spot where you relax, rather than being harassed by the terrible sight of its aging structure. According to statistics released by Roy Morgan, there’s an estimated 93,000 Aussies who have active persona loans to help renovate their homes. The perks of this is that you can improve your homes aesthetic appeal to the level that you want. Loans usually range from $2,000 to $20,000 and vary from lender to lender. A personal loan can help you increase your home’s value by fixing things that could decrease its value. You could speak to an accredited personal loan provider to find a deal that is suitable for your home renovation needs.
Pay off your education fees
Knowledge is power when it comes to unlocking doors that can help you achieve the future that you desire. However, with student loans already contributing 43% to Australia’s public debt education is proving to become more expensive. According to a report by The Australian fees will continue to rise more than fivefold in 2025-26 with an estimated cost of $185t.2 billion.
The benefits of a educational personal loan can help ease the financial stress, so you can focus on securing that degree. Depending on which financial lender you approach you can get benefits such as discounted interest rates, a no loan top up fee, and a flexibility features that can help you better manage your loan such as the no required repayments for the first year with the graduate loans. Always make sure that you read the fine print of these loans, and weigh whether the drawbacks are worth taking a personal loan out.
Use a personal loan to cover holiday expenses
Holidays can be costly. Whether you are planning a much need getaway to a foreign destination, or you need to pay off costs from previous holiday spending a personal loan can sort you out. It can help you consolidate outstanding credit card balances at lower interest rates. The catch is to shop for the best rate that will benefit your situation.
Making big appliance purchases
Buying a house can be one of the few biggest purchases you will make. Turning a house into a home can be even more pricey. A personal loan can help you purchase major appliances that your budget may not be able to cover such as a spacious refrigerator, a high definition LCD tv, or buying furniture. When getting a personal loan, the main question you need to ask is if you really need one to consolidate your budget, and if you will be able to pay it off. You have the choice to shop around and always find an offer that better suits your needs.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.
The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.