Home Loans, Mortgage Refinance, Bad Credit Home Loans

A recent survey suggests that 80% of Australians are concerned about their ability to maintain repayments on all their loans and debts. There is significant interest from consumers at this time of the year in debt consolidation in order to reduce monthly repayments and not fall into arrears.

The biannual survey by data intelligence company Veda, discovered that 4 out of 5 Australians are worried about their ability to meet debt repayments in the future. This is a significant increase from 3 our of 4  this time last year.

Given the global economic woes and economic problems locally, many businesses are closing their doors leaving twenty percent of survey respondents are struggling with their current levels of debts.

However,...

A Parliamentary Economics Committee report has reached a decision in their review of the payday loans industry in Australia. The Committee has advised against the government’s proposed interest rate and fee cap on payday lenders, confirming that such changes would destroy the payday industry making the industry unviable.

Most borrowers accessing payday loans are using them to pay for basic necessities, and loosing access to such short term funding would be highly detrimental to thousands of struggling Aussies.

The National Financial Services Federation which represents payday lenders, called the recommendations the “right balance between protecting vulnerable Australians and maintaining a viable industry”.

The decision is a win for the 500,000 users of payday...

Honey Finance Group of websites are inundated over the past few weeks with inquiries from borrowers looking for small unsecured loans to help out with expenses over Christmas.

Many of the inquiries received are from people with some issues in their credit history who are unable to qualify for a loan through banks. However the perception remains that it is still possible for borrowers to gain access to unsecured personal loans through non-banks channels although the applicants has unpaid defaults, excessive credit history inquiries, no proof of income etc.

Although we do have access to some lenders who will consider a small personal loan to a ‘non-conforming’ borrower, these loans are generally under $2,000 and are only for a short...

A recent survey has confirmed what many of us already know – the rising cost of living is having a detrimental affect of the family budgets, with many people stifled by high levels of debt.

The Mortgage Choice consumer sentiment survey found that increased living costs were hampering New South Wales residents’ ability to save money – causing the household nest egg to dwindle. Families are searching for small loans and debt consolidation alternatives to help them manage.

The survey found that, while NSW residents were “fairly confident” in the economy, they wanted to make big changes to their personal financial strategy.

When asked about how they felt about their savings,...

Consumers are shying away from personal loans and especially from credit cards. Statistics indicate that credit card accounts were down in September 2011, for the first time in 17 years,

The average card limit grew by just 1.5 per cent over the past year – well below the rate of inflation being the lowest rate of growth  – while consumers continue working on reducing credit card balances by $10.30 to $3292.60.

Credit card debt is growing at the slowest pace since the global financial crisis, a period which saw an unprecedented slashing of debt.

CommSec economist Savanth Sebastian said that information at hand point to consumers becoming more frugal.

“If there was any doubt about the conservatism of Aussie consumers it was laid to rest with the latest data on credit and debit card lending,” he ...

Over the past few months the demand for small unsecured bad credit loans has exponentially increased. More and more applicants are looking for loans up to $5,000 without being able to offer any security for their applications. Many are already struggling with an array of small debts and are seeking a debt consolidation solution.

Unfortunately borrowing options are limited for such applicants. While there is access to small payday or cash loans, these tend to level out at $2,000 only, and with that the borrower must demonstrate ability to repay the loan from their income in a matter of weeks. These loans are quite expensive and are not a debt consolidation solution. They were...

Want to borrow money with a bad credit history? It can be done!  However borrowers with some bad credit history need to understand that while they may qualify for some loans, other loans will remain outside of their reach while their credit report reflect defaults.

Essentially unsecured bad credit personal loans do not exist. Various businesses appear to advertise bad credit loans, but read the fine print, most loans will require the borrower to offer some security either in the form of a motor vehicle or a house. Only small payday loans are available but these normally cut out at around $1500 and are only offered for a period of weeks not months or years.

Borrowers looking for a bad credit home loan need to have reasonable income and sufficient...

IF YOU’RE feeling that you are falling deeper and deeper into debt, all you need to do is seek out assistance from professional debt counselors.

You do not need to be unemployed to have debt problems, in fact many people on high incomes with a strong asset base also find that their debts are escalating beyond their level of affordability.

How long could you stay in the black if you were to lose your job today? Many Australians are living from pay to pay and would not be able to maintain their loan repayments as well as meet other debt obligations even if they had to go without pay for only one month.

People from all economic groups sometimes find that they have debt problems which they are unable to solve themselves.

If you’re just beginning to struggle with your home loan repayments, a financial ...

Proposed new federal lending laws are aimed are restricting payday lenders from charging unreasonably high interest rates on loans they offer.

Draft legislation released yesterday by Assistant Treasurer Bill Shorten aims to  cap the costs that short-term and payday money lenders can charge for their loans.

In the first national cap of its kind, Mr Shorten has called for contracts of less than $2000 to have a maximum upfront fee of 10 per cent and an interest rate of 2 per cent a month. This is very much likely to destroy the payday loans and cash loans industry which is the only place still offering small loans to people who are not asset holders and will not qualify for unsecured loans with banks.

The draft also includes a ban on refinancing or debt consolidation of several...

ASIC is focusing its attention on unlicensed credit providers and finance brokers.  It intends to crack down on those who are yet to gain full approval to provide credit services but who are active in the finance world..

Payday lenders, mortgage lenders, consumer leases for white goods, and debt reduction and consolidation schemes will all be included in the review by ASIC during the 2011/2012 financial year. Since the introduction of the National Credit Code it is illegal to operate in any capacity in the world of finance lending without holding the appropriate ASIC license.

The watchdog has already reviewed 5,000 advertisements in the printed media, as well as online and broadcast advertisements to uncover unlicensed and unauthorised operators who are still advertising that they provide...