Personal Loans | Mortgage Choice in Kingsley
Mortgage Choice in Kingsley can help you fulfill your wishlist with a personal loan suited to your needs.
What is a personal loan?
At Mortgage Choice in Kingsley, we understand there are special times in life when you could use a little extra cash for things like planning a wedding, taking a well-deserved holiday, completing some home renovations or giving the kids a high-quality education.
A personal loan is a short term loan of typically 5-7 years, often with interest rates higher than that of mortgages but lower than that of a credit card, offering a useful solution for those special projects. Also, because you are assessed based on your credit risk and experience, the turn around time for approval is usually much faster than that of a mortgage too.
At Mortgage Choice in Kingsley, we do all the legwork by comparing multiple products from a range of lenders so that we track down competitively priced personal loans that let you achieve your goals.
Our lenders
RateSetter is a pioneer in peer to peer lending and was one of the first of their kind in Australia.
Latitude Financial believes in making the application process as quick and simple as possible, whilst also providing products that can suit a diverse range of lifestyles.
Taking a 'one size does not fit all' approach, MoneyPlace is an innovative lender that aims to have a finance solution for every life stage.
Types of personal loans
Secured loans
If you are purchasing a major item such as a boat, or if you own one already, a lender may be willing to take it as a security for the loan. This could mean that you are entitled to a lower rate than that of an unsecured loan as the lender has a lower risk of loss if you fail to make your repayments. It can also mean that you have a higher chance of getting approved!
As your local Mortgage Choice broker, Michelle Clark can help you weigh up the pros and cons of a secured loan and help you decide what type of loan is right for your individual circumstances.
Unsecured loans
Unsecured loans are those that do not require you to own any assets to apply, whilst also giving you greater flexibility to use the funds as you wish. However, it is important to be aware that the interest rates are often higher than secured loans as the lenders perceive these loans to be a higher risk because you have nothing to fall back on if you can not make repayments.
There are many factors to consider when weighing up your options so be sure to always consult with an experienced broker like Michelle Clark about which loan is right for you.
Fixed vs variable loans
Fixed rate loans
For those of us who like the security of knowing exactly how much our repayments will be over the lifetime of the loan, a fixed rate loan is the way to go. Fixed rate loans are exactly that, loans where the rate of interest is locked in and will not change, allowing you to easily budget and forecast your repayments.
Variable rate loans
On the flip side, variable rates can be subject to change and the interest can either increase or even decrease during the life of your loan. Variable rate loans can also be more flexible if you would like to repay your loan faster, as lenders may allow you to make extra repayments on the loan.
Everyone's personal circumstances are different which is why, as an experienced broker, Michelle can steer you in the right direction and find the right loan suited to your needs.
Reasons to get a personal loan
Renovate your home
Whether you need some extra space for the kids or you just want to give your home a facelift, renovating your current home is often much cheaper than buying a new one.
Consolidate your debt
If you are struggling to manage the debt on your credit cards, it might be worth your while to consolidate your debt into one personal loan at a lower interest rate. It also means that you are only focusing on one easy to manage payment.
Help pay for a wedding
Weddings can be expensive, but that does not mean you should have to skimp on your big day. A personal loan can help make your wedding day one to remember.
Take a holiday
Free up some extra funds for a much needed break and take the opportunity to travel the world.
A new boat
If you want to set sail on a new boat but you are falling a bit short on funds, a personal loan may be able to put you within reach of your marine dreams.
Expert advice from the Team at Mortgage Choice in Kingsley
As you can see, there is a lot to know and consider when it comes to personal loans. And this is where an experienced team like ours can make all the difference.
To book a phone call, arrange an appointment at our office or schedule a video meeting at a time that is convenient for you, use the button below.
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