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Australia has three credit bureaus - Equifax, Experian and illion - each producing its own score on its own scale from the data lenders supply to them. Because not every lender reports to all three...
A secured business loan is backed by an asset, usually property, which buys you a larger amount, a lower rate and a longer term. An unsecured loan has no specific asset behind it, so it is faster a...
A Small Amount Credit Contract - commonly called a payday loan - is capped by law at a 20% establishment fee plus 4% monthly. That sounds modest until it is annualised: a $1,000 loan over four mont...
A non-bank lender is a large, wholesale-funded institution offering long-term products at rates above the banks, usually with a published credit policy. A private lender funds from private capital,...
Debt consolidation replaces several debts with one, ideally at a lower rate and with a single repayment. It works when the rate genuinely falls and the term does not blow out. It fails when high-ra...
A private lender provides the money and carries the credit risk. A broker arranges the loan between you and a lender and is paid a fee for doing it. Many private deals involve both. Knowing which o...
Buy now pay later is now regulated as credit in Australia, which means providers must hold a credit licence and assess suitability. More importantly for borrowers, lenders can see BNPL activity in...
Yes, often - provided the debt is under a payment plan you are actually meeting, and the new loan does not put that plan at risk. A defaulted arrangement or an undisclosed liability is usually a de...
A balance transfer moves existing card debt to a new card at a promotional rate, often 0%, for a set period. It works if you clear the balance within that window. It backfires when the balance surv...
Two years of lodged tax returns is the mainstream benchmark for a full doc loan, because most lenders average two years of income. Some will accept one year where you were previously employed in th...
A credit card interest-free period only applies if you pay the full closing balance by the due date. Carry any balance and interest is typically charged from the transaction date on the whole amoun...
Small cosmetic renovations are usually best funded from redraw or offset at mortgage rates. Larger structural work generally needs a construction loan with staged drawdowns and council approval. A...
