In today’s fast paced world, everyone seems to be running an imaginary rat race trying to accomplish goals and ambitions. Some dream of buying a new house and some aspire to buying a bigger car. Although you have worked hard to make ends meet and spare some funds towards your savings and maintain your liabilities, an unplanned unpaid expense may leave a negative impact on your credit file. The way you conduct your financial affairs, determines your credit score, so, the more unpaid defaults the lower the score, the lower the liabilities and higher on time payments will increase your score. Some defaults are easier to overcome than others, a simple phone or utility bill that hasn’t been paid is generally a road bump to getting that car or personal loan, however it is possible that through the right lender that may be overcome.
Bad credit is a widely known term that describes someone’s low credit rating, this is used by financial institutions as an indicator to know the credit history of a person. This rating is used by creditors to calculate the risk of lending funds to the individual with good or bad credit. This also indicates to the lender how likely it is for the debtor to miss a repayment or even default on a payment altogether. For example, maxing out on your credit cards and missing the bill repayment timelines directly affects this score.
As discouraging as it may sound, not every bad credit is intentional. Sometimes one lands into a low score because of financial adversities, missed and even late payments. If you’ve experienced that than you’re not alone. Many Australians are suffering due to their past borrowing slipups and are facing challenges of not being able to get loans when required.
However, different lenders have different lending criteria’s so there’s hope, even when you have current defaults on your credit file some lenders have specific options designed for individuals with less than perfect credit.
At Londy Loans we provide everyday Australians with lending solutions of all types including second chance finance through a panel of lenders that are willing to provide loans to our customers that may have less than perfect credit score.
We specialize in personal loan, car loans, commercial loans and home loans. For more details hit the contact us section and our team of experienced loan specialists will work with you to see if we can find the right loan for you.
Every New Year brings along its own set of expectation and resolutions. Some people plan on purchasing new car and some plan for their vacation. But when it comes to saving, it may get tricky, particularly when you have bills stacking up every month.
As problematic as it might sound, but it is the initial step towards your goals that is the most critical one in achieving your dreams. Devoting efforts and utilizing every opportunity to save your money can truly pay off in a long run. It can enable you to remain on top of your bills and spare 1000s of dollars every year.
If you reading this, chances are you are also looking for a smart saving solution and want to leap towards a decent bank balance.
There are many major and minor changes that one requires in life to start saving in a better and strategic way. Let’s learn more about the money saving techniques that can be effectively incorporated into our routines:
Set Weekly Alerts
Updating your timetable once every seven days to take a break for an hour to work on your accounts to analyse your passbooks and recent spending, In case keeping an update is not sufficient, you can set up some sort of reward yourself plan that keeps you on the correct path and may help you fight your urges.
Educate Yourself
One of the most important step in organizing one’s money is by educating yourself about money handling techniques. Read as much content from reliable resources and journals about better and smart money making solutions. Keep yourself up to date on the recent investment opportunities may take you a long way.
Top savings accounts in Australia by standard rate;
- Move Express – 2.40% interest
- AMP Saver– 2.10% interest
- Catalyst Money – 2.10% interest
- Australian Unity – 3% interest on > $250 and 0 withdrawals/month.
- AMP Bett3er Save Account – 3% interest > $2000/month
Savings through these steps may be moderate for the initial couple of months, however as time passes by and monitoring, expenses becomes a routine, one can circumvent the habit of living pay check to pay check.
Credit rating is the representation of the credit worth of an individual that can vary from time to time. The score is a number that is determined on the basis of your credit file. In countries like Australia, lenders like banks, credit unions and financial companies assess your credit rating before lending you the money and decide the loan amount and interest rates accordingly. Therefore, it becomes essential to learn to maintain the credit rating and also how to improve it.
Below we will describe the best ways to maintain a good credit score:
1) Pay bills on time, before due date: Though quite obvious but you need to pay your bills on time. The payment maybe delayed once but it stays on your credit file forever, no matter how small the amount maybe. Keeping an auto-debit option active for bills can be an easy solution to the problem.
2)Avoid checking on your credit score multiple times: Each time you apply for loan or credit card, the prospective credit provider checks your credit report which deducts points off your credit score with every check, this is termed as a hard enquiry as opposed to soft enquiry when enquire on your own credit report. Too many inquiries on the credit report reflects a bad image on finance firms.
3) Clearing debts on regular basis: Clearing off payments on the debt regularly demonstrates your capability to manage your money, this means at least paying the minimum due payment for your credit card or loan installment on time. This greatly improves the credit score and also reduces the interest rates.
4) Avoid having unused credit cards: We tend to apply credit cards for the sake of having them in the rat race but when these are not used for a long period of time, it is unfavorable for a healthy credit rating, as it does not reflect that you are building up any credit history or add to your quality as reliable debtor to control your finances.
Buying a car is always an exhilarating affair, it does not matter if it’s a new car or a used one, and people who do not have saving funds stashed away generally opt for external finance options to get their new set of wheels. The two options available in the market are car loan and car finance.
If you are considering to buy a car in instalments, it is really important that you understand the difference between the car loan and car finance. As a buyer in the car loan, you have to apply for a loan with a bank, Loan Company or a credit union. You will have to prepare your case and file for the loan with all required documents. The credit establishments then deposit the loan amount into your account which you can use for the purchase of the vehicle.
In car finance, the finance dealers make all arrangements for the loan through their bank and borrower plays a very small part in the loan process transactions. You can also use the balloon payment concept to make small payments in the initial term of your car loan and pay a lump sum big amount at the end of the loan as per convenience.
It is always a personal choice to which option you go for but we would suggest that you go for a car loan as you get better and lower interest rates and can negotiate the loan terms to sign up the best deal feasible. We understand the initial hustle for the car loan is tough so at Londy Loans, we do all the footwork for you and provide the loans in easy to go steps. So if you have decided to go for a car loan, call us on our helpline number 07 3192 4124, we will have your queries handled instantly and work with you to get your dream car on the road in no time.
Having a shelter is one of the fundamental needs of every human being, but building a house nowadays is a tall order. Especially when you have to invest savings of your lifetime to build your dream home. Even though, home loans comes as a convenient option to lend money for buying residential property, but understanding how their associated interest rates work is very important before you go out to look for a brokerage firm or credit union as these finance corporations make majority of their profit by charging interest rates on the money lent.
There are different types of home loans available in the market and can be categorized by the method in which the interest rate is charged example fixed and variable interest rates. Let’s discuss these categories in detail:
In Variable rate home loan the interest rate can vary over the complete tenure of the loan as per market situation, mostly it changes when Reserve Bank of Australia (RBA) meets over the monthly cash rate. Various other reasons like profitability, funding costs, RBA cash rates and bank enthusiasm for home loans also impact the change in rates.
Fixed rate home loan includes a predetermined rate of interest for a fixed tenure of time. The interest rates remain fixed and do not change even with Reserve Bank guidelines. This also enforces that your instalments remain same during the loan term. At the end of the loan, the interest rate is reset to the standard variable interest rates or the lender fixes a newly fixed loan tenure with the borrower.
While opting for a home loan one must ensure to look beyond the advertised interest rates of fixed or variable rate since the real cost of the loan is not depicted through the set base rates. This is the reason that financial entities are legally bound to disclose the comparison rates which reflects the actual expenses taking into account the base interest rate, establishment costs and additional fees to express the percentage comparison. Thus making it convenient for the borrowing party to gauge the actual value of the home loan services.
The passion driven company, Londy Loans is a finance and loan establishment that provides its services to customers all over Australia. The core motto of the firm is to provide best in class financial services and deals to its clients, so that their processes can become well-founded and established.
The building blocks of Londy Loans is based on trust and loyalty through ethical financial broking, as a result of which clients distinguish the company for the highest level of security and allegiance when it comes to our client’s financial needs.
At Londy Loans, we offer exclusive brokerage packages with a vast range of loan types available across the country. Our team of brokers comprises of philanthropists with highly practiced and tested expertise in the field of finance. Customers can avail quick loans and finance solutions for Home Loans, Car Loans, Motorbike Loans, Boat Loans, Caravan Loans, Equipment/Machinery Loans, Truck Loans and Aircraft Loans, etc.
Our approach to each case is simple and customer-centric. For each clientele, the company offers a dedicated personnel who works very closely with the customers to know their present-day economic conditions and accordingly advise on available financial deals. As your representative brokerage advisors, the Londy team offers a priceless guidance on various Loan Types and helps its customers make the right choice in loan plans for getting best benefits.
The firm is licensed by Australian Financial Services and is fully equipped to provide brokerage services all over Australia. As an organization, Londy loans completely understands that the customer care service is essential to ensure customer satisfaction, therefore, we provide 24-hours and 7-days email support through experienced finance brokers. The company also provides phone support during business hours from Monday to Thursday.
Please refer to our Contact Us section on the Website for more information.
With Londy Loans, you can rest assured that you have come to one-stop firm for all your finance and loan needs, we cherish the valuable relationship with all our consumers and promise best in class brokerage services with unwavering resolutions.