At Murray Home Loans we have access to personal loan and car loan products with a number of lenders.

Personal Loans

Personal loans are a form of unsecured lending.  As such their interest rates are quite high, generally ranging from 12% to 18%.  As well as the normal range of lenders we have access to a number of non-major lenders that have greater flexibility than the majors.

Personal loans can be used for all manner of items – anything from holidays, purchases, studying or paying tax bills.  They can be an extremely useful tool to consolidate debts prior to seeking a home loan.  For example, consolidating high interest credit cards and other personal debt into a single loan with scheduled repayments can benefit you by reducing overall costs, compacting this to a single regular payment and tidying your credit profile.

These loans can have variable or fixed interest rates, loan terms out to 7 years, the ability to repay extra and choice of weekly, fortnightly or monthly repayments.

Car Loans

As their name suggests their purpose is to purchase a vehicle.  The car is used as security for the loan.  In return for the security, your car loan interest rate is generally lower.  We have seen rates lower than 5% for some loan.  Buying a new vehicle tends to get the lower interest rates.

The average loan term is 5 years, but this can range from 1-7 years.  You can borrow 100% of your car’s purchase value and include extras such as insurance and extended warranties.

Watch out for 0% interest deals.  They might suit some buyers but the trade-off is normally a higher purchase price, higher fees.  Negotiating a better price may be a better option that will save you money in the long run.  Then you can use a car loan to fund it.

Note:When looking at interest rates for personal or car loans, an interest rate shows you the total interest you will pay on the principal.  Quite often there are other costs, like upfront fees, ongoing service fees and early repayment fees.  A comparison rate includes most fees and charges expressed as a total interest rate. You can compare similar loans using a comparison rate table.

Please contact us if you would like to find out more about personal loans or car loans.