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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Are you being priced out of the market? Have you got the Tuesday blues? And are ...

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Borrow

Are there any benefits of getting a loan?

By Louise Chan

November 27 2019
Share

Borrow

Are there any benefits of getting a loan?

By Louise Chan
November 27 2019

Most personal finance experts agree that it’s best to avoid debts, but there are some expenses that make taking out a loan seem like the best option.

Are there any benefits of getting a loan?

By Louise Chan

November 27 2019
Share

Benefits of getting a loan

Consider the benefits below when deciding whether to apply for a loan or not.

Many institutional and alternative lenders offer loans
There are many ways you can access a loan if you decide to apply for one.

Financial institutions, such as banks, not-for-profit organisations and even alternative lenders all offer a variety of loan products with different terms and conditions.

You simply need to practise due diligence in order to secure a loan with a reliable and trustworthy lender.
Terms may depend on your eligibility and capacity
The government requires loan providers to be responsible with their lending. In line with this, lenders scrutinise loan applications and may adjust the terms of a loan.

The allowed loan amount may increase or decrease depending on how eligible you are. Likewise, lenders scrutinise how financially capable you are of repaying the loan based on past and present financial circumstances
Interest rates may be lower
If you have a good credit score and a stable income, you may be eligible for lower interest rates – especially when compared with credit card rates.

This is beneficial if you have a variety of expenses to cover because the total amount you repay won’t inflate from interest.
There’s no “credit limit” to the amount you can apply for
You can apply for the full amount you need whether you require $10,000 or $100,000.

The only limit to the amount you can ask and get approved for are your own eligibility and creditworthiness.
It can be used for debt consolidation
Taking out a loan can be a good alternative to opening a balance transfer or debt consolidation credit card or account.

With balance transfer cards, a higher interest rate may be applied to your balance if you don’t repay the full amount of your consolidated debt within the interest-free period.

But with a single low-interest loan to pay off other debts, you’ll know how much you need to pay each period without worrying about getting hit with a higher interest later on.
You can get one even with a bad credit score
Some lenders offer loans even to people with bad credit score, so you still have options worth considering if you’re badly in need of a loan.

The downside to this is that these types of loans usually have a high interest rate and more restrictions when compared with loans for people with good credit scores.

When is interest on my loan tax deductible?

Both principal and interest portions of loan repayments are not tax deductible, except in very limited circumstances.

The Australian Taxation Office will only allow you to deduct interest payments on your loan if the borrowed money was used to gain assessable income. However, you must have used the money to increase your own assessable income or for your personal education.

This means that you may only apply for a tax deduction on interest payments if you used the borrowed money for any of the following:

Personal education (i.e. student loan interest)
Business expenses
Investments for your personal portfolio

This exception does not apply to you if you gift the loaned money to help someone else with their education or to obtain the means to acquire or increase their assessable income.

Are loans good for the credit score?

Loans are only good for building up your credit score if you can consistently make repayments in full and on time.

Falling behind on payments or defaulting on the loan will negatively affect your credit score.

How to secure a loan with no credit rating
It won’t be easy to secure a loan with no credit rating, but it’s possible through guarantor loans or by putting up a collateral.

Explore nestegg to know more about loans.

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About the author

Louise Chan

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

About the author

Louise Chan

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