Whether you’re waiting to visit loved ones in Perth or New Zealand, or just want a well-deserved vacation, comparing personal loan options could help you on your way.
According to the latest lending indicators from the Australian Bureau of Statistics, new loan commitments in January 2022 increased by 0.8% month-on-month for fixed-term personal loans, with new loan commitments increasing by loan for travel and vacation purposes contributing to the increase.
Meanwhile, Commonwealth Bank’s latest Household Spending Intentions (HSI) showed that while travel spending fell 6.9% month-on-month in February, while people were returning from vacation, they were 40.5% higher than in February of last year.
ABC Chief Economist Stephen Halmarick said the rise in the CommBank HSI in February showed Australians were back on the move after COVID restrictions ended.
If you’re one of the many Australians who want to take advantage of the lifting of domestic and international travel restrictions and start making long-awaited vacation plans, you might be thinking about your financing options.
Personal loans can be useful if you want to book a vacation now, but don’t have enough savings to cover travel costs. RateCity has an extensive database of personal loans available for a wide variety of purposes, including travel and vacations.
To help you get started on your personal loan comparison, RateCity has rounded up the top rated personal loans for March 2022.
RateCity’s Personal Loan Ranking ranks the top five personal loans using Real Time Ratings™, a rating system that assigns loan products a score out of five, based on cost and flexibility.
It’s important to keep in mind, however, that a personal loan is a financial commitment that can often take years to pay off. Consider using RateCity’s personal loan calculator for a repayment estimate to ensure they will fit comfortably within your budget.
(Rankings correct at time of publication. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)