Personal loan commitments fell 2.7% in June

19 August 2013 - Which Way To Pay

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Personal finance fell 2.7% in June

Official figures show personal finance loans fell down by 2.7% in June. The Australian Bureau of Statistics (ABS) said last week that personal finance commitments fell to $7.784 billion in June. This is down from $8.003 billion in May.

Having said this, total commercial loans in June rose 11.5% to $35.776 billion from $32.080 billion in May. Lease finance was up 8.2% to $521 million compared with the previous month $482 million.

Housing finance for owner occupiers rose 2.1% to $15.361 billion from $15.046 billion the month before

What are personal loans?

A personal loan can be ideal if you have had an unexpected expense that you have not budgeted for. Receive credit for your own personal use to use on what you desire. When researching personal loans you must be sure to read the terms and conditions carefully and ensure you are fully aware of the repayment terms and any interest charges or fees. If you are in any doubt then you should seek independent financial advice.

If you have a good credit history then you could find a credit card or arranged overdraft actually works out cheaper than the personal loans on offer. If you work out how much you need to borrow and your repayments you will be able to get a better idea of what the most suitable option for you is.

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