Categories
Personal Loans Interest Rates

Why Patients in Debt Turn To Low Interest Rates When Applying for Loans

It’s definitely costly to be sick nowadays and patients in debt are particularly vulnerable. Despite the government’s efforts in promoting healthy workers, healthy eating and active living, illnesses still arise and more often than not people aren’t financially ready for it. No wonder many patients look for low interest rates loans when in need for financial security.

The No-Work-No-Pay Policy Scares A Lot Of People

Would you rather go to work than call in sick and risk losing your job in the process? Many people drag themselves into work while they are sick simply because they cannot afford to call in sick. If you are a casual or on a contract without sick pay benefits, you might be forced to report for work despite your doctor’s advice.

It’s not uncommon to hear stories of people suffering from injuries or illnesses to work through their discomforts so that they can still receive their wage. Some people don’t even bother applying for sick leave if they know their company is restructuring or cutting down on costs and firing employees.

Some people take a few days off but immediately return to work after using up their statutory sick pay, even though their doctors’ may advise them to take a longer break. This can actually harm your future health and mean you need to take more time off down the track.

Although the Australian law requires employers to give their employees’ sick leave benefits it is worth noting that the number of days covered may not be enough for a person to fully recover. That’s why some employees’ will come back to work earlier so that they can keep their job and receive their wages in full.

Many Self-Employed People Have No Comprehensive Medical Insurance

While Medicare, gives you access to free hospital treatment and subsidises your out-of-hospital medical treatment, you may still have to shoulder some out-of-pocket expenses if you need elective surgery. Some people still take out private health insurance products from top companies like Medibank, Australian Unity, HCF and the HBF. The most common health insurance coverage includes the following: Lifetime Health Cover, Medicare Levy Surcharge, and Private Health Insurance Rebate. But, there are times that the insurance coverage is not enough to foot the bill.

There are many things you need to pay for, and being sick doesn’t help at all. Patients in debt can save money by doing the following:

Groceries

Food takes up most of our money, with it being one of our basic necessities; we can’t really go without it, and so minimising the costs used for them might be the best option. If you’re used to eating out you should start cooking homemade food, not only is this cheaper, but it’s also healthier.

When buying groceries, you should make sure that they will last you an entire week without having to go back to the market again. Remember, this should turn out cheaper than eating out every day, so buy only the ingredients that you’ll need. If possible, look for discounts, or you could even look for some vouchers and/or coupons that might be lying around your home.

Transportation

Going to and from work can be such a hassle. Having your own vehicle might be more beneficial on your part because you can budget the money you use on fuel. However, as with everything in life there are other expenses attached to owning your own car; this is where public transport has the upper hand.

The key to budgeting your transportation expenses is to average your monthly expenses and then create a budget based off that figure.

Bottom Line For Patients in Debt

You need to pay your debts each month, and unless you find personal loans with low interests for patience in debt, it is difficult to keep up with your payments.

Bills might come knocking at your door on the 15th or the end of the month, so you should make sure that you have money set aside for them. Everyone has debts they have to pay. Do everything possible to pay on time and you’ll eliminate them in the near future. Australian Lending Centre offers loans with low interest rates that you can fall back on at troubled times. If you’re interested in applying for an affordable loan, make an enquiry today!

Categories
Debt Consolidation Home Loans

Getting Savvy For Better Home Loan Rates

Home loan rates vary a lot from bank to bank and also from year to year. Locking in a low rate can significantly lower a home buyers cost over the long term so getting the best rate possible is one of the most important negotiations that a person will ever have to make. There are lots of ways to negotiate a better rate for purchasing a home but the most effective way is to persistently ask for a lower rate. All lending institutions want to get the most out of a customer as they can, just as much as you want to get the best offer for rates as you can. In these situations, you have the advantage of having all of the lending institutions competing to have you as their customer with their competitive home loans.

Better Home Loan Rates

Simply calling and asking for a reduction on advertised rates is an effective way of getting a reduced rate. If the bank does not immediately reduce the advertised rates then it is possible that they will offer to waive the package fee. Researching the fees and rates of the different lenders will give you the knowledge needed to get your rate as low as possible. Since the banks are competing heavily for your business they are willing to cut deals to get you to walk into their door.

Once you have narrowed down your options, make sure to never take other offers off the table. Another tool you can use is the amount of the loan you are willing to take. Often lower rates are given to larger loans since the banks see it as a way of making a larger profit in the long term. Consolidating other debt with the same institution is another way of bringing down borrowing cost. High credit card rates and car loan rates can be consolidated for a better rate for you and also give the bank an opportunity to have you as a customer on more business. Willingness to take a larger loan and consolidating other forms of debt can work well for both sides of the table.

A bit of homework and persistence can really pay off in what might be the largest purchase of your life so take some time and push for the best deal possible. The bottom line is that advertised home loan rates are negotiable and getting smart about your options can really help your bottom line in the long run.

Categories
Refinance and Refinancing

Refinance for a Better Home Loan

It is estimated that 30-40% of home loan applications are people interested in refinancing their mortgage.

More than two-thirds of people who refinanced their home loans recently were able to secure a lower interest rate, a mortgage broker’s survey shows.

Categories
Business Loans Short Term Business Loans

Banks Competing for Business Loans

Many of the large banks in Australia are launching new campaigns to encourage their business customers to seek new business loans. Advertising has heated up in the rivalry among the banks with the constant addition of new advertisement in every medium. This has made business loans a very competitive field, making the choice of who to go with very difficult.

To intensify the rivalry, the banks have started adding incentives for a business to bring their loans with promises of up to $20,000 for some. Smaller banks who are struggling to compete with these large promises are trying anything to keep their current customers which include adding fees to businesses trying to leave.