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Personal Loans

People take personal loans for variety of reasons such as wedding, holidays, or even buying a car or furniture.

Personal loans are normally for a term between 1 and 7 years and can be on a fixed or a variable rate.

While fixed rate has an advantage of set repayments for the period of loan term, it also provides security for any interest rate rises. But the obvious disadvantage is that you can’t make extra payments to reduce interest without paying fees.

On the other hand, variable personal loan product let a customer make unlimited repayments. But it also comes with uncertainty of increase or decrease in interest rate rises.

With an unsecured personal loan, you don’t have to provide an asset as a security, but the interest rates are normally high. Another thing to keep in mind is that you should be able to service your loan.

Depending on a lender, loan terms are normally for a period of 1 to 7 years for as low as $2000 and as high as up to $100000. But most lenders stick to a minimum of $5000 and as high as up to $50000.


Debt Consolidation

Debt consolidation is a process in which several loans are combined into one with an aim of reducing repayments.

Debt consolidation is used when people have separate credit cards and personal loans where they are paying very high interest rates. It results in multiple repayments when combined can be very high in comparison to when they are consolidated with a home loan repayment.

We have lenders which allow all debt consolidation into one home repayment thus benefiting a customer with lower interest rates of a home repayment.

At Oracle Ezy Finance we service all parts of Melbourne and Geelong and are based in Bundoora and Geelong. You can also contact us to arrange for a phone, WhatsApp, or a Zoom appointment if you are based in any part of Victoria or Australia.