Blog
'Bank of Mum and Dad' Is Now a Top 10 Lender
Posted on: 17 August, 2018 . By: Debt Fix
Rising house prices and stagnant salaries are causing more Australians to rely on their parents for help when financing their first homes. A recent study by Digital Finance Analytics found that the 'Bank of Mum and Dad' now finances over $20 billion worth of home loans and deposits nationwide &ndas... Continue reading
Payday Loan Machines Target Australia's Most Vulnerable Communities
Posted on: 03 August, 2018 . By: Debt Fix
Despite the ongoing controversy around payday loans, lenders are continuing to find new ways to make short-term, high-interest loans more accessible to borrowers in need. Their latest strategy is automatic loan machines popping up in shopping centres in some of New South Wales' most impoverished sub... Continue reading
Will Getting Married Affect My Debt?
Posted on: 20 July, 2018 . By: Debt Fix
Marriage can affect your finances beyond wedding expenses, but tying the knot doesn't mean you automatically share responsibility for your spouse's past debt. You may decide to help each other out to pay off outstanding loans and credit cards, but in most cases, credit applied for by an individual ... Continue reading
Heading Overseas? You Can't Escape Student Debt
Posted on: 06 July, 2018 . By: Debt Fix
For many people, repaying student loans is low on the list of priorities for life. You may have relied on the Higher Education Loan Program (HELP) during your student days, or a Trade Support Loan (TSL) during an apprenticeship, but paying it back is often treated as an optional obligation – e... Continue reading
How to Get Approved for a Loan
Posted on: 22 June, 2018 . By: Debt Fix
Whether you're applying for a mortgage or a personal loan, you need to have some assurance that your request will be approved. Not only is a loan rejection disappointing and demotivating, it could also make it harder to get approved from other lenders, as the rejection may show up on your credit rep... Continue reading
Do You Really Need a Credit Card?
Posted on: 15 June, 2018 . By: Debt Fix
Australians are relying on their plastic more than ever. According to recent figures from JD Power and RBA, credit card use increased by 18% last year and the average credit card debt now stands at $1,990 per person, the highest in two years. If you're thinking about getting a credit card, it's imp... Continue reading
Comprehensive Credit Reporting
Posted on: 07 June, 2018 . By: Debt Fix
Are you ready for comprehensive credit reporting? From 1st July 2018, all of Australia's big banks are required to provide more information about their customers' spending and saving habits. This allows lenders to see a more detailed account of your credit history, both positive and negative. ... Continue reading
7 Budgeting Tips for New Parents
Posted on: 04 June, 2018 . By: Debt Fix
Having a child is a life-changing experience, and that extends to your finances. New estimates from the Australian Institute of Family Studies put the cost of raising a child at $170 per week for a low-income family ($680 per month) when you add up food, clothing, school and other expenses needed fo... Continue reading
Australia's Household Debt Hits Record High – and Still Climbing
Posted on: 22 May, 2018 . By: Debt Fix
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Australia's household debt-to-income ratio now exceeds 200 percent, making it one of the highest in the developed world. This means that the average Australian family owes more than twice as much in debt as it earns from wages and other sources of income. Total consumer debt is now around $2.47 mil... Continue reading
Is Now the Time to Refinance Your Mortgage?
Posted on: 16 May, 2018 . By: Debt Fix
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With house prices continuing to drop across Australia and lenders competing to offer the lowest interest rates, now could be a good time to secure a new home loan before the inevitable price hike. Switching your mortgage could save you thousands of dollars or give you more flexibility, but this is ... Continue reading
