Home improvement for the money-wise Australian

The past two years have seen a dramatic rise in home renovations which has many Australians asking: Can I get a home renovation loan and how?

It makes perfect sense too. Our community bubbles shrank down to the size of our living space. And so, we started to think about how we can elevate our houses into the homes we strive for.

The generational spit

Millennials, those currently aged between 25 to 40, are the key drivers of the renovation revolution.

An estimated 73% of millennials are currently planning to, or already are, renovating their homes, and 34% of baby boomers are doing the same. Combined, the number of renovation projects in Australia is estimated at around 5.9 million.

That’s a lot of capital needed across the nation.


The six principles to include in your home renovation loan budget

To help you decide how much you’ll need to make your renovation a reality, we’ve put together six basic renovation principles. These are critical to consider when making your application.

1. Factor for budget blowouts

Projects that have had little research and costings have a bad habit of going over budget. Sometimes way over. Renovation budget calculators such as Real Estate Investar are a great resource to begin your budget.

Handy tip:

Budget blowouts are often the result of not recognising or factoring that any changes will add to your existing costs. Costs like additional contractor planning time, materials and so on.

2. Take the time to find a reputable builder

We seem to always know someone, or a friend of a friend who knows someone, who has the contractor or tradie from hell. We know the majority are fine but to make sure you’re dealing with the true blue, it’s incredibly important you find a builder/contractor with a good reputation.

The cost of bad work is more than just more money from your loan, but time too.

Handy tip:

Pre-approval helps you lock in your funds and interest rate while you finalise your contractor.

3. Expect surprises

There’s nothing that’ll cause you to hit the brakes faster than a nasty little surprise like a mysterious water pipe in the back garden, unseen water damage in your drywall, or dodgy shortcuts previous owners may have left you to discover.

Ensure to bring in a building inspector who will give the property and blueprints a good overview and list out things you need to look out for. It’s a small but oh so valuable cost to your project.  

4. Don’t overspend

Understand what it means to renovate elements of your home that bring added value to your property.

The key is to spend in the right places. Consult a real estate agent to compare the costs of renovating against other houses in the area and maybe you can even gain some inspiration for your renovation from their experience.

5. Book jobs in the right order

They say timing is everything, and when we’re talking deposits and labor costs, this very much applies to your home renovation.

If you’re a type-A personality and you live your life with daily to-do lists and balance monthly personal spending spreadsheets, you might be able to manage on your own. But for many, having a schedule or consultant to manage various tradies is going to save you in the long run.

The last thing you want is the landscaping team showing up while the backyard is still half dug up.

6. Budget for landscaping

The final ‘ribbon and bow’ jobs can sometimes be forgotten in the midst of the logistical chaos of any renovation.

Handy tip:

Consider what jobs require certain access and tools and try to group them within the same time frame to avoid prolonged equipment hire and additional labour costs.

Can I get a home renovation loan with OMM?

OMM home improvement loans access for Australians with all credit types and ideal for anyone seeking to renovate their home. Hailed with awards from Canstar, RateCity, and Mozo for excellent credit personal loans, outstanding value, and expert choice 2021 take comfort in knowing you have access to one of Australia’s best lenders. 

Our personal loan services are available for eligible Australian permanent residents or citizens over the age of 18-years-old with no defaults or bankruptcy. 

Get started with our pre-approval service which has no impact on your credit score and will show you just how easy it is to get the motorbike of your dreams. 

If you have queries, look to our FAQs and find the answer you're looking for, or head to our blog for more articles,

Solving your debt fatigue: Debt consolidation loan

Debt consolidation has become a major issue facing Australians. As we increase the limits on our credit cards and take out new lines of credit, the various repayments and even more varying interest rates have become entangled beyond recognition. The costs of living can sometimes catch us by surprise, and with it, so too does debt fatigue.

It’s important to know that the majority of Australians experience debt fatigue. According to the Reserve Bank of Australia, household debt has increased considerably over the past 30 years. And with the pandemic's subsequent disruption to household incomes, the anxiety of outstanding debt is growing.

Many Australians are unsure of where to find a simple way to consolidate their debts. To find an easy solution to bring various lines of credit into a single loan with a single interest rate.

So how can we consolidate our debts in a manageable way that also reduces the stress on our lives?

Various debts can make budgeting your household income incredibly difficult.

Your debt consolidation checklist

Every good financial decision starts with a plan. An outline to map your journey toward financial liberation.

The following are the five guiding principles to planning your debt consolidation.

Before you look to access any form of credit, it is important to know the status of your credit score. The lower the score the higher the interest rate you’ll be offered. Sometimes, possessing too low of a score will result in denial of your application. So, find out what it is and if it is low, try improving your score before applying for a personal loan.

Read our blog on improving your credit score here.

Understand how unsecured loans work

An unsecured loan is simply a loan approved without the need for you to offer existing assets as collateral. Assets to leverage in case of default. Unsecured loans focus instead on your existing income and cash flow to prove repayments can be made on time.

As a result, unsecured loans can be approved and processed incredibly fast. Giving you the convenience of fast turnaround time to pay your debtors and manage a single interest rate and repayment plan.

Balance your current debts against your repayment ability/ income

It's critical that you consider and understand the extent of your existing debts and how much you need to consolidate.

Knowing the total amount, coupled with projected interest repayments against your income will give you the knowledge to budget accordingly. Giving you the knowledge to stay on top of your debts right through to your final payment.

Seek a preliminary quote to scope how much you can borrow

Using OMM, you can gain access to a quote on how much you will be able to borrow, and the interest rate associated to better know your options. All without negatively affecting your credit score which would occur on a typical credit inquiry.

Pull the trigger and actuate

The most important thing to do is act.

Delaying your decision to consolidate your debts means continued interest payments on your existing accounts and a high risk of falling behind in making your repayments on time. This will harm your credit score and if late payments lead to default, will have a seven-year future impact on borrowing for any provider.

So, the best thing to do is act now.

Preliminary quotes: Scoping your ability to manage your debt

With OMM, we provide preliminary quotes to give you an understanding of what is available to you including the amount you can borrow. Quotes include the set interest rate, repayment amount (Weekly, fortnightly, or monthly), and term period.

The most important aspect of preliminary quotes is so that you can gain foresight without requiring a hard inquiry on your credit score.

If your loan application is denied, here are some ways you can enhance your credit score.

The OMM solution

How a Personal Loan is the Smart Way to Consolidation Your Debts

Managing debt repayments can become a mammoth task to tackle. And, at times can get the better of us. The simple and easy solution to consolidating multiple debts and fixing a single interest rate is a low-rate personal loan.

With awards from Canstar, RateCity, and Mozo for excellent credit personal loans, outstanding value, and expert choice 2021, you have access to one of Australia’s best lenders.

OMM personal loan services are available to Australian permanent residents or citizens over the age of 18-years-old with no reported defaults or bankruptcy.

Access up to $75,000 in funds with interest rates as low as 5.45% (Comparison rate: 6.07% p.a.) Using our entirely online service means your application, submission, and loan management are accessible to you 24/7.

Additionally, you can determine loan period (up to 7 years), weekly, fortnightly, or monthly repayments, putting you in a position to manage your finances.

And, with interest rates on a per annum basis, arrange your repayments to pay within the first 12 months and you gain even more value for money.

Get started today and retake control of your debts.

Motorcycle finance for riders new and old. Every rider knows what it means to feel the liberation of the never-ending road is the adventure of a lifetime. But for many, getting the keys to the bike is still a major roadblock.

Between the cost of a motorbike alone, bundled in with the additional costs such as permits, protective clothing, registrations, and maintenance costs, getting on the road is getting harder for many. 

It seems, however, more Australians than ever are getting on two wheels. During 2020, we saw an exponential increase in motorbike sales, by as much as 22.2%. And that’s despite a global pandemic and the wake it caused to the national economy. In 2020 alone, 100,000 bikes were sold across the country. And with them, so too had the demand for motorcycle finance.

The Cost of the Keys 

For many, buying the first bike or even a much-needed upgrade can mean a significant and upfront amount to cover the costs. 

So, what are the foreseeable costs and how much do you need to cover them and get on the road?

The Six Expenses of Owning a Motorbike: 

  1. The motorbike 
  1. Safety clothing and other gear 
  1. Maintenance and repairs 
  1. Insurance 
  1. License/ permit/ registration 
  1. Fuel and oil 

While some of these are upfront and others ongoing, the whole sum can be intimidating. 

In order to make a safe assessment of the expected costs of buying a motorbike, see our table on the three tiers of riders. The first is a new rider with an entry-level bike, intermediate, and expert. Each with its own level of quality expectation. 

*Online retail figures 2021 & rounded

How a Motobike Loan is the Smart Way to Ride 

Like all major purchases, the most common hurdle is simply a lack of needed cash flow at the time. The simple and easy solution to this is a low-rate personal motorbike loan.  

With OurMoneyMarket, can help you buy the motorbike of your dreams without the back-and-forth delays of applying face-to-face and requiring excessive qualifying criteria. 

Simply put, access up to $75,000 in funds with interest rates as low as 5.45% (Comparison rate: 6.07% p.a.) Application, submission, and loan management are all available online through the OMM website, meaning you can determine loan period (up to 7 years), weekly, fortnightly, or monthly repayments, and access your account 24/7. 

OMM Personal Loans 

What makes an OMM motorcycle finance ideal for anyone seeking to buy a new motorbike. Hailed with awards from Canstar, RateCity, and Mozo for excellent credit personal loans, outstanding value, and expert choice 2021 take comfort in knowing you have access to one of Australia’s best lenders. 

Our personal loan services are eligible for Australian permanent residents or citizens over the age of 18-years-old with no defaults or bankruptcy. 

Get started with our pre-approval service which has no impact on your credit score and will show you just how easy it is to get the motorbike of your dreams. 

If you have some queries, look to our FAQs and find the answer you're looking for, or head to our blog for more articles,

With international travel slated to resume by the end of 2021, the notion of getting a loan to go travelling to a foreign land is again a possibility.

The Australian federal government has revealed a four-phase roadmap to reopening the country. International travel resumes with a trigger of 80% vaccination, allowing the final phases to become a reality. 

With this announcement, several high-profile destinations are set to establish travel bubbles with Australia. Travel looks to be set with our commonwealth cousins of New Zealand, the United Kingdom, and Canada, as well as the United States, Fiji, and the orient nations of Singapore and Japan. To say the notion of interstate borders opening allows freedom of movement within Australia itself.

It’s an exciting notion for everyone. Some of us have family we have not been able to see, others have awaited a travel experience since before the onset of COVID, most of us just need a break.

Understandably, most Australians had several issues to face during the height of the pandemic. Having gone through various lengths of lockdown, disruptions to work and home life, as well as the financial repercussions that came with it all, the thought of a travel break is much needed but represents a financial hurdle.

The Cost of Travel in 2021 and Beyond

The good news about domestic and international borders opening is that there a multitude of holidays that suit every price point. The limit is purely what you can imagine.

In order to see beyond the horizon, we’ve put together a basic list of destinations and expected expenses to help decide on what kind of loan to go travelling you'll need.


Based on average prices for departure cities of Sydney, Melbourne and Perth for a four-week holiday paid two months in advance.
(Flights = One Way fare)


Based on average prices for departure cities of Sydney, Melbourne and Perth for a four-week holiday paid two months in advance.
(Flights = One Way fare)

How a Personal Loan is the Smart Way to Travel 

Like all major things, the most common hurdle is simply a lack of needed cash flow at the time. The simple and easy solution to this is a low-rate personal loan to not only cover expenses but also give you the financial freedom to really make the most of your travel experience. 

OurMoneyMarket makes it easy for you to access a loan to go travelling across the world and holiday like you deserve, without the back-and-forth delays of applying face-to-face and requiring excessive qualifying criteria. 

Simply put, access up to $75,000 in funds with interest rates as low as 5.45% (Comparison rate: 6.07% p.a.) Using our entirely online service means your application, submission and loan management are accessible to you 24/7. 

Additionally, you can determine loan period (up to 7 years), weekly, fortnightly or monthly repayments, putting you in a position to manage your finances. 

And, with interest rates on a per annum basis, arrange your repayments to pay within the first 12 months and you gain even more value for money. 

OMM Personal Loans 

What makes an OMM personal loan ideal for everyone looking to travel beyond their backyard. Hailed with awards from Canstar, RateCity and Mozo for excellent credit personal loans, outstanding value and expert choice 2021, take comfort in knowing you have access to one of Australia’s best lenders. 

Our personal loan services are eligible for Australian permanent residents or citizens over the age of 18-years-old with no defaults or bankruptcy. 

Get started with our preliminary quote service which has no impact on your credit score and will show you just how easy it is to jet off across the globe. 

Your credit score and the part it plays in gaining better interest is critical for every Australian who is seeking to apply for a personal loan.

We all know life sometimes throws us a curveball which causes us to need a pay a large sum of money rather quickly. Giving us a lot of heartaches, financial strife and unnecessary setbacks.

From sudden medical expenses, runaway debt repayments or just needing a healthy cash injection, the need to get a quick and convenient personal loan very quickly becomes a priority task. One that relies on your healthy credit rating to ensure you get the best interest rate on your repayments.

For those who are yet to know what a credit report is, the difference between hard and soft enquiries and the advent of comprehensive credit reporting and what it means for consumers, head over to our blog on understanding your credit score. 

Ensuring your credit rating remains healthy is the best way to get the lowest interest rate on your personal loan and is actually quite simple to maintain once you know-how.

In short, there are five simple things you can do to maintain your credit rating.

1. Check Your Credit Score Report.

First thing’s first, know where your credit rating currently stands. Using one of Australia’s credit reporting bureaus to send you a free report is not only simple and easy but is considered a ‘soft enquiry’ and won’t harm your score.

The Office of the Australian Information Commissioner is also a great way to ensure you’re getting the current and correct credit information.

Link through to these data bureaus to make your own soft inquiry on your credit score:

2. Set Up Automatic Bill Payment.

There’s no bigger shortfall to a declining credit rating than missing a repayment on a loan or not paying a utility bill on time. Life is busy and we forget to stay on top, so the simple solution is to set up automated transfers every pay/billing cycle. It’s a great way to automate your life and reduce your monthly errands.

Simply set and forget.

3. Reduce the Amount You Owe.

While it can be tempting to pay a minimum repayment and keep more money in your pocket in the short term, paying additional amounts to your repayment reduces not only the term of your loan but gets you debt-free a lot sooner. If you think holding onto that little bit extra every time is good, imaging no longer having to make any repayments.

Additionally, it’s also important to note that proving responsible repayments and money management will allow lenders to increase the amount that can lend to you in future.

4. Don't Rush to Close Old Accounts.

The lifespan of your accounts is a contributing factor to your overall credit rating. Someone who has maintained credit cards and other lines of credit for longer gives lenders a much clearer picture of who they are versus someone who is looking to borrow but only has a short-term record of account to prove they are indeed reliable.

The longer you’ve had credit, the better your score.

5. Don't Ask for Credit too Often.

While making basic enquiries into your credit report doesn’t affect your score, applying for credit, like a personal loan, reads as a hard inquiry, and will bring down your credit score. It only impacts your score for a relatively short time, but if you’re attempting to borrow more than your credit score advises the lender, you’re damaging your score for no gain.

A great way to avoid this is dealing with lenders who offer a pre-approval estimate on what you can borrow, so you can know just how much you can borrow without impact.

OMM Pre-Approval and How Soft Enquiries Do Not Impact Your Credit Score

With OMM, we provide you with an estimate on what you can borrow with your expected interest rate. Using this, we’re able to provide you with a form of pre-approval that doesn’t impact your credit score.

Previously, lenders would have to make a formal credit inquiry which would impact your score regardless if you wanted to progress with your application or not.

Using OMM pre-approval, we reduce the limitations on you, so you have the freedom and understanding to make an informed and secure decision.

For any more questions or insights, head to our FAQs or to get a pre-approval on your new personal loan, head to our website.

For anyone who has ever applied for a personal loan, it can sometimes come as a surprise to see your score sit above or below the ‘good’ credit score of 700+.

A surprise that can result in your loan application being denied.

But how is your application assessed and what can you do to ensure you gain your loan and even unlock better interest rates? 

The Basics of Credit Scoring

Understanding how your credit score works is the key to unlocking not just any personal loan you apply for but gaining the best possible repayment rate available.

As financial institutions across Australia join the rapidly growing market, the value of your credit score is incredibly important. Whether it’s applying for a mortgage or a small personal loan, the ‘risk’ you represent to the lender is based on your credit score.

Australia’s three primary credit bureaus, Equifax, Experian and illion consider a credit score of 700+ and above to be the standard ‘good’ credit rating. They are the key tools available to help you understand your credit score. The further down you go, the less money you can borrow. Additionally, your interest rate and other repayment terms become constricted.

Depending on the credit bureau supplying the data, a credit report ranges from either 0 to 1,000 or 0 to 1,200.

To understand your credit score and where it might sit, it’s worth understanding that despite credit reports going as high as 1,200. The average credit rating sits at 695.6 for the average Australian between both men and women.

This is where we move on to the topic of comprehensive credit reporting and how it affects you.

How Comprehensive Credit Reporting Affects You

So, how is your credit score measured? And what influence, both positive and negative, affect your score?

Beyond previous criteria focussing on defaults, recent years has seen a refocus on average repayment behaviour. A concept known as comprehensive credit reporting (CCR). 

CCR is a relatively new concept within Australia. Having only been introduced halfway through the 2010s, CCR was conceived with the notion that creditors and lenders needed a more reliable profile of each borrower.

Where once your credit report would have been negatively affected by a default on an outstanding amount or breach of contract, now even being late on a utility bill will have an adverse effect.

This is due to CCR requiring the banks to expand the information they must report to credit agencies. Allowing them to better illustrate everyone and their financial behaviour. Previous data points consisted of credit inquiries, defaults, and major infringements. Now, CCR now includes account open and close dates, types of credit, credit limits and financial hardship declarations.

“More information is better for customers as it gives lenders a more comprehensive picture of a customer’s financial situation.” 

Australian Banking Association, CEO,  Anna Bligh.

When it comes to your personal loan application, CCR can have major influence on whether or not you will be approved. 

Applying for several personal Loans or other forms of credit will reduce your rating every time. Especially if you have had a few late payments on your record.

Pre-approval and Preparing your Plans Without Negatively Affecting your Credit Score

This is when it becomes critical for you to understand your credit score and using pre-approval or ‘soft inquiries’ can help you. 

One of the main misconceptions many Australians have surrounds credit inquiries, and how they can negatively affect the score average. 

Applying for new credit or personal loan means the lender will check your credit score (Also known as a hard inquiry). However, logging onto a credit bureau to check your current score (a soft inquiry) will not hurt your credit. 

Link through to these data bureaus to make your own soft inquiry on your credit score:  

To allow new lenders the ability to explore the scope of lending they can access without requiring a hard inquiry. Lenders such as OurMoneyMarket allow soft inquires and provide pre-approval which avoids negative impacts on your credit score.  

Credit Score-Based Lending Rates 

In addition to pre-approval via soft inquiries, the use of CCR means lenders can extend their most competitive interest rates to borrowers who can illustrate an exceptional credit rating. And this is where the incentive for a good and above credit rating comes into play. 

The higher your credit score sits, the less of a risk you present to the lender. Therefore, instead of paying high interest back in your repayments, you pay less and benefit more. In a nutshell, the month interest rate could range from around 5% down to 13% depending on the borrower’s credit rating. Differences of as much as 8% p.a. 

OurMoneyMarket: Equipping You with the Knowledge You Need

With the combination of soft inquiry pre-approval and credit score-based incentives, OurMoneyMarket provides you with the insight you need to make a clear and considered decision. 

With fixed interest rates from 5.45%p.a. (Comparison rate of 6.07%p.a.) for unsecured loans, you can easily access the loan you need that’s right for you. 

Get started with us today by making an inquiry on our website. 

A New Heading toward a New Horizon

It’s been a very unique start to the ‘20s decade. Unprecedented many say.

However, opportunities have arisen to allow Australians all over to access money in new and smarter ways.

Australian GDP and the future: Snapshot

Consumer behaviour, in many areas, has bucked the downward trend forecast in the wake of the pandemic, with household incomes and average monthly savings increasing considerably over the past 12 months.

With an average household income of $118,000 and an aggregate happiness index of 84%, optimism for a positive financial future is encouraging. And with it the notion that Australian’s are better poised to capitalise by investing in the future. And with it the notion that Australian’s are better poised to capitalise by investing in the future.

Statistic: Australia: Gross domestic product (GDP) in current prices from 1986 to 2026* (in billion U.S. dollars) | Statista

Find more statistics at Statista

The Universal Adoption of ‘The New Normal’

Without the redundant and painfully obvious reminder that a global pandemic has turned the world on its head, the concept of ‘the New Normal’ applies to more than just community hygiene and a decentralised workforce.

The Reserve Bank has repeatedly slashed cash interest rates to reduce pressure on the lending to allow businesses the room to navigate the perils of COVID-19 with enhanced cash flow. A trend that may continue for some time.

The trajectory of businesses digital transforming their sales and customer relationships is in overdrive. In a bid to reach customers directly. In a new, decentralised digital world.

And we’re yet to see how Australians as a whole, will evolve the way we all consume and purchase.

Everything has changed.


What We Know, What We’re Expecting

From the outset of the 2021-2022 financial year, the lending market has seen a rapid increase in engagement within the digital space. Specifically online loan inquiries.

Globally, the number of small and medium-sized enterprises (SMEs) is flourishing and therefore driving up demand for consumer and business loans under six-figure amounts. Start-up costs, initial overheads, and a need to increase cash flow are some of the main factors driving this upward trend despite the wider impact COVID-19 is having on the business landscape.

Additionally, with the majority of Australian’s having spent most of the past two calendar years in lockdown, personal projects such as home renovations, landscape and pool installations as well as consolidating existing debts and budgeting have dominated demand for personal loans. These are just a few examples of where lending has responded as the smart solution.

With average personal loan interest rates at all-time record lows, and a new breed of non-bank lenders now rewarding customers with strong credit history lower interest rates, , there has never been a better time to access affordable finance for small and medium-sized loans.


Advantages of personal loans for borrowers in the new Australian market:

Higher Credit Score Means Lower Interest Rate.

Your credit score is a leading indicator for lenders on your historical repayment performance and the likelihood of you repaying a loan. These credit scores are made available to lenders by credit bureaus such as Equifax, Illion and Experian. Having a good credit score may mean you will be rewarded with a lower interest rate. Competitive interest rates paired with the additional benefits of having no early exit fees or penalties for paying the loan off early, puts borrowers in control of their finances.

Personal Loans Are Increasingly Accessible.

Lenders are increasingly accessible with online-enabled pre-approvals that don’t affect your credit score. Embedded loan calculators and free quotes mean you can gain a sense of the affordability of the loan and whether it is suitable for you.

Many Loan Lending Apps Use Soft Credit Score Inquiries To Protect Your Score.

Many non-bank lenders are able to use online tools such as an online portal to ask for basic information such as average income and geolocation and pre-emptively weigh the lending risk using a combination of their own repayment data and industry data made available by credit bureaus. What this means is that you can have your request considered by a lender without the lender needing to make formal inquiries into your credit score, which would have a negative impact on your score.

Using online quoting, lenders and borrowers can gain the knowledge needed to safely access funds whilst avoiding any negative impact.

Small to Medium Size Personal Loans for Big Dreams

With future consumer confidence and supporting financial indicators, the ability to access credit has never been stronger for Australian’s. Whether your looking to complete some home renovations, plan a wedding, purchase a car, or just need additional funds,  the ability to access credit on your terms as never been greater, and  simpler than you might think.

So if you’re in need of a small to medium size loan to kick start your next big idea or make your latest dream a reality, head over to our inquiry page and get started.

When it comes to renovating, paying tuition fees or even organising your dream wedding, a personal loan can be a handy way to cover the costs upfront. The problem is knowing which loan product will best suit your financial needs.

That’s where the Mozo Experts Choice Awards come in. For these awards the Mozo research team compares secured and unsecured personal loans from Australia’s lenders, big and small.

In fact, the total number of loans compared for this year’s award was over 300.
We’ve been conducting these awards for the past five years and only a handful of loans make the award cut. OurMoneyMarket’s Low Rate Personal Loan ranked as one of the best unsecured loans for overall value and they are a deserving winner of their 2020 Mozo Experts Choice Award.

For borrowers with an excellent credit score, interest rates for this loan start as low as 6.75% p.a. (6.96% p.a. comparison rate). That’s well below the average interest rate for unsecured personal loans in the Mozo database, which is currently around 10.25% p.a.

Besides the $150 upfront application fee, there are no regular service fees and you won’t be penalised for paying off the loan early. This kind of flexibility is really important as it means that more of your repayments go towards paying back your debt, not paying fees and charges.

It’s also great to see that OurMoneyMarket allows borrowers to make extra repayments. A really useful feature in my opinion, because if you have the means, you can work on getting rid of your debt faster!

Head to Mozo to learn more about the Mozo Experts Choice Personal Loan Awards.

Author bio
With over 20 years of experience in the finance industry, Peter Marshall is regularly sought after for his expert commentary and in-depth analysis on banking and interest rates. Currently Peter is the research manager and Mozo Experts Choice Award Judge for financial comparison website mozo.com.au.

*Correct as of 29 October 2020

The Australian Government has set out the Federal Budget for the 2018/2019 Financial Year and there’s a lot to look through but let’s focus on what might have an immediate impact on you.


Under the expanded Pension Work Bonus if you are an age pensioner from July 1st 2018 you’ll now be able to earn more without it affecting your pension payment. Pensioners can now earn up to $300 per fortnight without it reducing their pension payment. With this in place pensioners can earn an extra $1300 per year more than what they could previously.

Tax Offset

For your average John/Jane tax payer the Government is introducing a Low and Middle Income Tax Offset of up to $530 a year. This will be available to the tax payer as a lump sum once the ATO issues their Notice of Assessment. The offset increases in increments for those earning between $37,000 and $48,000. Anyone earning between $48,000 and $90,000 will receive the maximum of $530. While those earning $90,000+ will find that the amount will gradually decrease to the point of being $0 at a taxable income of approximately $125,000.

Bracket Creep

The Government is also trying to eradicate “bracket creep”. For those unfamiliar with bracket creep this is where you earn a small pay increase that pushes you into the next income tax bracket. The problem is that now that you pay more tax you don’t really reap the benefit of receiving more income. The upper limit of the 32.5 per cent tax bracket is being pushed out from $87,000 to $90,000, while in the year 2022 they will also push out the 19 per cent bracket from $37,000 up to $41,000. Eventually the idea is that the 37 per cent tax bracket will be completely eliminated by 2024.

What does this all mean for you?

While some of these changes will come into effect in the new financial year others are still a year or more away. At the end of the day these new policy measures mean that pensioners can now work more and tax payers will now pay less tax. This just means more income for your average Jane/John! Make sure to keep an eye on these things as small changes brought on by the actions of the Government can mean big difference to your chances of obtaining the debt financing you’re looking for.

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