Being short of funds when you’re looking to purchase a new car, start a business or even renovate your home can be frustrating and stressful, particularly if you’ve been looking forward to achieving your goals for a while.

At ACT Home Loans, we can help you remove that stress and achieve your goals through a personal loan.

So, what is a personal loan and how can you apply?

What is a personal loan
A personal loan is where you borrow a specific amount of money, and then repay the debt with interest in equal payments over an agreed term. Term periods are usually 1 to 5 years long. Personal loans also offer advantages, one being cheaper on average than the closest alternative – credit cards.

How to apply
The first step to applying for a personal loan is to speak to our experienced team at ACT Home Loans. Our team of mortgage brokers will sit down with you to discuss what you’re looking to purchase, guide you through the entire loan process including choosing the ideal loan that suits your needs.

Loan Types – Secured and Unsecured.
A secured loan is where the loan is held against an existing asset that you own, and if you are unable to repay the loan, the lender can sell this asset to repay the loan.

An unsecured loan is a little different to a secured loan. An unsecured loan doesn’t require the borrower to hold an existing asset against the loan. The lender relies solely on borrowers’ income flow to repay the loan.

Keep in mind that unsecured loans usually have a higher interest rate compared to secured loans.

How we can help
If you’re interested in a personal loan, ATC Home Loans can help you. With access to over 40 lenders, including non-bank lenders, our team can find financial solutions to suit your situation. Contact us today on 0419 241 231 or fill out our enquiry form and a member of our team will be in touch.

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