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Popular Personal Loan Uses A personal loan can help you achieve your financial goals. Whether it’s to take back control of your finances by consolidating debt or achieving your vision for home improvement. Wondering how you could use a personal loan? We share three ways in our latest post. We’ll also touch on the difference between a secured personal loan and an unsecured personal loan. Making home improvements Home is definitely where the heart is and that also means it is important not to put off updating the spaces that need it. Any time is a great time to refresh your home and make improvements to those rooms that no longer suit your needs. If you’ve got an outdated kitchen, or a drab and dreary bathroom, a personal loan can help you fund the costs of renovating these spaces. If you can see yourself working from home long term, properly fitting out a study or home office may be a great idea to create a productive environment. If you’re not quite ready to begin knocking down walls, purchasing new furniture can lift a room and give it a contemporary and refreshed feel. Consolidating debt Having multiple loans, credit cards and store cards makes managing repayments tricky. Instead of paying off multiple debts at high rates of interest, you may want to consider a personal loan for consolidating debt. This is where all of your debts are brought together into one loan. When you consolidate your debts, you have one loan and one repayment instead of multiple repayments that may seem overwhelming. Using a personal loan to consolidate debt helps you better manage repayments more effectively. It also allows you to budget and save more effectively. Read more about debt consolidation. Ask us about debt consolidation Purchasing new appliances If you’re in a situation where you need to suddenly buy a new washing machine (or other appliance) but don’t have the funds available, a personal loan can help. We can generally provide an answer on a loan application within one business day, so you won’t be left high and dry. With a personal loan, you can purchase major household appliances and electronics immediately, rather than waiting months to save up for them. Be wary of quick finance approvals from small lenders that offer interest free loans or other incentives that seem too good to be true. You could find yourself in more debt which will adversely affect your credit score if you’re unable to repay. Whatever you're planning to do, a personal loan from Horizon Bank could be the perfect way to make things happen. To find out more about our different personal loan options, get in touch with one of our local branches today and see if there's one that's the right fit for you. View our Personal Loans How Personal Loans Work If you’re ready to update your kitchen, bathroom or refresh another part of your home, you can easily apply online here. Remember, personal loans are also a great way to consolidate debt. If you have many store cards, credit cards and other personal loans at other financial institutions, consolidating them into one easily manageable loan may be in your best interest. Send us an enquiry and a lender will be in touch to discuss your personal circumstances and current loan rates. Like any loan, when you apply for a personal loan you’ll be assessed against eligibility criteria to ensure you can meet your loan repayments. Once your personal loan has been approved, you've accepted the offer, and all loan conditions have been satisfied, your loan account will appear in your Online Banking. Once the loan is funded and appears in your Online Banking, you’ll see when the first repayment is due. You can make payments weekly, fortnightly or monthly. Making repayments line up with when you receive your pay is a good way to ensure you always meet your repayment obligation. Secured personal loan options You can secure your loan with the equity you have in your home, a vehicle or with savings you already have. A secured loan will give you a lower interest rate which means your repayments will be lower as well. You may be able to borrow more because you are using collateral to secure the loan. If using an asset to secure your loan, there may be value assessments and additional proof and documentation that needs to be organised before your loan is funded. Keep in mind, that the amount you can borrow may not be one-to-one with your assets value. For example, using a vehicle worth $30,000 as security may not result in a $30,000 loan. View our Secured Personal Loans Frequently Asked Questions What can I use my loan for? You can use a personal loan for going on holiday, purchasing new furniture or white goods, undergoing home renovations, consolidating debt or any worthwhile purpose. What documents do I need to apply for a personal loan? Documents include but are not limited to providing evidence of income, which usually means your most recent pay slips. Proof of identity and citizenship or residency as well as a list of expenses, which can be identified from your statements. How long does it take to apply and how fast can I get my loan? Completing a personal loan application online is convenient and easy. Having the right information on hand will help you complete your application quickly. We pride ourselves on giving fast answers on loan applications, so long as all the relevant documentation has been provided and the applicant meets credit criteria. What will my repayments be? Your repayment amount will depend on how much you borrow from us, your interest rate, and how often you make repayments. Use our repayment calculator to give you an idea of what the repayments would be. It’s always better to have a chat with an experienced lender who can lead you through the process and answer any questions. Contact us and one of our lenders will be in touch. Speaking with a lender is the best way to determine the right loan for you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

What is debt consolidation? Debt consolidation is combining all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your personal finances. You typically do this by taking out a new personal loan to repay your other existing debts and then paying this new loan back over a set term. Debt consolidation may be a suitable option to help reduce the stress of multiple debts, repayments and interest rates. Paying off more than one debt at a time is not uncommon. Many households now have a mortgage, car loan and credit cards to juggle. However, if you're struggling to balance your debt repayments, debt consolidation may well be worth considering. To start, see if you can relate to the following scenario: A scenario that could lead to debt consolidation Here’s where you could benefit from debt consolidation: Let’s say you have a regular credit card, and you’ve also taken out a store card to buy a new fridge with 12 months interest-free. You decide to concentrate on paying off your credit card because you have a whole year before interest kicks in for the store card. Flash forward to the 12-month mark. Suddenly, your hot water system needs replacing and you’ve found out you need expensive dental work done. Unfortunately, your credit card is maxed out, and the store card for the fridge with its high interest has now been added to the repayments. One repayment’s due on the 15th of each month, another on the 30th. You’re finding it hard to meet your repayment obligations and are starting to wonder how you’ll manage. While these purchases can be justified and were affordable at the time, with unexpected emergencies things can get hard to handle. And when debt causes stress, it’s time to take back some control. How to consolidate debt Gather documents and information about all your debts In order to take control of your debt and get on top of your finances, it's essential to know how much debt you have. Log into your Online Banking or print out statements and review the following: How much do you owe on each debt? The interest rate you are paying on each debt What are the monthly fees on each debt? Any break costs Debt consolidation and refinancing Before consolidating your debts or refinancing existing loans, it's a good idea to compare the interest rate for the new loan (as well as the fees and other costs) against your current loans. Make sure you can afford the new loan repayments. Speaking to one of our lenders about your options is a great place to start. Things to consider: If the new loan will be more expensive than your current loans, it may not be worth it. Other costs, such as application fees and any other fees associated with securing your loan against your home or other assets. The term of the loan. While a lower interest rate will help loan repayments, a longer term could mean you pay more in interest and fees in the long run. Look for the comparison rate. This is the true cost of the loan, factoring in fees and other costs. Do consolidation loans hurt your credit score? Every application for a loan or credit is included in your credit report. A consolidation loan will not negatively impact your credit report if you make the repayments and avoid defaulting on those repayments. What is the best loan to consolidate debt? A personal loan is an ideal loan for debt consolidation. At Horizon Bank, our range of personal loans can be secured or unsecured depending on your individual circumstances. There are many options available; speak with one of our lenders to see what suits your financial needs. Taking out a personal loan can also help with your budgeting and money management. Whilst credit cards only require you to make minimum repayments, with a personal loan you’ll have to make set repayments that cover both the loan amount and interest, which you know will end at a certain date. The easiest way to do this is to set up a payment schedule. This will also encourage regular saving and discipline with your money. We can also help with making automatic repayments. Get the help you need If you're finding your debt difficult to manage, the earlier you take action the better. You can access financial counselling information from ASIC’s money smart website. Get in touch with the friendly local team at Horizon Bank today.  We're here to help you with your banking needs. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Good financial management allows you to map out your goals and strategies so that you can achieve them and get more out of your money. These should be done and reviewed regularly as you move through the different stages of life. In this post we look at some of the ways you can maximise your money, which can help you achieve success with tangible goals like retiring earlier, investment returns, or spending less of what you make. Speak To Someone With finance expertise Get financial advice! Speaking with an experienced financial planner is the best way to understand your financial position, and the steps you can take to give yourself a comfortable future. The top three areas you might want to discuss with a financial planner are: Budgeting - being able to factor in budgets for holidays or upgrades to the house can have a positive impact on your family. Getting out of debt – debt consolidation can be a great way to reduce the many repayments you have outgoing to different loans. Eliminating or consolidating debts will reduce the burden of interest and loan repayments. Check out our article on debt consolidation. Savings and investments – after making a budget and reducing your debt, you may feel financially comfortable to look at different savings and investment options. ASIC’s Money smart website has a list of investment options that a financial planner can explain to you in more detail. Your Family Plans - Building a bright future As we mentioned at the start, you and your family will move through different life stages. Financial needs and obligations change when children are born, as they grow and when they leave the family home. Having a good plan in place with achievable goals will ensure your finances get you through these stages. For example, learning how to make a budget and save money may be more important during your children’s early years until they are young adults with jobs. This all depends on the type of lifestyle you and your family want to live. Having a thrifty attitude is an excellent money saving tip, and can see you save money throughout the year by following these simple actions. Shop around for the best deal on purchases Change small spending habits e.g. taking your lunch to work rather buying it Review regular expenses Retirement Plans - Staying comfortable and independent It’s not just the immediate future that you need to consider, with more of us living longer, retirement must also be considered even if it feels like a long time away. To have a comfortable retirement, and possibly even an early retirement, it’s important to learn to save money, and make contributions to superannuation if feasible. Enjoy your senior years without the financial stress. Nobody wants to be a burden to their children so it’s important to have a plan in place to stay comfortable and independent in retirement. Speak to a financial planner or use the retirement and superannuation pages on ASIC’s site for more information.  If you’re looking to maximise your money, get in touch with us today. We’re here to make the process easy and provide a great experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this arti​cle has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

In this blog we’ll look at proactive ways you can begin to implement a savings plan, which will be beneficial for you and your family’s long term financial management. In particular, we’ll discuss debt consolidation, choosing the right insurance cover, tips for living off one income and making smart choices for retirement. Consolidate your debt An important step in organising personal finance is to consolidate debt. If you have multiple credit cards and personal loans, consolidate these into one. You are likely to be better off paying one combined loan, with a single interest rate, rather than many loans with different interest rates. Debt consolidation makes managing your money easier, as you won’t be juggling multiple payments each month. It will give you a better understanding of what money is coming out of your accounts, allowing you to better prioritise your spending. Check out our blog on how to make debt consolidation work for you. Have the right insurance in place A good personal finance practice is having the right insurance in place, as well as the appropriate level of cover. You don’t want to risk being under insured. You can use the CGU insurance calculator to check that you are insuring your assets for the correct amount. Ensuring your home and contents and car insurance policies are up to date is another good practice to keep in the habit of. Your current insurer is likely to email you or send you a copy of your policy when it is due for renewal. Use this time to compare policies online for the best value. Protect the assets you have to avoid being out of pocket in case of an incident or accident. Fill out our online form to get a quote for insurance through us. Securing your information Having all of your important documents in one place is great for financial management and crucial to be able to access them in an emergency. Important documents include insurance policies, wills, birth certificates, passports, as well as investment and super documentation. Keeping a hard copy in a home safe or safety deposit box is a good idea, you can always keep digital copies on an external hard drive or in a cloud based program, such as Google Drive. Live on one income where possible A good savings plan will teach you to regularly put money away in case of emergency or when there are changes happening within your family. Good examples of this are when someone is off work due to illness or injury or if you are starting a family. Practice living on one income and put some or all of the rest of your earnings into a savings account. You can use our budget calculator to show what a budget might look like with only one income, which can help to identify which expenses you need to cut back on. Don’t forget about retirement It’s never too early to begin thinking about retirement. Future financial management planning includes considering your transition to retirement and any associated costs with downsizing, accessing or consolidating super and wealth management. Making an appointment with a trusted financial planner is a good idea at any age. Proactively setting up you and your family’s future doesn’t have to be hard. It’s all about having a plan in place with the relevant insurances and a good savings mindset in action. Need some extra help with putting a plan together to protect your assets and finances? Get in touch with the friendly team at Horizon Bank today and let us help you on your journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Consolidate your debts and get ahead. What are personal loans used for? Typically they help to buy white goods and furniture or they’re used for travel. However, did you know that many people also use personal loans for debt consolidation? That is, combining many debts into a single loan making it easier for you to control your repayments and get on top of your debt. Why consider debt consolidation? Paying off multiple credit cards or personal loans can feel overwhelming and somewhat stressful. You’re likely paying these loans off at different (and sometimes quite high) interest rates with many repayments coming out at different times during the month. Different loans can also often come with varying setup and ongoing administration fees. All of these added costs make budgeting and saving difficult leaving you with an unclear outlook for your long-term financial goals. How does debt consolidation work? Instead of having a few loans or credit cards to pay off, you can combine what you owe into one personal loan with a single interest rate. Your debt is still there, but this will enable you to better manage your money and give you a better idea of when you will pay your debt off, as you’ll have just one loan term to think of rather than many. You’ll also save money because a personal loan generally has a lower interest rate than credit cards. You’ll then only have to make one repayment rather than several, and you can always choose a weekly, fortnightly or monthly repayment option. Tip* weekly repayments will save you money in the long run too. You can do a debt consolidation loan comparison by comparing our personal loans. Things to think about Consider the size of your debt after combining your loans and be realistic about how much you can afford to repay and how often. Talk to us about your options, to ensure one single larger loan won’t become a burden. Keep in mind that setting up your repayment frequency to match your pay schedule, is a great way to make sure paying off your debt is a priority before spending elsewhere. If you don’t think you’re disciplined enough, we can organise automatic payments for you which takes the hassle out of your hands. Ready to consolidate your debts? Get in touch about a Horizon personal loan today. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.