Personal Loans

New consumer laws good for lenders
Tuesday June 30 - Lenders are breathing a sigh of relief after learning last week that they will have until January 2011 to meet the responsible lending provisions under new national consumer credit law.
Responsible Lending? Not yet.
Friday June 26 - Banks and Credit Unions welcomed the federal government's announcement that responsible lending provisions of the new consumer credit laws will not come into force until January 2011.
RBA says banks are setting rates
Monday June 22 - The Reserve Bank of Australia says it is losing the ability to set interest rates. An RBA report issued yesterday says rising funding costs has eroded the significance of the official interest rate.
Banks to tighten up lending
Monday June 22 - Banks will need to raise interest rates or tighten up on loan approvals in the next year because of ongoing shortage of funding say bank chiefs.
Banks need more savings
Friday June 19 - Australians need to save more in order to ensure the ongoing strength of our big banks say bank chiefs. Cameron Clyne, chief executive of National Australia Bank says "Domestic demand for credit significantly exceeds our capacity to save."

Do your homework. It pays to be sure that the personal loan you settle on meets your needs as well as your budget.
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