The First Home Owners Grant In Australia

For many Australian residents seeking to either build or own their first home today, the relieve that comes with the financial help from the federal government is always a positive gesture. The first home owners grant scheme in Australia or FHOG as is commonly known was introduced in July 2000 with the aim of helping to cancel out the effects of the Goods and Services Tax or GST. This has however been carried on to date as an incentive to the first home builders and buyers. As a national scheme that is government funded, the FHOG is administered according to the legislation in different states although the total grant is the same throughout the country. One is entitled to a grant of up to $7000 and this is normally a once in a lifetime grant that is given to those who meet all the eligibility requirements.

Eligibility for the first home owners grant scheme in Australia

For one to qualify for the aforementioned grants, the following requirements must be met in addition to others that might be in effect in any given state. First you must be an Australian citizen or a permanent resident. You must be building or buying your first home in Australia.
You must also be planning to occupy the home as your main residence place within 1 year of settlement and thereafter settle therein for 6 months minimum. Continue reading The First Home Owners Grant In Australia

Payday Loans For Pensioners

Payday Loans for Pensioners – what you need to know.

What are payday loans for pensioners?

Also known as payday advance, paycheck advance or paycheck loan among other terms, a payday loan is a small, short term unsecured loan intended to take care of emergency or unexpected expenses until payday.

Payday Loans for Pensioners – how do payday loans for pensioners work?

You apply online or at a payday loan store by filling out simple application forms. Once approved, which is almost guaranteed if you meet certain minimal requirements, you sign an agreement. Some lending companies require a signed check for the amount borrowed plus interest. The loan is due on your next payday, but usually you can extend it, in two week increments, but you have to pay at least the interest each time. Often the lender debits payment directly from your bank account. Continue reading Payday Loans For Pensioners

Payday Loans and Centrelink

Payday Loans and Centrelink

What you need to know.

Payday loans are the cash advances for short period. They are usually projected in the lime light with many so called advantages such as fast processing and increased approval rate. It requires no collateral security except a postdated check, which is dated on your payday. And moreover, it is available for even bad credit people since credit checking is avoided in payday loan processing. But, these factors alone do not qualify the payday loan as a safe one. Many experts used to refer the payday loan as a culprit, which prey the people in financial crisis. They have sum-up the reasons substantiating the risk of payday loans to mainly five.

Payday Loans and Centrelink

Are you Vulnerable?

The first and the most alarming reason behind the payday loan is the high interest rate. The payday loan is a characteristic unsecured loan with high interest rates than any other secured loan. But, the risk in the payday loan is that its interest rates are higher than even any other unsecured loans, which may be as high as 300%. The high interest rates will certainly be a burden for you since you are already in the crisis.

Payday Loans and Centrelink

What are the risks?

Moreover the time available to repay the loan is also very short. You have to repay the total debt amount including the principal amount and the interest rate by the next payday. It will be a great difficulty as it can take up a lion share of your income. Then people will be forced to fall into the rollover loan, which is a bigger risk. The pending amount of the loan can be split into installments but the interest rate will be multifold and the late fees also will be charged. It will be in a sky rocketing pattern that will be hectic for a common man to manage.

Payday Loans and Centrelink

The Online risks.

The security risk involved in the online processing is another reason to avoid the payday loans. You have to intimate the bank account number, social security number and other such financial and personal details for the loan processing. It will be like a suicidal attempt, if your vital information gets to any of the internet fraudulent. The unfavorable hidden terms in the agreement is an associated risk of the payday loan. Some would have included terms and conditions to automatically renew the loans or other one sided terms.

Payday Loans and Centrelink

The Impact.

The impact of repeated payday loan applications to the credit score is considered to be a risk that may result far reaching consequences. Even though payday loans are said to be fast processing, you have to meet the necessary requirements such as a checking account, and direct checks. If your payday applications are rejected, it may badly affect the credit report.

Payday Loans and Centrelink

In Summary.

The 5 reasons seem to be potential enough to ruin your financial stability. It is always better to avoid payday loan, if you have any other option. However, the availability of money at the right time of necessity should be certainly appreciated. Anyway, the hidden dangers behind the helping hand have to be assessed carefully before stepping in.

Payday Loans Centrelink – Centrelink recipients are very unlikely to get a payday loan if they are on Centrelink payments.

Privacy Policy

Privacy Policy for ecashloans.com.au

The privacy of our visitors to ecashloans.com.au is important to us.

At _ecashloans.com.au, we recognize that privacy of your personal information is important. Here is information on what types of personal information we receive and collect when you use and visit _ecashloans.com.au, and how we safeguard your information.  We never sell your personal information to third parties.

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