Other types of credit
Credit for different needs
There are many types of loans and credit available so it is a
good idea to research and compare different products. Like buying
the right-sized shoes, choosing a credit product that fits your
needs may help you avoid a lot of financial pain down the track.
Find out more about the following credit products:
loans - From home renovations to honeymoons
these loans can help you pay for special, one-off
- Overdrafts - Overdrafts can help if
money is tight and you want to make sure there are funds in your
account to cover things like bank fees.
leases - Rent or lease computers, electrical appliances or
other household goods, but be wary as it can be an expensive way to
get these products.
- Buy now, pay later services
- Offered by approved retailers, they allow you to order or
purchase a product immediately and delay payment.
- Interest-free deals - Stores
offer these if you want new goods but don't have the cash to
pay for them upfront.
- Rent to buy
- Rent a product instead of buying it but check what it will really
cost you and whether you will own that product at the end of the
or low interest loans - For people on a low
income who need to buy an essential item like a fridge,
washing machine or computer, or pay for a service like medical or
dental treatment. These loans have no fees and no or low
loans - For those who need money fast but fees and charges
can be higher than other types of credit.
to peer lending - Online lending platforms that match investors
to borrowers, also known as marketplace lending.
Always check the interest rate, fees and
charges before you sign up for any credit products. See borrowing basics and making repayments
for tips on how to choose and manage your
Last updated: 18 Dec 2017