Post by bear on Dec 31, 2020 9:08:05 GMT 7
Loans for Centrelink recipients
This information has been provided by moneysmart.gov/ and Services Australia.
Good Shepherd in collaboration with the Federal Government and NAB are offering Household Relief Loans Without Interest for those affected by the coronavirus pandemic – along with a free COVID Hardship Support Hotline.
Loans of up to $3,000 are available for rent, rates, body corporate fees and utility bills – with no interest, charges or fees.
For details call 1300 121 130 or tap here to apply.
Things to think about
There are things you need to think about when taking out a loan or using credit. You should ask yourself if all of the following applies:
• it’s something you really need right now or if you can save up and buy it in full later
• it’ll make your budgeting tight and will be hard to cover bills like rent or food
• paying it will stop you from saving or having money for emergencies
• there are other ways to get or pay for what you want.
There’s safe and affordable finance out there. Check if you can get no interest or low interest loans from Good Shepherd Microfinance.
Before applying for a loan or credit, use the Australian Securities & Investments Commission’s (ASIC) MoneySmart simple money manager. It can help you work out your budget.
If you do apply for a loan or credit, always check the terms and conditions. There will be things lenders won’t tell you up front. Don’t sign a contract if you still have questions.
Think about talking to someone before you take out a loan or credit. You can also find out about free legal advice on the MoneySmart website.
Types of loans and credit
There are many types of loans and credit with different fees, charges and interest rates.
Visit the MoneySmart website for advice about:
• pay day loans, that can have high fees and charges
• how credit cards work and how to manage them
• debt agreements, as they may stop you from borrowing in the future
• rent to buy or consumer leases, and use the calculator to compare rent and buying costs
• how buy now, pay later services work
• what to consider when consolidating loans
• the impact of bankruptcy on future borrowing and jobs
• what do when you experience loan rejection on a loan or credit application.
Licensed lenders
If you get a loan or credit, it’s a good idea to protect yourself. This may mean taking the time to choose the right loan or lender.
There are laws that licensed lenders must follow when lending money to you. Find out more about consumer credit laws on the ASIC website.
To check for a licensed credit provider or credit assistance provider, search Connect’s Professional Registers on the ASIC website.
If you’re unhappy with a lender, find out how to make a complaint on the MoneySmart website.
Problems paying your bills
If you can’t pay your electricity, gas, phone or water bill, contact your service provider straight away. They will explain your options, such as:
• an extension to paypaying in instalments
• Centrelink deductions (Centrepay)
• applying for a utility rebate or voucher
If you don’t contact your provider, they may suspend or disconnect your service.
Not paying could also harm your credit score.
If you need a step-by-step guide on what to do, see the National Debt Helpline’s get your bills under control.
Problems paying fines
If you can’t pay parking, speeding or littering fines, it’s important to contact your state debt recovery agency straight away:
• Australian Capital Territory: Traffic fines
• New South Wales: Fines
• Northern Territory: Fines: how to pay
• Queensland: Fines and enforcement
• South Australia: Fines: ways to pay
7news.com.au/lifestyle/personal-finance/loans-for-centrelink-recipients-c-1852151
This information has been provided by moneysmart.gov/ and Services Australia.
Good Shepherd in collaboration with the Federal Government and NAB are offering Household Relief Loans Without Interest for those affected by the coronavirus pandemic – along with a free COVID Hardship Support Hotline.
Loans of up to $3,000 are available for rent, rates, body corporate fees and utility bills – with no interest, charges or fees.
For details call 1300 121 130 or tap here to apply.
Things to think about
There are things you need to think about when taking out a loan or using credit. You should ask yourself if all of the following applies:
• it’s something you really need right now or if you can save up and buy it in full later
• it’ll make your budgeting tight and will be hard to cover bills like rent or food
• paying it will stop you from saving or having money for emergencies
• there are other ways to get or pay for what you want.
There’s safe and affordable finance out there. Check if you can get no interest or low interest loans from Good Shepherd Microfinance.
Before applying for a loan or credit, use the Australian Securities & Investments Commission’s (ASIC) MoneySmart simple money manager. It can help you work out your budget.
If you do apply for a loan or credit, always check the terms and conditions. There will be things lenders won’t tell you up front. Don’t sign a contract if you still have questions.
Think about talking to someone before you take out a loan or credit. You can also find out about free legal advice on the MoneySmart website.
Types of loans and credit
There are many types of loans and credit with different fees, charges and interest rates.
Visit the MoneySmart website for advice about:
• pay day loans, that can have high fees and charges
• how credit cards work and how to manage them
• debt agreements, as they may stop you from borrowing in the future
• rent to buy or consumer leases, and use the calculator to compare rent and buying costs
• how buy now, pay later services work
• what to consider when consolidating loans
• the impact of bankruptcy on future borrowing and jobs
• what do when you experience loan rejection on a loan or credit application.
Licensed lenders
If you get a loan or credit, it’s a good idea to protect yourself. This may mean taking the time to choose the right loan or lender.
There are laws that licensed lenders must follow when lending money to you. Find out more about consumer credit laws on the ASIC website.
To check for a licensed credit provider or credit assistance provider, search Connect’s Professional Registers on the ASIC website.
If you’re unhappy with a lender, find out how to make a complaint on the MoneySmart website.
Problems paying your bills
If you can’t pay your electricity, gas, phone or water bill, contact your service provider straight away. They will explain your options, such as:
• an extension to paypaying in instalments
• Centrelink deductions (Centrepay)
• applying for a utility rebate or voucher
If you don’t contact your provider, they may suspend or disconnect your service.
Not paying could also harm your credit score.
If you need a step-by-step guide on what to do, see the National Debt Helpline’s get your bills under control.
Problems paying fines
If you can’t pay parking, speeding or littering fines, it’s important to contact your state debt recovery agency straight away:
• Australian Capital Territory: Traffic fines
• New South Wales: Fines
• Northern Territory: Fines: how to pay
• Queensland: Fines and enforcement
• South Australia: Fines: ways to pay
7news.com.au/lifestyle/personal-finance/loans-for-centrelink-recipients-c-1852151
