19-Feb

How Will The Finances Of Ordinary Australian Families Fare This Year?

After a tumultuous year, Australians are looking into 2021 with a more positive outlook than many other nations across the world.

So, how are our finances going to fare this year, especially for the average Australian family? While in 2020 Australia experienced its first recession in almost 30 years, our economy only saw two-quarters of negative growth before numbers began trending upwards again. In a survey conducted by comparethemarket.com, households can expect it to take an average of 3 years to completely financially recover from the pandemic.

However, there is definitely still some positivity for Aussie families around their finances this year. According to a recent ANZ/Roy Morgan research, Aussie families are actually feeling ‘better off’ financially than they were this time last year.

 

 

Surprisingly throughout 2020 many Aussies have gained more financial freedom, and many are more focused on purchasing a property over renting. With home loan interest rates falling 2%, this led many Aussie families to want to enter the property market in 2021. Mozo’s Property Expert, Steve Jovcevski, said ‘it’s first home buyers who will be dominating the property scene in the first half of 2021, taking advantage of these low-interest rates.

While it seems as though many Australian families will be financially cruising through 2021, for those making these big financial decisions such as purchasing their first homes, a range of surprising costs also comes along with that. It is also to be noted that even though consumer confidence is up, many businesses and employees are still relying on JobKeeper payments, which is one of the reasons we are seeing increased satisfaction from many family’s financial situations. However, some families may need a helping hand after these payments are stopped and incomes decrease.

So, if you are a part of the Australian families who will be dealing with some expected cuts or costs this year, whether that be a decrease in income or the purchasing of your first home, you might be wondering what kind of options you have to assist you.

Well, no matter if you need some cash for your child’s school camp, or you accidentally forgot to buy a dining room table for your brand-new abode, your family has options to help them out. In these situations, a great option for you and your family is to get a fast cash loan from a reputable lender like Spondooli.

 

 

A fast cash loan can help you with those last-minute cash needs for your family, no matter what they entail. As long as you meet the necessary criteria, you can have a fast cash loan from Spondooli in your bank account, the same day that you apply. With a state-of-the-art application system applying for a quick cash loan with Spondooli is much easier than the hassle of dealing with a traditional banking institution.

So, no matter if your child needs a new laptop for school, you need to purchase a couch for the lounge room, or you are in desperate need of a holiday, a reputable lender such as Spondooli can help you out.

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