Lines of Credit Options for Low Income Households

It is important to check whether or not meet the requirements of a credit application before submitting your application.

Credit Card Deals

	Interest Rate p.a.	Balance transfer Rate p.a.
ANZ Low Rate	13.14% p.a.	0% p.a. for 9 months
Virgin Australia Velocity Flyer Card - Balance Transfer Offer	20.99% p.a.	0% p.a. for 8 months
HSBC Credit Card	17.99% p.a.	0% p.a. for 6 months

When you have a low income, it can be difficult to be approved on a finance application where you don’t meet/exceed the minimum income requirement.

Thankfully, there are some ways to work around this when the traditional methods fail to work. Let’s look at some options and credit card tips that can help you with financing when you have a limited income.

Low Income Tips: Interest Free Loan

Australia has quite a few resources that can help low income households. This scheme is called the “No Interest Loan Scheme” or NILS. This service is offered by a number of banks and lenders in Australia.

The NILS will give a line of credit to families or individuals who are not making enough money to properly support themselves. Usually, the loan amount will be between $500 and $1,200 and is meant to be used for purchasing whitegoods, furniture, medical goods, home repairs and any other expenses that are necessary for day to day living.

The repayment period is usually between 12 to 18 months and there is no interest added to the principle of the loan. The great thing about this loan is that once it is repaid to the lending organisation, the money will be sent to another family or individual who needs the money.

Credit Card Tips: Secure Cards

A large majority of credit cards in the Australian credit card market are unsecured cards. An unsecured credit card does not have any collateral set against it and, if the card user defaults on their scheduled repayments, there is no form of security that the lender can then claim that can settle the unpaid debt. If a debt does remain unpaid, collections will be brought against the card holder until the outstanding monies are repaid.

Usually, customers who have average to good credit will qualify for an unsecured credit card, but customers who have a lower credit rating will have a hard time getting one. Secured credit cards are great for people with a low income, as the customer can choose to use something valuable as collateral. This is one of the best credit card tips, as the customer will be able to use their vehicle as collateral and the loan that is given will correspond with the car’s value.

Low Income Tips: Finance Brokers

Finance brokers can be a good way for individuals to have access to the credit that they need. They usually act as the middle-man between the customer and a lending institution. The advantage of using a financial broker is that they have inside knowledge of the industry and can give you helpful recommendations when it comes to your options.

It will ensure that you will not miss any important information or make any mistakes when it comes to looking for loan options. However, financial brokers work on commission so it is important to make sure that the expenses you will incur from working with a broker will fit with your budget.

When it comes to looking for credit sources, you should keep these options and credit card tips in mind. They could be very helpful when it comes time for you to look for more financing or additional credit cards.

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Credit card offers:

HSBC Credit Card	Bankwest Zero Platinum Credit Card	Virgin Flyer Credit Card	ANZ Low Rate
0% p.a. for 6 months on balance transfers & no annual fee	0% p.a. for 9 months on balance transfers & platinum benefits	0% p.a. for 8 months on balances transfers & reward points	0% p.a. for 9 months on balance transfers & low rate

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Credit Cards Comparison

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			Interest rate (p.a.)	Balance transfer rate (p.a.)	Annual fee	Cash advance rate (p.a.)
	ANZ Low Rate	A low rate on purchases, balance transfer and a low annual fee.	13.14% p.a.	0% p.a. for 9 months	$58 p.a.	21.49% p.a.
	HSBC Credit Card	No annual fee for the life of the credit card. Plus a low balance transfer offer.	17.99% p.a.	0% p.a. for 6 months	$0 p.a.	21.99% p.a.
	Bankwest Zero Platinum MasterCard	Exclusive Offer to Credit Card Finder. No annual fee credit card with platinum benefits.	17.99% p.a.	0% p.a. for 9 months	$0 p.a.	21.99% p.a.
	Commonwealth Bank Low Rate Credit Card	A low interest rate offer on purchases and balance transfers.	0% p.a. for 5 months (reverts to 12.99% p.a.)	5.99% p.a. for 5 months	$78 p.a. ($48 for qualifying customers)	21.24% p.a.
	ANZ Platinum Credit Card	No annual fee for the first year and a balance transfer offer.	19.39% p.a.	0% p.a. for 9 months	$0 p.a. annual fee for the first year ($87 p.a. thereafter)	20.99% p.a.

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.