Episode Details

The Reserve Bank of Australia has lifted its cash rate target by 0.25 percentage points to 4.6%, renewing concerns about borrowing costs for households and small businesses. While the cash rate does not directly determine every loan rate, it can affect lenders pricing and funding costs. Before taking on debt, borrowers should assess whether repayments remain manageable, especially if income is irregular or expenses rise. “No credit check” does not necessarily mean no affordability assessment, and guaranteed-approval claims warrant caution. Compare the total cost of a loan, including its comparison rate, fees, repayment schedule and missed-payment consequences. Seek independent guidance if you are unsure. Learn more about personal and business loan finance at financialservicesonline.com.au.