Tips for financing your dream Australian getaway

Now that borders across the country are well and truly open, it’s time to explore our Great Southern Land. With so much to explore in Western Australia let alone our entire country, it could be a bit of a dilemma on choosing where to go – or choosing to go everywhere!

If you’re unsure about your budget or want to know how to finance your dream Australian getaway, here are some of our tips so you get that part of your holiday right from the very beginning.

 

Staycate or Vacate?

Western Australia has its fair share of luxury resorts and escapes, such as the tropical-styled Pullman Resort in Bunker Bay or the plush Westin Perth in the heart of the CBD (we review six such luxe hotels on our page here.) Of course, there are literally thousands of options to choose from in Australia – a caravanning holiday around the M1, a trip to the Great Barrier Reef, seeing Bondi and the crisp sands of Sydney, the arts and culture of Melbourne – just to name but a few. If you’re thinking of going out on the road for an extended period, the issue may be how you’ll be financing your trip and when you’ll be going.

 

Timing your holiday

You also need to consider timing your holiday. Can you afford to take off for three months in the middle of the year? Do you want to get the best weather, or the least number of tourists? This can also factor into your final costs, as off-peak times will be cheaper than peak periods.

 

Financing your dream holiday

Though we might think of scrimping and saving for a holiday, inflation can stop us in our tracks – inflation is outpacing wage growth and interest on deposits, so inflation will likely eat into our savings more than we realise. Dipping into home equity is one option; as is paying as you go on the credit card. However, this can cost you thousands, if not tens or hundreds of thousands in interest.

 

Consider a holiday personal loan

A credit card or drawing on equity is convenient; but you will pay through the nose for the ease of access. Considering a holiday personal loan means you have fixed repayments each month, and every payment you make gets you closer to a zero balance. Applying for a personal loan can save you significantly on interest, especially if you don’t pay off the entire credit card balance after the interest free days.

 

Investing in a vehicle?

Another option is to invest in a caravan or recreational vehicle, which will usually need some sort of loan to finance. Costs of caravans usually end up in the five figures; but they are an investment in future holidays, giving you cheap or “free” accommodation if you drive to your destination. Better yet, you can charge others to use the caravan when you aren’t using it, to make a bit of cash!

Remember to shop around and consult a financial professional before applying for a personal loan.

 

 

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