Australians don’t shy away from spending
If you've had your eye on a luxury vehicle for a while, but have been waiting for conditions in the economy to be just right, now could be the time to strike.
That's because the latest Business Sales Indicator (BSI) from the Commonwealth Bank showed healthy growth in spending across the nation in March, which is good news for consumer confidence.
After all, people are more willing to make big ticket purchases when they have a positive outlook on the future. Demand for boat finance might soon soar, as the BSI saw a rise of 0.2 per cent in March compared to the previous month.
This improving outlook isn't just a short-lived trend either, as the BSI has grown 5.7 per cent over the past year alone. It is also currently higher than the decade average of 5.3 per cent.
"Consumers are showing resilience against the uncertainty we have been experiencing in domestic and global markets," said Claire Roberts, executive general manager of local business banking.
"The latest figures reveal that although confidence is soft, consumers are still spending."
As with any big purchase, it's essential that you do your research before taking the plunge. If you are considering boat finance, you will need to weigh up the benefits of different products so you can decide which one is right for you.
You might not realise that there are various different types of loan available, including a personal boat loan and secured boat loan. Each product will have its own advantages, so make sure you fully understand what they are before signing on the dotted line.
The survey found that consumers in South Australia, Western Australia and the ACT are the biggest spenders at the moment, followed by those in Queensland and Tasmania. No matter where you're located, ensure you choose a product that is right for you.