What type of holiday should I go on?
This is where the fun begins. Choosing where you want to travel to depends on the type of holiday you want. Do you like an action-packed adventure, a romantic tropical getaway, or is a Caribbean cruise more your style?
The final destination will often depend on your budget and the amount of time you have to travel, so start with these points and go from there. Take into account things like currency conversion too and research which destinations offer the best value and conversion rate.
The main factors that will affect the overall cost of your holiday will be:
- What level of luxury you want
- What the exchange rate is
- How long you’re staying away
- How far you’re travelling
* The graphical representation of loan calculations is not precise and is representational only.
The calculations provided are estimates only and based upon the information entered into the calculator by the user. The calculations do not include upfront or continuing credit fees and charges. The resulting calculations do not constitute a loan application or variation to an existing CUA facility, loan offer or loan approval.
What expenses do I need to be aware of?
When you’re budgeting for your holiday, remember to include the smaller expenses as well as big-ticket items like flights and accommodation. Things to remember are taxis or airport car parking, eating out, ‘exploring money’ for any day trips you take while you’re there, and tip money if you’re travelling to somewhere like the USA. It’s worth factoring in about ten per cent on top of your budget as a contingency plan too.
It’s a good idea to make a checklist so you can keep track of what you have and haven’t paid before you go.
Costs before you travel Show more
- Travel insurance
- Visa and passport
- Travel agent bookings
- Prepaid car hire bookings
- Foreign currency exchange
Costs while you’re away Show more
- Foreign currency fluctuations
- Entry fees to sights
- Activity fees
- Shopping and souvenirs
- Phone calls
- Emergency money
- Taxis and transport
- Some accommodation
Other costs to be aware of Show more
- Will you still paying rent for home while you’re away?
- Do you need to pay for a pet sitter or pet boarding?
- Will your hotels require a security bond held on your credit card and if so, for how long? This will prevent you from accessing the money on your card.
- Income you won’t be earning if you aren’t covered by annual leave.
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What else should I consider? Show content
Keep an eye out for inclusions and exclusions when you book. Some budget airlines sound like a good deal, but end up costing you more by the time you’ve paid for luggage, meals and taxes.
Can I use my credit card overseas? Show content
Australian credit cards are accepted in many places overseas, but just keep in mind you may be charged a currency conversion fee. Travel cards may be another option to consider, particularly if you’re travelling to a few destinations. You can simply top up your card using your own funds, and most can be used for multiple currencies.
What is a comparison rate? Show content
Comparison rates can be a handy tool to help you identify the true cost of a loan because they include the interest rate of a loan plus all the fees and charges relating to that loan, like establishment and monthly fees. These are combined into a single percentage figure based on a defined loan term and loan amount – helping you to compare loans (‘apples to apples’).
Every loan has an interest rate as well as a number of fees associated with it (like an establishment fee, annual fees or monthly fees). Some loans may seem attractive, having a very low interest rate, but end up costing more than one with a higher interest rate once the fees are factored in. A comparison rate helps you compare ‘apples to apples’ by factoring all of the fees over the life of the loan into the interest rate.
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What’s the difference between the interest rate and comparison rate?
Important information Show content
Rates current as at 7 July 2020 and subject to change.
Your loan contract will state the minimum monthly repayment amount. You can arrange with us to make repayments on a weekly or fortnightly basis.
Loans are issued by Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian Credit License 238317 to approved applicants only. Lending criteria, terms, conditions, fees and charges apply. Ask us for details.
** Comparison rate calculated on a loan amount of $30,000 over a term of 5 years based on monthly repayments. These rates are for secured loans only. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**** Comparison rate calculated on a loan amount of $30,000 over a term of 5 years based on monthly repayments. Rates are for unsecured loans only. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.