*Only available for NPP enabled bank accounts
- It's possible with Nifty.
*During normal business hours.
Australia currently has $1.1 billion in unclaimed money. Could some of this be yours? Unclaimed money is money we lose when we forget the details of our bank accounts, shares, investments, and so on. But how does that even happen? Well, it’s actually a pretty easy thing to do. Maybe you’ve recently moved house and in the chaos of packing you forgot to update your details with your financial institution. It’s these moments of inattention that lead to money being lost and unclaimed.
As a rule of thumb, bank accounts become unclaimed after 7 years of account inactivity. Similarly, life insurance will become unclaimed 7 years after the policy matures. This money will then be sent to ASIC who will transfer it to the Commonwealth of Australia Consolidated Revenue Fund. Fortunately, the rightful owner of this money can claim their funds at any time.
If you think you may have misplaced your money over the years, don’t delay your search! Nifty is here to take you through what you need to know and has a dedicated page on instant cash loans here, if you are searching for options.
When a solicitor, company or government department make a payment to an individual and the cheque is not cashed the money is deemed unclaimed. By law businesses are required to turn unclaimed money over to be held in trust accounts by the government.
Unclaimed money can be in the form of:
Many people are completely unaware that they have money owing to them. If you think you may have money owing to you, there are some quick searches you can do to ensure you know where all your funds are. You can visit the ASIC website (link: https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money) to search for unclaimed money. Or, if you think you may have lost super or other monies, then you can do a search with findunclaimedmoney.com.au who are a combined website and can find all forms of lost money.
Despite what you may think, it isn’t too hard to lose money. Quite often if people move around a lot it is very hard to keep track of finances. Especially if they are renting or are fly-in fly-out workers (FIFO) who are sometimes living in one state and working in another.
Moving overseas is another time when people tend to lose track of their accounts or money that is owed to them. Government and businesses find it hard to track down individuals once they have moved to another country.
Plus, some people just simply forget! Life gets busy, maybe they’ve moved onto a new job, gotten married, and changed their name. Amongst all that it can be difficult to give unclaimed money a second thought.
Head to the ASIC website and conduct a search with your name or OTN (Original Transaction Number). Once you have found your name in the results, you can begin the claims process.
Another common avenue of missing or unclaimed money is superannuation. Many people have multiple super funds that they’ve failed to roll over due to job changes over the years.
If you think you might have some lost of unclaimed super that you would like returned you can go to the ATO website (link: https://www.ato.gov.au/forms/searching-for-lost-super/). There you can search for lost super and follow the instructions on how to roll your super over into your current fund.
If you are unsure about consolidating your super on your own, there are many companies that could help. Specialists in super rollovers and super funds can be found virtually anywhere online and include most banking institutions.
Alternatively, you could approach your current super fund to do a search for you and roll over any super that they find. Most of them will do it for free, however you should get a written quote or have a conversation with your super fund as to the costs that will be involved if they roll your super over for you.
It’s pretty straightforward, but there are essentially two ways you can stop your money from becoming unclaimed:
While it may seem simple, you can’t always account for the chaos of life and the forgetfulness it may bring. If you’ve got a big change coming up that could result in lost money, just make a point of setting a reminder. At the end of the day, if you are unsure whether you have lost or unclaimed money out there it’s time your did a search and found out what you are owed. You never know what might be out there and it’ll certainly be worth it in the long run!
Generally, online lenders can provide personal loans for a variety of expenses, including car repairs, help when car rego creeps up or if your kitchen becomes the swimming pool. Loan amounts differ from lender to lender, however; typically you can apply for a loan from $300 to $5,000.
Nifty Loans can provide personal loans from $300 to $5,000. The repayment period will depend on the amount you choose to borrow. When life throws a curveball, you need to act and quickly. That’s why Nifty is always online and in your pocket. You can apply anytime anywhere, and receive a smart outcome within the hour* and if approved, you can have your cash in the bank and ready to use in 60 seconds**. It’s possible with Nifty. Scroll up and get started now!
Nifty Loans provides a variety of flexible loan options that can suit a number of different expenses.
Below, you can check out the flexible loan options before you apply:
|Loan type||The loan amount||The loan term|
|Unsecured||$300 to $2,000||3 to 9 months (depending on how much you borrow)|
|Secured||$2,000 to $4,600||9 to 24 months|
|Secured||$5,000||9 to 24 months|
Found a suitable option? Great! Just scroll up and use our loan calculator to select how much you wish to borrow and for how long. After you’re happy with the proposed loan terms, hit the ‘Apply Now’ button.
*subject to when you submit your application
**Only available for NPP enabled bank accounts
Who is Nifty Loans? We are a private lender offering small personal loans to a wide range of clients. Need help covering emergency expenses? Want a hand with car repair costs? We could help you access the money you need. Scroll up now to apply for finance and we’ll be in contact soon to see how we can help!
To learn more about how the Nifty process works, click here.
Since founding Nifty in 2016, Bell has continued to make waves within the local financial sector for his continued ambition and willingness to adopt emerging technologies.Read More
$300 - $2,000
* Not applicable. Small loans do not charge an annual interest rate.
** 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 with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.