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Debt Consolidation

What Is A Debt Consolidation Loan?

consolidate a loan, consolidating debt with a personal loan

Many Australians can find themselves accumulating masses amounts of debt; whether it be home loans, credit cards, car loans, or personal loans. With these debts come high-interest rates, monthly and annual fees, as well the complication of having to make multiple repayments each month.

Many find the ease in debt consolidating all their debt into their mortgage to eliminate the additional fees, charges, and interest rates to save money.

So how does this happen?

Debt consolidation happens by refinancing and getting cash out for the amount of your total debt. That money is then used to pay out the debts.

consolidate a loan, consolidating debt with a personal loan
debt consolidation advantages and disadvantages

What Are The Benefits?

debt consolidation advantages and disadvantages

Your home loan interest rate is typically lower than any other personal debt, by having all of your debt in your home loan you can potentially have lower repayments and save thousands of dollars a year which you can put into your home loan to pay off sooner or use for a family holiday or a new car.

Saves confusion on having to make multiple payments for debts every week, fortnight, or month. There is only one repayment as you now only have one debt.

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Debts Serviced
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Lending Products

How Do I Consolidate My Loan Debt?

consolidate my debt

We are spoilt for choice with options on debt consolidation:

Refinancing Your Home Loan

Rolling all of your debt into your home loan reduces your repayments.

Personal Loan

Getting a personal loan to pay off credit cards and personal loans into one loan. Along with the potential to lower the interest rate and repayments you’re paying; the fixed monthly repayments of a personal loan may make repayments easier to budget for.

The set loan term also gives you a clear date for the debt to be paid off.

It is important that you take your time to understand which option is best for you when saving money and best for your budget. If you have any questions on debt consolidating and loan products involved, book a time to speak with a home loan broker in our Hobart office or a mortgage broker in our Launceston location.

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