Our Debt Consolidation Service
What is a debt consolidation loan?
Many Australians can find themselves accumulate masses amounts of debt; whether it be home loans, credit cards, car loans and personal loans. With these debts come high interest rates, monthly and annual fees, as well the complicating on 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 a cash out for the amount of your total debt. That money is then used to pay out the debts.
What are the benefits?
- 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.
How do I consolidate my loan debt?
We are spoilt for chose with options on debt consolidation:
Refinancing Your Home Loan
Rolling all of your debt into your home loan, reducing your repayments.
Getting a personal loan to pay of 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.
And 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 in understanding 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 in a time to speak with a home loan broker in our Hobart office or mortgage broker in our Launceston location.
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