It's often the case that the average Australian has more than
one debt. For example, you might have two credit cards with
a balance of about $8,000 on each one, a store card with a
balance of $3,000, a car loan with a balance of $20,000, and
a home loan of $300,000. When you add all of the monthly payments
together, you can easily be paying $3,200 per month. That's
a lot of money to be putting towards a debt.
A better option is to merge your existing credit cards, store
cards, personal loans and your car loan into your mortgage.
In the example above, you would want to get a loan of $339,000.
If your current mortgage is at 7% than the additional $39,000
will be at 7% as well. After the refinance, your mortgage
payments will increase by $259 per month and your other loans
and credit cards will be paid out.
If your other loans repayments were $800 - $900 per month
and are now replaced with repayments of $259 per month, you
are saving significant amount of money. The extra $500 - $600
saved each month can be put back into the mortgage or invested
elsewhere. Debt consolidation
mortgage requires enough equity
in your home. In this case, your home should be valued at
$380,000 or more to be able to refinance.
It is a good idea to cancel or drastically reduce the credit
limits on your credit cards after debt consolidation mortgage.
To find other refinance options available contact one of
Now for Debt Consolidation Mortgage