debt consolidation mortgage

Debt Consolidation Mortgage


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 our consultants.

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