Consolidating credit card debt into home loan
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A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Speak to us today on 1300 889 743 or enquire online.In essence, the idea is that you take a number of debts - for instance credit card balances and loans - and pay them off by moving them to a single, cheaper debt.The theory is that, by consolidating, you end up paying less each month, thereby taking some pressure off those monthly household finances.By combining your smaller debts and adding them onto your home loan, you may be able to better organise your finances and enjoy more affordable monthly repayments.Juggling the repayment schedules for multiple debts can be time-consuming and exhausting, even for well-organised and budget-conscious borrowers.This creates a financial burden which ends up making it harder for them to manage their bills. Lenders have very strict criteria for debt consolidation loans.
Taking out too many loans and having a multitude of unsecured debts is considered risky behaviour by the banks.
It is useful as a last resort if you are really struggling to meet a variety of monthly payments - however, once you have taken this step, you must be very disciplined about falling into debt again. However, there are lot of considerations to weigh up before you take this step - some of which will help you decide if it is a good idea, and some of which will determine if it is even possible.
Roll your other repayments into your home loan and save!
To mitigate this, we use various methods to explain to the lenders that this is a one off event.
If you already have a home loan, and also owe money on credit cards, personal loans or car loans, you may be (figuratively) drowning in debt.
Juggling the repayments on multiple loans can prove challenging at the best of times, and if your financial circumstances were to change suddenly, such as from job loss or a prolonged illness, you could find yourself at real risk of defaulting on one or more of these debts.