The process is fairly simple
Debt consolidation is a useful strategy in a situation where you are burdened with credit card debt or other personal loans, and have equity in your home. To have equity in your home means that the value of the property is greater than your mortgage amount.
The process is simple; you can access the equity in your home as cash to pay out other loans, which will generally be at a higher interest rate than your home loan.
Consequently, you will be paying off your debts at the lower home loan rate, and will only be managing one debt – your mortgage.
Your monthly mortgage repayments will increase to cover the new loan value. Fees may include a valuation fee and mortgage insurance; this depends on the lender, loan product and Loan to Value Ratio (LVR) if the new mortgage value exceeds 80%.
Applying for a debt consolidation loan has never been easier. Simply call 1300 230 240 between 9:00am-6:30pm Monday to Friday, or complete the contact form to have one of the team contact you.