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Debt Consolidation: Mortgages

Speak to a Local Melbourne Mortgage Broker to find out all the facts about consolidating your debts.  We can explain the process, we know which lenders will offer this service, and we can act on your behalf to negotiate you a great deal.

Debt consolidation works by you grouping together all your debts into one.  If you have credit cards, car loans, store cards etc, you may be able to consolidate them with your mortgage, in effect refinance the loans, and pay just one monthly repayment in stead of several.

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Basically, the debts are added to your mortgage total and you pay off all the debts in one monthly or fortnightly payment.  As interest rates on home loans are usually lower than credit card rates, you can pay the credit card debts off quicker and pay less interest.

Benefits
  • The lower interest rate you can get through your mortgage enables you to pay off credit card debts and car loan debts sooner.  
  • For borrowers struggling to keep up with multiple repayments, having the debts consolidated and paying just one repayment each month can make their debt management easier.
  • You can pay off personal debts quicker by reducing the interest payments
  • Reduced paperwork with just one overall loan

Considerations
  • The interest rate on your home loan may increase slightly when you consolidate your other debts.
  • Consider your lifestyle and your budgets.  The debts do not disappear, they still have to paid off so you need to be disciplined to not keep increasing your debts, and you should break free off the debt cycle.
Debt Consolidation can offer a lifeline to borrowers who are struggling with their debt repayments.  But, as with all financial decisions, it is important to consider all the factors and the possible benefits and risks.

Talk to Your Local Melbourne Mortgage Broker to find out how this can work for you.  Call us on or submit your details on line, and one of our friendly team members will call you back.






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