Consolidating your debt into your home loan before Christmas

Consolidating your debt into your home loan is easier than you think

Dealing with debt can be a stressful time. From managing multiple payments towards different lenders, to paying various interest rates across accounts – the whole thing can be an expensive process. This is why many people choose to consolidate their debt into their home loans, makes sense.

Not only can you simplify the process by making one regular payment towards your debt, but you can also save on rates and fees which is a huge bonus. Instead of paying across various lenders, you will only be paying the one.

After incorporating all of your debt into your home loan you can restructure your repayments to get debt-free sooner. For instance, you may wish to raise your payments slightly, or make them more frequent.

Types of debt

Nowadays, it’s pretty easy to get your hands on a credit card or personal loan. This can lead to many people taking on debt easily and quickly.

There are many types of debt that you are able to consolidate into your home loan. In fact, you can consolidate most small types. Some of the most common are personal loans and credit cards. Another common debt that people tend to consolidate is store cards. These are credit cards obtained through stores to make purchases for goods.

The interest rates placed on these types of small debt are usually set higher than other cards, which means that consolidating them into your loan could result in you saving money in the long run. For example, if you purchased a car with a personal loan then you could face paying interest rates. However, after consolidating this, you could tie it to a much lower and more attractive interest rate, win win!

Things to remember

If you are thinking about consolidating your debt into your home loan, then you may want to speak with us as there may be costs involved in consolidating your debts, and you will need to see if this option is suitable for your financial situation.

Contact us today for an appointment

Lori Ristevski 0414 313 107 – lori.ristevski@loanmarket.com.au