Debt consolidation | Mortgage Broker Wantirna & Rowville
Part of the challenge of dealing with a number of smaller debts is the need to make multiple repayments to different lenders at varying interest rates. That’s where debt consolidation can help. It works by folding a number of different debts into a single loan.
Your home loan is often a good choice for debt consolidation as it usually comes with the lowest rate of all types of credit. If you’re not a homeowner, a personal loan can be a good choice to consolidate debt. The term is fixed so you have a clear end date, and set repayments make it easier to budget for.
With your debt streamlined into a single loan, you can start to focus on making a single monthly payment, which can be far less stressful than juggling a number of repayments.
Saving on interest
By opting for a larger loan with a competitive rate, instead of multiple smaller loans with high interest rates, debt consolidation can also reduce the overall interest charges you pay. This can lower your regular repayments and provide extra cash to help pay off the new loan sooner.
In this way, the debt pendulum starts to swing in your favour, and you begin to take measurable strides towards becoming debt-free.
Understanding the bigger picture
While debt consolidation can provide an immediate strategy to help you gain control over debt, it doesn’t address the underlying problems, which usually involve weak spots in money management.
As your local Mortgage Broker Wantirna & Rowville team, we can offer valuable support here, helping you learn to live within a budget, manage your money, and work towards financial goals for the future.
Refinancing to consolidate debt
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Let's get started streamlining your debt and making your life easier (and cheaper!) Our Mortgage Broker Rowville & Wantirna team will guide you through the process, and help you make better choices with your finances.
Book a obligation-free chat with the Mortgage Broker Wantirna team on 03 9432 5484 or click on the Speak to us button.
Your award winning Mortgage Broker Wantirna team services the areas of Knox, Studfield, Wantirna, Wantirna South, Bayswater, Bayswater North, Bayswater, Rowville, Scoresby, Knoxfield & surrounds.
