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Michael Wren & Geoff Pyers

Consolidating your debts | Camberwell, Canterbury & Glen Iris

Life moves quickly and this might mean you have accumulated a few smaller debts outside your home loan. Consolidating your debts into one easy-to-manage loan can be a great way to save money. 

What is debt consolidation?

Consolidating your debt is the process of rolling your smaller 'bad' debts up into one larger loan. While it might sound like you're just moving your debt around, a larger loan can mean lower interest rates and better features. It can also mean that your debt is moved to a good quality lender, like your everyday bank, making it easier to manage and eliminating any scary fine print. 

Consolidating your debt into your home loan

If you have a home loan, you might consider rolling your smaller debts into your home loan. While that means increasing your home loan amount, it will allow you to pay off your smaller debts by leveraging the lower interest rate you likely have on your home loan - some of these smaller debts can carry interest rates upto 20%!

You will also benefit from things like your offset account and other great features which are not available with smaller loans. However, it's important that you don't make the mistake of adding decades to the repayment of your smaller debts, just because they now sit in your home loan. We will take you through some common strategies to get it paid off faster.

Find out more about debt consolidation

We have lots of other resources to help you be more informed about your finances, and make better, more education choices.

Get started on debt consolidation with us

Helping people with their finances is what we love to do! The Mortgage Broker Camberwell & Canterbury team can strategise with you to get your debt under control and paid off faster! Contact us to chat about your next move via phone, video or in-person at our office: 57 Canterbury Rd, Canterbury VIC 3126.

Call 03 9813 3522  Request a call 


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