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Car loans, credit card debt, small personal loans and After Pay debt can add up. Our Melbourne team can show you how debt consolidation could help you get back on track with your money.

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Debt consolidation could make a big difference

Living with multiple personal debts can be financially and emotionally draining. Debt consolidation can be a really effective way to get back on track, pay down your debts in order to live (and stay) debt-free for the long run. Debt consolidation could make a big difference to how you feel about your finances, in both the short and long term.

How does debt consolidation work?

Part of the challenge of dealing with unmanageable debt is the need to make multiple repayments to a variety of different lenders. That’s where debt consolidation can help. It works by rolling 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 the set repayments are easier to budget for.

What are some of the benefits?

• Save on interest: By consolidating all your smaller debts into your home loan or personal loan, you are effectively opening the door to better interest rates. Banks will give their best interest rates and features to their 'best' customers - people with larger loans. Rolling your debts into one large loan doesn't increase how much you owe, it just restructures them to give you access to better rates. Saving on interest could mean more cash to put towards the overall debt. 
• Make your life easier: One of the best perks is that you are no longer having to juggle multiple repayments, interest rates or different lenders. There will be one repayment, one loan and one lender. You will make your life admin a lot simpler, and there's no risk of late fees!
• Give yourself a clear goal: Debt consolidation also gives you one clear goal, rather than varying amounts spread across different, smaller loans. Having one clear loan to pay will help you get it paid off faster, as you begin to chip away at the principal amount.

 

 

Let's change your finances for the better - together.

We're passionate about seeing you keep more money in your pocket by saving on interest. Let's get back on track with your finances and get you debt-free sooner.

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We can help with debt consolidation

As Mortgage Choice Melbourne Brokers, we're passionate about our clients keeping more money in their pockets and saving money on interest. It's easy to build up smaller debts and become overwhelmed - we're here to get you back on track! We love debt consolidation because it puts people in control of how they pay back their debt and gives us the opportunity to negotiate a better interest rate and features on their behalf. Let's change your finances for the better - together!

• We've got 35 banks and lenders available to choose a personal loan or refinance your home loan. 
• We put together a personalised plan to get you debt-free sooner.
• We do all the heavy lifting on your debt consolidation, including liaising with your current lenders to get your debts rolled into one.
• We're here to answer any questions you have along the way - even after your new loan settles.

What do I need to look out for with debt consolidation?

The downside is that you may be transferring a short-term debt (like a credit card balance) into a long-term loan (your home loan). Paying a bit more off your loan each month is a sensible step to minimise overall interest charges. Our Mortgage Choice Melbourne Brokers can put together a simple strategy, mapping our additional repayments to get you debt-free as soon as possible.

What our clients have to say:

"I have used Stephen and his team several times now for purchasing property, both investment and own home, as well as refinancing. Stephen has always been able to get us a great deal and is very knowledgable about all things mortgages. I would not hesitate in utilising his services again when the time arises." (Leah, Carlton)

Ready to kickstart your debt consolidation journey?

We've got 25 years of experience with debt consolidation and are ready to put our experience to work for you. Our Mortgage Choice Melbourne team can chat by phone, video or in person at either of our two offices. Let's get started and see if we can save you money!

 Call 03 8602 6777  Email us  Book an appointment

 

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