Enjoy a super-low interest rate:
By refinancing your home loan to consolidate your debt, you can take advantage of our super-low rate home loans, instead of paying the high interest rates of a credit card. As a result of a lower interest rate, consolidating your debt can bring about long-term savings.
Get access to interest-saving features:
When you add your other debts to your home loan, you can make the most of a home loan’s interest-saving features, such as a redraw facility or offset account.
Pay fewer fees:
Every lender has their own set of fees and charges to cover things like administration and transactions. If you have multiple debts, you’ll be paying these costs numerous times. By consolidating your debt into one loan, you’ll only pay one fee, saving you plenty across the life of your loan.
Be financially stress-free:
Having one loan means you can forget about the stress of tracking multiple repayments. You’ll only need to deal with one lender and one set of conditions and fees. With friendly customer service, Mortgage House aims for 5-star dealings.
Better your credit rating:
By using BPAY, you don’t ever need to miss a payment, meaning you can rebuild and improve your credit rating over time.
Easily budget and plan your finances:
When you only need to account for one repayment, it is much easier to budget. It also allows you to create clear financial plans so you can work towards being debt-free by a specific date.
Pay more of your principal debt:
Maintain the same monthly repayment as your combined loans, but by consolidating your debt to a lower interest rate home loan, you’ll be paying more of the principal, thus paying off your debt faster.
Being in debt isn’t always a bad position. Debt only becomes a problem when it’s unmanageable, and you struggle to keep up with multiple repayments from banks or lenders. In this case, consolidating your debt can be beneficial.
Consolidating your debt allows you to combine multiple smaller debts, like a credit card, personal, car or student debt, into one easy-to-manage repayment per month.
Debt consolidation is a convenient process that can help you stay on track and in control of your finances. Some people may choose to take out a personal debt consolidation loan. If you have a home loan, it is often the best decision to combine your other debt into your home loan to take advantage of super-low home loan rates and money-saving features. Feel free to get in touch with our experienced Lending Specialists for personalised assistance. For more online debt consolidation tips read our mortgage tips checklist.