Debt Consolidation using your home loan
Did you know that you are able to significantly reduce your monthly
repayment obligations by consolidating your other unsecured debts into
your mortgage? Providing you have sufficient equity in your home and
are able to demonstrate that you can afford the repayments you can
reduce your monthly repayments by hundreds or even thousands of
It does not matter that you may have:
- a history of bankruptcy;
- arrears or defaults;
- excessive credit inquiries on your credit report etc.
Perhaps you have applied for a Personal Loan to consolidate your
debts and were declined? The rules and criteria for Mortgage
Refinance are significantly different to that of a Personal Loan.
While unsecured Personal Loans, in most cases, require the applicant
to have a Clean Credit History, Mortgage Refinance Does Not.
Consolidating your debts into your mortgage, can be a smart way to not only get your finances in order, and save money, but to also reduce the amount of personal finance paperwork you deal with on a monthly basis. You might have personal loans, car loans, credit cards and a mortgage. By consolidating these debts into your mortgage you can start paying home loan interest rate on all your outstanding debts.
Debts Consolidation does require a degree of discipline, otherwise it may only be a short term fix..
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