Debt Consolidation
Let's face it—your mortgage isn't the only debt you have. If you're like most people, you probably also have a credit card balance and one or two consumer loans.But while your mortgage may not be your only debt, it's almost certainly your least expensive debt.
So why not consider taking equity out of your home, paying off your other debts and ending up with a single monthly payment at a much lower interest rate?
Here's an example of how using a home loan Debt Consolidation can help you save money each month. To find out more – Chat with us now, or apply online
Example (before remortgaging)
Current Situation Balance Payment
Mortgage (6.00%) $150,000 $959.00
Unsecured Line $10,000 $300.00
Credit Cards/Loans $20,000 $600.00
Penalty $2,500 $0.00
Total $182,500 $1,850 monthly
Below is scenario after remortgaging and paying off those debts.
New Mortgage Balance Payment
Mortgage (3.64%) $182,500 $959
Unsecured Line Paid off $0.00
Credit Cards/Loans Paid off $0.00
Penalty Paid off $0.00
Total $182,500 $959 monthly
The above scenarios are showing that you would save $891 per month. That means you are saving $10,692 per year. In 5 years your net saving is $53,460. Providing most of the debts are paid off!
