If you have multiple debts from various sources or institutions such as a mortgage, personal loan, credit card or other high interest unsecured loans, and you are having trouble paying these off, then it could be worth considering rolling all your debts together with a debt consolidation mortgage and regain control of your finances.
Only one loan to manage
Save on loan fees
Reduction in monthly repayments
Avoid entering into a debt agreement or declaring bankruptcy
No more debt collection phone calls
The opportunity to regain control of your finances
Regain Control of Your Finances
It is important to note that consolidating short term unsecured debts into your long term secured mortgage will reduce your monthly repayments. However it is important to remember that the balance owing on your mortgage will increase, so it is important to consider paying down the new mortgage with the extra money that is available. In our experience a debt consolidation strategy is most successful if unsecured debts are cancelled and further debt is avoided by keeping to a budget
Our funders and lenders will usually make closing these facilities a condition of settlement and, where at all practical, we use funders that have either redraw or offset accounts with debit card facilities with the ability to make lump sum repayments to help you reduce your loan balance as quickly as possible.
Visit our Calculator page for handy tools on preparing a budget, savings that can be made by making extra repayments or lump sum repayments and the repayment savings that can be made by depositing surplus funds into an offset account attached to your mortgage.
Am I eligible for a Debt Consolidation Mortgage?
You must own a property either Residential or Commercial to qualify for our Debt Consolidation Mortgages.
To consolidate your debts into a mortgage with a bank, generally you must have made all of your repayments on time for the last three months for your unsecured debts and on time for the last six to twelve months for your current home loan. Banks will usually not accept any applications for applicants who have defaults on their credit file
Banks quite often have a limit on the amount of debts and also number of facilities they will consolidate even if you have perfect credit history.
However…. The good news is !!
We have both bank and non-bank lenders on our Panel that will consider unlimited debt consolidation up to 90% LVR (loan to value ratio) in high population Cities or major regional towns with lower LVR’s in smaller population areas. Even if you have defaults or negative listings on your credit file Debt Consolidation Mortgages are available in both Full Doc and Low Doc for Self Employed with clean credit or credit impaired.
Complete our Application Form or CONTACT US so you can discuss your situation with an expert who will analyse your unique circumstances. It is important to deal with a Consultant that has several options and is experienced in dealing with both Debt Consolidation Mortgages and Debt Negotiation.
So contact us today on 1300 721 988 for a confidential free discussion.