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What is Debt Consolidation?

Debt consolidation is a convenient process that can help you stay on track and in control of your finances. If you’re new to debt consolidation and wondering if such a thing will help you enjoy your life, then look no further.

Being in debt isn’t always a negative position – most Australians have debt, with homeownership a common form. Debt only becomes a problem when it’s unmanageable, and you struggle to keep up with multiple repayments. That’s where consolidating your debt can help.

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. Combining your other debt into your home loan is a common choice for Australians to take advantage of super-low home loan rates and money-saving features.

What are the benefits of Debt Consolidation?

  • 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 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.

  • 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 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.

How can Mortgage House help?

Find out how easy it is to get back on track and manage your debt. Apply online by clicking the button below to begin! Our expert Lending Specialists will find the best solution for you.

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