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Refinance & Debt Consolidation

It is easy to end up with multiple loans, credit cards, car or other loans that have accumulated over time. It can be a lot of work to manage all of these with different repayment dates and amounts and so consolidating them can make your situation simpler.  However, the first step is to have someone conduct a review of each one, including what they are for and determine which should be consolidated and how as there can be tax implications or it could be that in the longer term you will be disadvantaged.  A simple debt strategy will be the key to success.

You may not have many debts, but need to refinance for a new purpose, such as to create additional funds or potentially to achieve a cheaper interest rate or more suitable product, eg with an offset account.

We have over 30 years’ experience with personal and home lending which means we know the options you have and can help you get the outcome you need.

FAQs

To help you better understand your options we have put together some FAQs to help answer many of your questions. If your question is not answered below please contact us so we can answer it for you.

  • What is a debt consolidation loan?

    A debt consolidation loan is a way of bringing some or all your loans together. By rolling your debts into one – credit card, store card, home loan, etc. – you can manage them better.

  • Who can apply for a debt consolidation loan?

    Anyone can apply, but it is important to choose the right lender and make sure your situation is explained to the lender in a way that they will support.  Not all lenders or not all situations are a good fit for a debt consolidation loan and unnecessary credit enquiries can hinder further attempts for a successful outcome.  Best to obtain advice before proceeding.

  • What types of debt can I consolidate into a loan?

    Most debts can be consolidated, however only some lenders will consider business debt and fewer will consider tax debt, although there are solution providers.

  • Are the interest rates on debt consolidation loans higher?

    Generally, they are comparable.

  • What is a refinance loan?

    Generally, these are just a normal home or investment loan, although not all lenders will be supportive, particularly for releasing larger amount of cash to your savings account, so it will be important to choose the right lender for your situation.

Need more information?

For more information on Debt Consolidation or Refinance Loans, contact us.