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What is Debt Consolidation?

Debt consolidation can be used in situations where you are burdened with credit card debt or other personal loans and have equity in your home.

The process is fairly simple, access the equity in your home as cash to pay off your other loans which will be at a higher interest rate than your home loan. Consequently you will be paying off your debts at the lower home loan rate and will only be managing one debt, being your home loan.

Your monthly home loan repayments will increase to cover the new loan amount.

There is normally a variation fee associated with debt consolidation and other fees may also include a valuation fee and mortgage insurance depending on lender, loan product and Loan to Value Ratio (LVR) if the new home loan amount goes over 80%.

Contact a Mortgage House mobile lender to arrange time to discuss how we can assist you with Debt Consolidation.

Where to go from here

• Get a Home Loan Pre-Approval Now
• How Do I Refinance My Home Loan
• Reasons To Refinance My Home Loan
• Refinance Home Loan Costs
• Home Loan Refinance Tips
• Compare Mortgage House Home Loans
• Types of Home Loans
• Arrange a Visit by Mortgage House Mobile Lender