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Refinancing and Debt Consolidation
Are you fed up with your current situation?
How many times have you said lately "when we get some money" or "when things get better"?
If you have other debts like personal loans, car loans, store cards, credit cards, hire purchase etc, as well as your mortgage, and there is enough equity in your home, consolidating your debts might be the answer. We can combine your outstanding debts with your home loan facility at the much lower interest rate. This can allow you to fund your next project, such as investment, five to ten years earlier. Imagine the difference later on!
This is our speciality and we can help you substantially.
Did you know it only takes an extra $3,000 a year to pay out a $100,000 home loan in half the time? Most people can create this surplus simply by being more efficient with their income.
First, we will do a Household Budget with you. Then we can produce a 'before-and-after' projection to enable you to make a fully informed decision as to whether or not to proceed.
Finally, if done properly, you may never need to fully refinance again! |
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Pay out your debt 50% faster ? Yes!! It is possible!!
Important points when preparing to consolidate:
- It is "common" to pay off a group of debts 50% faster after consolidating - but we are aiming for even better results!
- Ideally, these new loans should be below 80% of your home's value to keep costs to a minimum. Occasionally though, a loan greater than 80% of valuation is warranted providing the gains are enough to offset the higher set-up costs of Lender's Mortgage Insurance (LMI).
- All debts to be combined need to be up-to-date, that is, not overdue, before refinancing - or at least a good reason provided as to why not.
- As a general rule of thumb, "maximum" loans are around 4.5 times your combined gross taxable income and can be reduced by the number of dependants and other factors.
- The most critical part of debt reduction is YOUR ADHERENCE TO YOUR FINANCE PLAN, not the INTEREST RATE!
- Your future goals are important. They will help us match you with the loan that will meet your needs now and over time.
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Don't be alarmed. Refinancing costs money - often several thousand dollars. You will be expected to pay for:
- mortgage insurance
- loan application and documentation fees
- settlement and handling fees
- early repayment fees
- valuation fees
- fees to discharge your existing mortgage
- fees to register your new mortgage
- stamp duty (Vic, NSW, Tas, WA, SA)
The total costs can amount to around $3000 in some cases. Take into consideration your current debt situation - the interest rates charged on personal loans and credit cards - and you will quickly establish, that, despite these added charges, you will be the winner in the end.
Click here to see some Case Studies |
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