Consolidating debt into a home loan

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Personal debt can creep up on us slowly, gathering in size until it becomes a black cloud hanging over our head.The average Australian has more than one credit card – and many of us are paying interest on the balance.Depending on your situation, refinancing can attract a range of fees and other charges, including: You should factor in all of these costs when calculating whether refinancing works for you.An Aussie Mortgage Broker can meet you to discuss your personal circumstances and help you identify the costs of refinancing your home loan.

When you are ready to apply, or even if you have more questions before taking the next step, you should speak to an accredited Mortgage Broker.Consolidating debt by refinancing your home loan has multiple benefits, depending on your circumstances.Some reasons that you may look to do this include: Before you decide that refinancing your home loan is the best way for you to consolidate your debts, you need to consider a number of costs that could arise during this process.Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about ,642 in interest.Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.November 22, 2004, Revised July 18, 2007, September 4, 2007, February 25, 2011 Before the financial crisis, it was possible for some home buyers to consolidate short-term debt into their purchase mortgage, usually to reduce their payments, often making themselves poorer in the process.

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