If you have more than one loan, it may sound like a good idea to roll them into one consolidated loan but it may end up costing you much more over time! In this video we break down debt consolidation on Home Loans, and what it might cost over time.

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Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.

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Debt consolidation (or refinancing) can make it easier to manage your repayments. But it may cost you more if the interest rate or fees (or both) are higher than before. You could also get deeper into debt if you get more credit, as it may tempt you to spend more.

Here are some things to consider before deciding to consolidate or refinance.

Avoid companies that make unrealistic promises
Some companies advertise that they can get you out of debt no matter how much you owe. This is unrealistic.

Don’t trust a company that:

is not licensed
asks you to sign blank documents
refuses to discuss repayments
rushes the transaction
won’t put all loan costs and the interest rate in writing before you sign
arranges a business loan when all you need is a basic consumer loan

Make sure you will be paying less
Compare the interest rate for the new loan — as well as the fees and other costs — against your current loans. Make sure you can afford the new repayments.

If the new loan will be more expensive than your current loans, it may not be worth it.

Use our mortgage switching calculator

Compare the interest and fees on a new loan with your current loans.

Remember to check for other costs, such as:

penalties for paying off your original loans early
application fees, legal fees, valuation fees, and stamp duty. Some lenders charge these fees if the new loan is secured

against your home or other assets
Beware of switching to a loan with a longer term. The interest rate may be lower, but you could pay more in interest and fees in the long run.

Protect your home or other assets
To get a lower interest rate, you might be considering turning your unsecured debts

(such as credit cards or personal loans) into a single secured debt

. For a secured debt, you put up an asset (such as your home or car) as security.

This means that if you can’t pay off the new loan, the home or car that you put up as security may be at risk. The lender can sell it to get back the money you borrowed.

Consider all your other options before using your home or other assets as security.

Consider your other options first
Before you pay a company to help you consolidate or refinance your debts:

Talk to your mortgage provider
If you’re struggling to pay your mortgage, talk to your mortgage provider (lender) as soon as possible.

All lenders have programs to help you in tough times. Ask to speak to their hardship team about a hardship variation

. They may be able to change your loan terms, or reduce or pause your repayments for a while.

Consider switching home loans
A different home loan could save you money in interest and fees. But make sure it really is a better deal. See switching home loans.

Talk to your credit providers
If you have credit card debt or other loans, ask your credit provider if they can change your repayments or extend your loan. The National Debt Helpline website has information about how to negotiate payment terms.

Consider a credit card balance transfer
A balance transfer may be a good way to get on top of your debts. But it can also create more problems. See credit card balance transfers to help you choose wisely.

Debt consolidation home loans: how Aussies are paying less interest & saving // If you’re juggling multiple debts, one way to simplify your finances is to bring all your loans together to make one monthly repayment. Consolidating debt into your home loan can not only make managing your finances easier, if you structure your repayments in the right way, can also help you save money in the long run.

0:45 What are debt consolidation home loans?
1:20 What are the benefits of consolidating debt?
2:07 What should you watch out for?
3:17 How to get approved for a debt consolidation loan
3:35 Can you consolidate debt if you have bad credit?

Choose a time to speak to an expert to discuss your situation and help find a consolidation option that will fit your specific needs: https://www.lendi.com.au/lp/book-appointment/

Join our Facebook group ‘Home Loan Hacks Australia’ to ask any questions about home loans:
https://www.facebook.com/groups/home.loan.hacks.au/

For more information on important home loan topics, check out these videos below:

Impact of credit scores on home loans :
https://www.youtube.com/watch?v=1Lo5Vo6b2cs
How to refinance your home loan:
https://www.youtube.com/watch?v=Vvuz9RJdgtk

Say hi on social:
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Twitter: https://twitter.com/lendiau

Watch this video again: https://youtu.be/h3bJYjRpTM4

https://KCLau.com/refinancing-aia

I spoke to Daniel who specialises in helping his clients to refinance their home loans. What are the main reasons people consider when refinancing to cash out the equity? The most common cause —

DEBT CONSOLIDATION… instead of paying 18% for credit cards and many other debts, the home loan offer the lowest interest rate of all! You can lower your commitment while enjoying lower interest rate.

Author M. Kaye Hash spent several years getting into debt and many more learning how to get out, and stay out, of debt. She has learned how to live a fulfilling life; balancing financial stability with happiness and fun. Her successful website by the same name has allowed her to spread her love of frugal living to others. This book allows her to share even more of her life and the many things she has learned so that others can live a life free of financial worry. The Frugal Home gives tips and advice on saving money and getting out of debt. Learn how to save money in many areas such as grocery shopping, entertainment, holidays, moving, decorating, and more!

In this proven debt elimination home study program, you will discover how to pay off your debt WITHOUT increasing your income, how to use a simple debt elimination strategy to keep track of your personal War on Debt, step-by-step instructions to bring your accounts to zero, the difference between wise and foolish spending, how to uncover excess spending and use that money to quickly pay down your high interest accounts, and the reasons why it is so important to get out of debt now before the current economic conditions devastate you.

War on Debt is a proven debt elimination formula that has already helped tens of thousands of people pay off tens of millions of dollars in debt in just a few short years. Dani Johnson’s War on Debt Home Study Program will give you all the tools you need to experience the total freedom of being completely debt free!

Upcycle Your Life

Get ready to trade in headaches and hassles for life skills, exchange clutter for money, transform eyesores into beautiful focal points in your home, and say goodbye to over-consumption and hello to genuine experiences.

Cristin Frank, the original Reduction Rebel, shows you the freedom and fulfillment you can have when you simplify your life. You’ll learn how to use your talents, time, and space to combat stress, become more efficient, relieve money woes, open up opportunities, and provide unbelievable self-fulfillment.

Inside you’ll find:Simple techniques that eliminate clutter and keep it from returningA personalized plan to help you reclaim your timePractical (and profitable) ways to sell unused items in your homeTips to eliminate debt and curb consumptionStep-by-step upcycling projects that transform old, unwanted furniture into beautiful, customized organizing systemsDozens of exercises that help you identify and honor your talents, values, and goals As Cristin says, “success is getting what we want.” Let this book show you how to let go of what’s holding you back so you can put your energy into your dreams and interests and build your success.