Debt Consolidation Loans & Refinancing

Debt Consolidation Loans & Refinancing

If you are struggling with your finances, it might be a good option to find a new lender who can help you pay off debt and roll all your loans into a single mortgage so you can decrease your monthly repayments. Express Mortgage Market can help determine if refinancing your mortgage is the best approach, and if so we’ll also help you find the most suitable debt consolidation loans in Sydney or Australia.

How to Consolidate Loans - Consolidating your loans will provide you the chance to reduce your interest rates and fees. However, it is crucial to also consider refinancing costs as well as early payout fees from your current loans to check if the cost of consolidating your debts will actually save you money.
For instance, if your current debts stands at $ 3,000 on credit card, $1,000 on a shopping card and $ 5,000 on a personal loan, you need to work for a $ 9,000 debt consolidation loans.
Aside from leaving you with one repayment, you can avoid dealing with various interest rates and fees, so you will end up saving money. It is important to take note that debt consolidation is not recommended for everyone.

You should only consider debt consolidation if you are experiencing the following:

You are struggling to keep up with all the monthly repayments, and consolidating your debts will simplify the management of your loans.
You have a substantial equity in your home, in which the interest rate of your home loan will be lower compared to a credit card or personal loan.
You have a large amount of debt and you have bad credit, so consolidating seems a better option in your case.
Also remember that not all types of debt can be consolidated. You can only consolidate personal loans, credit card debt, store card debt, and other credit accounts including utility bills. However, it will still depend on the loan provider, so make sure to ask assistance from your personal mortgage broker.