Debt Consolidation

Debt consolidation is rolling pre-existing debts into one loan. By consolidating existing debts, such as personal loans, credit card balances, car loans, HECS- HELP debts  into one easy to manage loan you eliminate paying multiple different loans to multiple different lenders. This allows you to have one repayment a month to one lender.  This often results in larger monthly savings.

Although there are many benefits associated with debt consolidation, the largest being the potential monthly savings, there could be costs associated with creating this one large ‘debt basket’.  These costs can include lender and government fees.

There are a number of options to consider as to how you would consolidate your debt.

Home loan
Personal loan
Credit card transfers

Each one of the above methods of debt consolidation has their own advantages and disadvantages.

If you are considering the option of debt consolidation, please call (08) 9242 3300 to  speak to our capable staff to discuss your options.