Refinance made easy with Curtis Financial – helping you take control of your outgoings with a Debt Consolidation Loan.
Refinance or Debt Consolidation – what’s the difference?
Refinancing of a Home Loan or Investment Loan is usually done to access a previously unavailable lower interest rate – thereby saving you money.
Debt Consolidation is typically used by anyone having several credit cards and/or personal loans with balances outstanding, who arranges for all such outstanding debts to be refinanced, or consolidated, into a single manageable Debt Consolidation Loan.
Why consolidate my debts?
Credit cards and personal loans generally attract much higher interest rates than those applied to home loans. Having multiple high-interest debts can make money very hard to manage over time.
Consolidating such debts into your home loan could save you significant amounts of money and make repayments easier. The trick to operating a Debt Consolidation Loan is to make more than the minimum repayments and ensure the loan is repaid faster.
Home and Investment Loan products offered by lenders change over time. It can be cost-effective to refinance to a different, more up-to-date loan product and reduce your monthly outgoings.
Why refinance my existing loan?
Home and Investment Loan products offered by lenders change over time. It can be cost-effective to refinance to a different, more up-to-date loan product and reduce your monthly outgoings.
Advantages of a Refinance/Debt Consolidation Loan?
Some advantages refinancing with a Debt Consolidation Loan include:
- Ease of repayments (replace multiple monthly payments with a single consolidated payment)
- Increase monthly disposable income (personal loans/credit cards can drain your monthly cash, consolidating into your home loan can help your cash flow)
- Cheaper interest rate
- Done correctly, you can save money (making additional payments repays the debt faster and can save you money on interest)
Am I eligible for a Debt Consolidation Loan?
Eligibility criteria for Debt Consolidation Loans are straightforward, as long as you have:
- Equity in your existing property
- Solid repayment history for at least 6 months on all debts (home loans, credit cards, personal loans etc.)
- Reliable conduct on your transaction accounts (haven’t been overdrawn for at least 2 months)
- Earn enough income to meet the lender’s criteria
Not all lenders offering the lowest interest rates will consider debt consolidation. Contact Curtis Financial on 0400 897 221 to review your particular situation and see how we can help improve your cash flow with a Debt Consolidation Loan.
