Debt Consolidation
Debt Consolidation
Home Loan Service
 


 
Does getting out of debt seem like an impossible task?
 
If you have multiple credit or store cards, car loans or other bills that are mounting we can help you take control of your debts by consolidating them into a manageable customised loan with one regular repayment- take a look at these simple steps.
 
 
Step 1- Look at where you are at financially, what is your current financial situation?
 
Take a step back and consider the following:
  • How long will it take to pay off your loans/ debts if you keep paying the minimum repayments?
  • How much do you owe?
  • How long have you got until you need to have everything paid off?
  • What are the interest rates on each of your debts?
  • What do you get charged each year or month to have individual cards, loans, repayments or debts?
  • Do you have a budget or will you benefit from having a budget?
 
 
Step 2- What does finance freedom look like to you?  How can I manage my finances to get ahead? What are my options and how can I fix this?
 
There are many options and structures to consider and often what works for your friend or neighbour won’t always be the most suitable option for you.
Firstly you will need to consider any fees and charges you may have to pay to exit or pay out any existing finance; the options/structures below are just two of the many available.
 
Option 1
Consolidating your credit cards or loans into one easy personal loan repayment may reduce the total interest and fees you are charged compared to several payments with numerous providers. Depending on the rate of your current commitments your new personal loan may help to wipe several years off your term and save hundreds or thousands of dollars in interest and fees.
 
Option 2
You may be able to consider taking out a separate home loan against your home; you will need to have some equity built in your existing home for this option as mortgage insurance charges can sometimes make this option more expensive in the long run.
Depending on your circumstances you can usually choose a loan term between 1 and 30 years. You can set your repayments at an amount that suits you and have your loan paid off sooner; taking advantage of lower home loan rates.
 
 
Step 3- Speak to a professional
 
Book an appointment with Sunraysia Home Loans today and we will crunch the numbers for you so you can make an informed decision on the best way forward and get back to enjoying the things that matter most.
 

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