What is debt consolidation?
Debt consolidation offers a range of benefits to help you get on top of multiple debts. If you’re looking to consolidate debt, use our checklist to ensure you’re reaping all the benefits debt consolidation can provide.
The 9 benefits of debt consolidation
| 1. Single loan | |
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Enjoy the convenience of a single repayment |
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One loan = one set of fees |
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Dealing with one lender can help you stay on top of repayments and debt |
| 2. Lower interest | |
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Pay less interest when compared to the interest payable on multiple loans |
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Pay a potentially lower interest rate when compared to credit card debt |
| 3. Lower monthly repayments | |
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Consolidating debt into one loan, with one set of fees and interest, can lower your monthly repayments |
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Debt consolidation loans with lower interest rates can reduce what you pay |
| 4. Flexibility | |
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Take advantage of loans with flexible repayment periods to spread your loan over a longer period and improve cash flow |
| 5. Clear financial planning | |
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Budgeting is easier with one loan repayment |
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Confidence to stay on top of debt without having to keep track of multiple loan repayments |
| 6. Improve credit score | |
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Consistently making repayments on your new loan can improve your credit score |
| 7. Get out of debt sooner | |
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Reduced interest and lower monthly repayments can help you stay on top of repayments and get out of debt sooner |
| 8. Savings | |
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Lower interest and monthly repayments can equal big savings |
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Paying off debts sooner can save you thousands |
| 9. Avoid hassle | |
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Say goodbye to calls from debt collectors |
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Eliminate the paperwork and administration involved with multiple debts |
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Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable.
WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.