Use a Mortgage Broker To Fix Your Finances through Debt Consolidation
A debt consolidation loan can help you regain control of your finances.
By refinancing your current mortgage, you can consolidate high-interest debt such as credit card dues, car loans, and personal loans into one big loan.
PFC Mortgage has a team of finance specialists who can help you with debt consolidation.
Brisbane Lenders Offering Debt Consolidation Loan
PFC Mortgage can help you find a debt consolidation offer that is most suitable according to your preferences and needs.
We are working with more than 32 lenders in Brisbane to find you the perfect debt consolidation loan.
As a professional mortgage company, we can negotiate better rates with top lenders, including ANZ, Commonwealth Bank, Westpac and more.
Brisbane Debt Consolidation Loan - How It Works
Consolidating your debt with a mortgage refinance can reduce your worries and improve your monthly cash flow.
Here’s how it works:
- Refinance so you can release the money you need to pay off high-interest loans
- You only have to pay one monthly repayment instead of several payments through debt consolidation, making it easier to manage your finances.
- By lowering the interest rate of your loans or credit card debt to a much lower home loan rate, it is possible to cut down your overall monthly repayment
Debt Consolidation Loan Frequently Asked Questions (FAQs)
Paying off your debts using a debt consolidation loan will not reduce your loan balance.
Instead, all your debts will be rolled into one, so you can easily make your payments more manageable.
If your credit score is good, your bank may approve an interest rate on your debt consolidation loan that is lower compared to the rate on your current debts.
However, your total interest cost may increase if you choose a longer-term.
Debt consolidation works if you use it well.
Debt consolidation can help you fix your finances, but if you do it with the wrong lender or without understanding the product, your credit might be affected instead.
Understand the details of a consolidation loan before you proceed with the application.
And remember, if you have a poor credit history, your lender may not extend you a lower rate, so consolidating your debt may not even save you money.
Do your due diligence before you sign any loan consolidation agreement.
Most banks and non-bank lenders in Brisbane are offering debt consolidation loans to homeowners.
However, the available options may overwhelm you because every lender has a different credit policy and may set different loan terms for mortgage consolidation.
So, you must select the right refinancing package based on your needs and preferences.
Each lender has a specific set of terms in approving a consolidation loan, including the credit score needed.
But in general, having a low credit score is unlikely to affect the approval but is likely to affect the type of consolidation loan, length of repayments, and interest rates.