Streamline Your Payments with Debt Consolidation
Bring Your Debts Together, Find Financial Peace
Juggling multiple credit cards, personal, and car loans can be overwhelming — not to mention expensive. If you’re feeling stuck in a loop of high-interest payments with no end in sight, debt consolidation might be the breakthrough you need. Imagine having just one manageable repayment and potentially saving on interest.
Let’s make it simpler for you to manage your debts and free up your monthly budget
Choose the Path That Best Fits Your Financial Landscape
Your Options for Easier Debt Management
Do you have multiple credit cards, personal loans and car loans and it is a struggle each month to make the repayments? Or do you feel like you are making no progress in paying them off? You are not alone. According to the Australian Bureau of Statistics, as of 2015-16 the average household debt in Australia, including mortgages, was $149,600 and growing at an ever-increasing rate.
It is very difficult to pay down significant credit card debt when you are sometimes paying upwards of 20% p.a. in interest on it. If you just make the minimum repayment each month you will almost never pay it off!
Consolidating all your personal debt into one loan will make the management of your debt much simpler and will reduce the overall repayment you need to make each month. Imagine what you could do with hundreds or thousands of dollars extra in your pocket each month.
If you own a home you could potentially pay home loan interest rates on the debt instead of high credit card interest rates.
Types of debt consolidation
At Mortgage World Australia we can help you consolidate your debt two ways
Secured Debt Consolidation
By securing your consolidation loan against an asset, like your home, you could access lower interest rates and potentially reduce your monthly repayments significantly. Ideal for those who own property and are comfortable using it as loan security.
Unsecured Debt Consolidation
No assets to offer as security? No problem. An unsecured debt consolidation loan still gives you the chance to combine your debts into one easy-to-manage loan, typically with a fixed interest rate. While interest rates might be higher than secured loans, the process is straightforward, with no collateral required.
Secured debt consolidation
A Secured debt consolidation loan is a personal loan designed to combine multiple debts into one account with a fixed interest rate. One of the conditions of a secured loan is that you provide security against your loan.
▪ A loan that requires security. Typically real estate security
▪ Cheaper interest rates available.
Unsecured debt consolidation
This type of loan allows you to combine several individual debts to save on excess fees and varied interest rates. An unsecured loan is a loan that you don’t have to provide security against.
▪ A loan that doesn’t require security
▪ Loans of up to $50,000 available to eligible borrowers
FAQs
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