Refinancing multiple debts into your home loan can help simplify your finances – especially if you’re juggling many loans, each with different repayments, fees and interest rates.
Sounds like a great idea? Before deciding if this is the right choice for you, it is important to understand how it all works. This easy guide details some handy tips on debt consolidation when refinancing, in five simple steps.
Debt consolidation home loans explained
Consolidating debt through home loan refinancing means rolling all your existing debts into a single mortgage. So instead of repaying individual debts with different interest rates and fees for mortgages, cars, credit cards, personal loans and even phone bills, you’ll have just one ongoing repayment to manage each month – which may help save you time and money.
Five steps to refinancing to consolidation debt
Ready to consolidate your debts by refinancing? First, you need to know what to expect.