Debt Consolidation

Roll your other repayments

Roll your other repayments into your home loan and save!* Homeloans interest rates are generally lower than the interest rates charged on credit cards or personal loans, so by rolling these debts into your mortgage, the total amount that you have to repay each month will reduce.

Compare the two example scenarios below to see how consolidating your debts might work for you.

Example Scenario 1: Before consolidating your debts*

Type of loan Amount outstanding Interest rate Monthly repayment
Home loan $210,000 5.25%pa $1,160
Car loan / Lease $24,000 9.00%pa $498
Credit card 1 $15,000 17.00%pa $373
Credit card 2 $6,000 15.00%pa $143
Personal loan $18,000 12.00%pa $474
Total $273,000 $2,648

Example Scenario 2: After you consolidate debt into home loan*

Type of loan Amount outstanding Interest rate Monthly repayment
Home loan $273,000 5.25%pa $1,508
Total saving per month $1,140

To speak to one of our consultants about Debt Consolidation, complete an online enquiry form or contact Homeloans today.

*Figures and interest rates are indicative and used for the purpose of this comparison only. Homeloans does not assert that these bear resemblance to current interest rates and as such should not be relied upon without first seeking independent financial advice based on borrower’s individual circumstances. Figures and interest rates quoted for “Home Loan” in both scenarios assume a variable interest rate over a maximum loan term of 30 years with Principal and Interest repayments. Figures and interest rates quoted for “Car loan/lease”, “Credit cards 1 & 2” and “Personal loan” are used for the purpose of this comparison only.