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Loan
Consolidation
The Loan
Consolidation is designed to assist you with managing your debt.
It is used to roll existing debt such as the car and boat loan,
and credit card debt into your home loan If you have
several different loan payments and wish to make just one
payment, you may apply for a Loan Consolidation. With loan
consolidation, your lender combines your existing loans into a
new single loan. You will be able to reduce interest rates and
lower your monthly payments.
You save
money on interest rates and fees & charges e.g. you have a
personal loan and home loan. The interest rate on the personal
loan is usually around 10-12% and by combining your personal
loan and home loan you can save on interest. Another example is
you have investment loan and home loan, and pay fees on both we
can arrange loan package form a lender and pay lower fees.
Debt Consolidation
can:
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Help
avoid filing bankruptcy
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Eliminate
creditor harassment
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Lower
debt payments up to 50%
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Provide
one monthly payment.
Let
us help you. Call 1300 66 10 56 for a no obligation loan
assessment.
FAQ on
Loan Consolidation
What
It Does ?
Consolidation helps borrowers by combining several loans into
one. That means one monthly payment to one lender. Your
paperwork is reduced too. If you request a statement, you only
need to complete one set of forms instead of multiple forms for
each lender.
Benefits
The key
benefits of a consolidation loan include the following:
-
Replacing payments on multiple loans with a single payment
on the consolidation loan.
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Access
to alternate repayment plans
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The
ability to lock in the interest rate, including the ability
to lock in the lower interest rate.
Drawbacks
There are,
however, a few drawbacks to consolidation:
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Extending the repayment term may increase the total interest
paid over the lifetime of the loan.
What you should consider
?
Following are
very important when considering loan consolidation
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Fees, including upfront and
annual fees
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Minimum and maximum loan
amounts.
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Whether you can split the loan
into consumption and investment portions, and what costs
apply if you do
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Whether there is a requirement
to draw down a minimum amount or, alternatively, pay a fee
for leaving the loan undrawn.
Please call us for
further information on loan consolidation or talk to your
financial consultant.
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