A short, honest assessment from Jason or Steve. We calculate your monthly saving, total interest cost and payoff timeline - and reply within one business day.
Most people know their credit card rate is high. But when you add up the interest across every debt, the total cost is staggering. The gap between what you are paying now and what a home loan rate would cost is where the saving lives.
Rolling debt into your mortgage can save thousands or cost thousands. The difference is how it is structured. Most people just add the debt to their existing loan and forget about it. That is the wrong way.
Single mum on $82,000 income with a $480,000 home in Salisbury and a $290,000 mortgage. She had accumulated $65,000 across 5 debts - three credit cards, a personal loan and a car loan. Minimum payments across all accounts totalled $2,800 per month, leaving almost nothing for living expenses.
Refinanced to $355,000 with a split structure - the original mortgage on a 25-year term and the consolidated $65,000 on a separate 5-year split. All credit card and personal loan accounts were closed at settlement. The car loan was paid out directly by the new lender.
Monthly debt payments dropped from $2,800 to approximately $1,000. That is $1,800 per month back in her budget. The consolidated debt will be fully paid off in 5 years, and the original mortgage continues on its existing term.
See how much you could save by consolidating your debts into a home loan split. Adjust the inputs to match your situation. This is a guide only.
Lendology manages the entire consolidation process. You focus on getting your finances back on track.
Most of the reasons people hesitate on consolidation are based on assumptions that are easy to address.
Debt consolidation for homeowners across Adelaide - one repayment, lower rate, clear payoff date.