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Unique Service ... Unique Choice
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I want to consolidate debt
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There are many different types of debt: home and investment loans, hire purchase, lease, personal loans, car loans, credit cards, store cards and charge cards to name a few. Many borrowers benefit from consolidating their personal non deductible debt if they have a plan to repay it. Sufficient equity is needed to pay out the higher interest rate loans and roll them into the lower interest rate home loan. Lenders charge a fee for consolidation and this can be added to the total borrowings. It is best to keep non deductible debt separate from investment debt.
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trap
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Consolidating debt without making a plan to paying it off may help debt management in the short term but is only going half way toward debt elimination. Without a repayment plan you are turning short term debt into long term debt.
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tip
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Continue to make your current total repayment to ensure interest savings. Unique Home Loans provides a powerful Accelerated Debt Payoff calculator for this purpose. Using this calculator you will be able to calculate the potential interest savings from either making the same payments or from making additional payments.
If you only need a plan to pay off your credit cards then use our Credit Card Payoff calculator to help you meet your goals. Avoid turning your credit card debt into a 25 year mortgage or a debt that you will still have in 50 years time if you only make the minimum repayments.
Depending on your circumstances the cost of debt consolidation may outweigh interest savings so if you are unsure if or how you will benefit, then contact us as we'll do the calculations for you.
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GPO Box 3802 NSW 2001 Sydney Australia Tel: (02) 9439 1595 Fax: (02) 9439 1598
Email: info@uniquehomeloans.com.au
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