Debt consolidating home financing dating and website
Extending your loan as part of the debt consolidation can cost you considerably more over a 30-year term than if you were to keep you current loan term.You should factor this in if your plan is to reduce your repayments over the short-term.Debt consolidation doesn’t reduce your level of debt.It simply allows you to better manage your repayments.
The other benefit of consolidating debt is to improve your cash flow and get back on top of living within your means and making regular savings contributions.
A debt consolidation strategy should be implemented in combination with a change to your spending behaviour so you work towards reducing your overall debt level over time.
The ASIC Money Smart website has a great budgeting tool that helps you to track your spending, and there are plenty of other resources available online.
Essentially it means that you can borrow up to 110% of the property value.
It all depends on whether your parents own their own property and how much equity they have available.