Debt consolidating home financing dating and website

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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.

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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.

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