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Personal debt consolidating mortgage

personal debt consolidating mortgage-76

That way you can easily budget with a structured payment plan and an assured pay-off date.

If this sounds familiar, there are actions you can take to rein in your debt and pay it off sooner. Simply put, that’s one loan, one regular repayment, one interest rate and one set of loan fees.Step 1: Gather information about all your debts To take control of your debt it is essential to know how much debt you have.Review your statements and work out the following: Step 2: Work out how much you can put towards paying off your debt each month Next, it’s good to know where your money is going and how much you have coming in.See au for useful information on managing your debts.Free financial counselling and free legal advice is also available.By consolidating your debts into a home equity loan or line of credit, you'll have the convenience of one consolidated payment rather than having several bills from different creditors.

This makes bill payments more manageable and the rate is usually lower, helping you pay off your debts sooner.

In both cases, you will likely end up incurring more interest over the long term compared to other options. If you are finding your debt difficult to manage, the earlier you take action the better. Some of the ways we may be able to help Westpac customers include: If you are a Westpac customer and experiencing difficulty making your loan or credit card repayments, please call Westpac Assist on 1800 067 497.

To find out if debt consolidation is the right approach for you, you should consider getting independent financial advice.

If you are finding it hard to keep up with your billing cycle, set up a direct debit.

That way, your credit card repayments will come first. Applying for a home loan top-up can be a quick and cost effective way to consolidate your debt.

You can use our Budget Planner to work out how much you can realistically afford to repay each month.