How Does Debt Consolidation Work?
Debt consolidation may sound daunting but in reality it’s just a few simple steps that can help make your finances much more manageable.
Let me walk you through them.
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The first thing you need to do is get your property valued. This will determine your loan value ratio (LVR) which lenders need to work out how much money you can borrow
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Rather than settle for the first valuation you’re offered, shop around and see what other lenders have to say. A higher valuation means more equity and more equity means more money to renovate, invest or withdraw.
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Work out a budget and speak to a professional about how much debt you can realistically add to your home loan
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Once you’ve done all your research, it’s time to apply for your new loan
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Good news! Now the loan is settled, your lender will pay off your other debts and add them to your mortgage repayments
Streamlining your finances through debt consolidation is a great way to make your life simpler. As a mortgage broker I can make the process even easier by going to different lenders and negotiating on your behalf.
I am always here to help so if you have any questions on debt consolidation or any other home loan matter, reach out and let’s talk.
My Very Best To You Always,
