debt consolidation find out about the things you can refinance
What is debt consolidation? It’s the process of grouping together multiple debts into one. As long as you’re sure you have a stable source of income that will enable you to make on time repayments, not only does repaying a debt become easy it also gives you greater borrowing capacity.
One of the greatest features of either taking out a fresh home loan or refinancing an existing one is that almost every major lender will give you the option to get finance on a miscellaneous range of items not directly related to the home loan itself.
Banks have policies in terms of what and how much they will approve finance for alongside your main home loan. While their policies and processes are generally flexible enough, still the best way to ensure success is by isolating the items you most desire and can afford from items you least desire and cannot afford.
The ideal way of going about this is by seeking advice about debt consolidation from a professional financial adviser who will evaluate your situation and provide advice specific to your financial circumstances.
Generally speaking, the sort of things you can finance along with your home loan would encompass renovations, décor, investment properties, a car loan, a business, a holiday, an additional credit card or even a wedding!
There is no generic rule that precludes certain things from being refinanced along with your loan. The list can quite literally be endless.
One of the more common types of added loans to take out alongside your home loan is a new credit card. This however is neither a suggestion nor a recommendation to consider doing so. If you’re interested in debt consolidation let SwitchMyLoan.com.au assist you in finding the best rate.
Call 1300 307 155 and start saving today!
Latest posts by Matt Ikin (see all)
- Variable vs Fixed Home Loans – Which one is right for me? - December 5, 2014
- Mortgage Tips for Borrowers - November 20, 2014
- 5 Hot Tips for Getting the Most from Your Home Open - October 8, 2014