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What is a debt consolidation?
A debt consolidation brings all your debts into one easy loan. Debts may include credit cards, personal loans, hire purchases & vehicle loans.
Why should I consolidate my debt?
You might have loans with different repayment dates, loan terms and interest rates. If your loan repayments are paid through multiple direct debit payments, there is an increased risk of your account going into un-arranged overdraft. Triggering an un-arranged O.D may affect a future mortgage, business or personal loan application. Having it all in one loan keeps it nice and simple.
Can it Save Me Money?
Yes, credit cards and hire purchases often have interest rates between 20 – 30% p.a. There are many factors that determine interest rates. Credit score, account conduct, loan repayment history, age and location are some of the factors.
For example if you have 5 individual loans totalling $30,000 at a median interest rate of 22% per annum, you will pay $6,600 in interest per year.
If you are eligible to consolidate the 5 loans into 1 at a rate of 14% per annum, you will pay $4,200 in interest per year.
In this scenario the difference is $2,400 per year in interest saved.
Lower repayment Amounts
Debt consolidation can reduce your repayment amount by extending the loan term of your consolidated loan.
For example if you have 5x loans that total $30,000 at a median interest rate of 22% p.a, across 3 years your monthly repayments are $1,146.
If you are eligible to consolidate the loans at 14% interest p.a across 7 years your monthly repayments are now $562.
Increasing your loan term may take you longer to repay the loan in the long run but it has an upside. When applying for a mortgage, banks will factor your ability to service the loan by your income vs your expenses. Having a lower repayment reduces your monthly outgoings which increases your serviceability in the banks eyes.
consolidating your debt into a home loan
If you are unsure of what your house is worth, we can provide you with a free e-valuation report. This will provide you with an estimate price based on our paid system.
Contact us if you would like a free e-valuation report.
Benefits of Debt Consolidation With Moose
Personal loan rates are constantly changing in today’s market. Work with an adviser that can provide a competitive interest rates upfront
Understanding your goals and situation can help us to structure your mortgage, allowing you to pay it off faster but still have the flexibility and freedom to live well
Don’t find yourself stuck waiting on hold listening to the same 80s song on repeat after calling your bank’s 0800 number. We will answer your call or get back to you in good fashion
Our online application system allows you to create your own MOOSE account, and input your information without the hassle of tiresome paperwork. Once it is all uploaded, we do all the running around so you don’t have to
If you are applying for a debt consolidation there is no fee for our service. The lender will cover our costs on your behalf as long as your new loan stays in place with them for a minimum of 27 months
Re-explaining yourself can be frustrating when the last banker has moved on. We document all our client conversations and advice so we are always on the ball. You can depend us to continue to work with you long after the settlement of your loan.
Why Should I Use A Registered Financial Adviser?
If you are applying for a debt consolidation there is no fee for our service because the lender will pay us. However, this applies only if your loan is in place with that lender for a minimum of 27 months. This means it is affordable for clients to receive sound advice from registered financial adviser.
Moose is accredited with a large variety of lenders. This enables us to provide our clients with non-biased and reliable solutions.