Consolidating debt into home loan

“We sat down with them and when we explained that they would be paying for their purchases on their credit card or for their car for the next 30 years, they soon realised that this wasn’t the best way to structure their finances!

” Bartels came up with a plan that allowed his clients to refinance their home loan, consolidate their debts and reduce their overall monthly payments – but without paying unnecessary extra interest in the long term.

Generally, the main reason people consolidate their debts is to reduce the amount of interest their paying.

But many borrowers make the mistake of restructuring their new debt the wrong way, says Trent Bartels, director of “When homebuyers are looking to purchase a property, they’ll often finance their home loan over 30 Years.

It's always important to seek professional advice when consolidating debts - consider speaking to a mortgage broker in regards to your personal finance.

Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast.

Australian Bankers' Association (ABA) chief executive Steven Munchenberg said cardholders could refuse the offers and insisted banks were only offering the extra cash to customers who could afford it.

The insider alleges that banks are pushing their staff to encourage customers to take on more debt despite them not being able to pay the debt back.

The banks are hoping customers spend up to their credit limit and then roll those debts back into their home loans.

“Initially, their friends had advised them to consolidate the debt directly into their home loan when refinancing, which would have meant they were financing this debt over 30 years.

The advantage for our clients was that it reduced their overall monthly repayments substantially, as they only had one mortgage payment to make.

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