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 us walk you through them!
- Get your property valued. This will determine your loan value ratio (LVR) which lenders need to work out how much money you can borrow
- 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.
- Work out a budget and speak to a professional about how much debt you can realistically add to your home loan.
- Once you’ve done all your research, it’s time to apply for your new loan
- 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. Give us a call and we can make the process even easier by going to different lenders and negotiating on your behalf.
Dream Catchers Lending is an MFAA-accredited member. Feel free to book an obligation-free virtual appointment or leave us your details.
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