There are a number of ways that you can consolidate your multiple existing debts. An option for you to consider is consolidating your debt by refinancing your home loan.

Consolidating debt by refinancing your home loan has multiple benefits, depending on your circumstances. Some reasons that you may look to do this include:

It could help you manage a range of other short-term debt solutions that usually attract a higher interest rate. This could include existing Credit Card, Store Card or Personal Loan debts.

The ease of managing a single loan gives you a regular repayment amount

Unlocking equity at a lower rate could be a smarter way to fund renovations on your existing property

Before you decide that refinancing your home loan is the best way for you to consolidate your debts, you need to consider a number of costs that could arise during this process.

Depending on your situation, refinancing can attract a range of fees and other charges, including:

Lender fees – This includes exit fees for your existing loan, establishment fees for your new loan, and any other applicable lender fees and charges. Duties, taxes and other government levies that may be incurred.

You should factor in all of these costs when calculating whether refinancing works for you.

An Orange Financial Broker can meet you to discuss your personal circumstances and help you identify the costs of refinancing your home loan. There’s no obligation when meeting with an Orange Financial Mortgage Broker and it’s free.

So how do you get started with refinancing? Orange’s expert Mortgage Brokers will help you evaluate your personal situation.

Contact Us today.