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Why Helping Hand Finance?
We can provide expert recommendations personalised for you.
Learn More About The Helping Hand Finance Team
We can provide expert recommendations personalised for you.
Life can throw you curveballs, such as losing a job, changing relationships, or experiencing unexpected health issues, which may cause you to fall behind on your loan payments. Taking out a personal loan or applying for another credit card may appear to be the solution, but the additional debt may be unmanageable in the long run.
This is where a debt reconciliation loan comes in.
You can consolidate your debts by refinancing to a debt consolidation loan. Your liabilities, both credit card and other loans, are bundled and paid under your mortgage. You end up having one, much more manageable monthly payment, which is charged at your home loan interest rate, which may be significantly lower than the interest rate on your credit card or personal loan.
Before entering into a debt consolidation loan, it is critical to have the loan properly structured and validated by a licenced mortgage broker. A poorly structured loan could turn short-term debts into long-term debts, causing you to pay even more in interest over the loan’s term.
Things change, sometimes abruptly. A mortgage that was appropriate for you when you first entered the housing market may no longer be appropriate for your current lifestyle.
Your bank has increased your interest rate to a point that makes monthly repayments no longer competitive.
Are credit card bills taking control of your finances? You could save thousands of dollars in interest by consolidating all of your loans into one.
You entered the housing market with a subprime mortgage, but your circumstances have changed, and you now qualify for a better mortgage.
You want to tap into some of your equity. Maybeit’s time to buy a new car, complete a home renovation, or take the family on a holiday.
You’re making multiple monthly payments to too many different lenders and paying high interest rates between personal loans and credit cards.
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