Charlie and Linda purchased their dream house 3 years ago through a $300,000 home loan over a 25 year period. Having just recently married, the purchase of the house was just the beginning of their journey together.
Fast forward to the present, Charlie and Linda are happily together with twins and their dog Reed as well as a $25,000 car loan, two credit cards totalling $8,000 and a personal loan for $15,000 which they recently took out for home renovations.
Over the last 3 years, their repayments have increased from $1,600 per month for just the mortgage, to $2,695 per month as their debts grew. It has been particularly tough as Linda has had to cut down on her work hours since having the twins. Charlie and Linda started to look into debt consolidation loans to minimise their debts and had applied for a $45,000 debt consolidation loan through NMONI.
Looking at their current circumstances we quickly realised that a debt consolidation through their mortgage would be a better option. Effectively, Charlie’s and Linda’s debts were consolidated into the home loan at a better rate than 3 years ago when they first got their home loan.
Overall, their monthly repayments have reduced from $2,695 to $1,750 per month. As a result, Charlie and Linda can now focus on their family and creating future financial wealth.