Charlie and Linda purchased their dream house 3 years ago...
Charlie and Linda purchased their dream house 3 years ago through the attainment of 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 debts have increased from $1600 per month for just the mortgage to $2695 per month as their debts had advanced. 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, a debt consolidation personal loan was not the only option available. A debt consolidation through their mortgage would be a better option. That is, consolidating their debts into their mortgage and effectively refinance the home loan to a better rate as well. This overall, will place Charlie and Linda in a better financial position, repayments easier to manage and would be more economical alternative.
Effectively, Charlie’s and Linda’s debts were consolidated into the home loan, at a better rate than 3 years ago when they acquired the home loan and overall, their monthly repayments have reduced from $2695 to $1750 per month. Thus, Charlie and Linda can now focus on their family and creating future financial wealth.
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