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These days with the easy availability of credit, you may have a car loan, credit cards or other debt that is starting to mount, and maybe taking a toll on your budget. For some, it can be easy to max the credit limit on your credit card, get that new car loan, and then finding it hard to keep it all under control, or maintaining your minimum monthly repayments. You may want to consider increasing your mortgage to pay these debts out, thus reducing your monthly commitments, and easing the strain on your monthly budget.
There are many things to consider, if you are thinking about consolidating other debts with your mortgage. You may have questions like -
There are many options if you are thinking about consolidating your current debt into your mortgage. It is important to speak to a qualified Mortgage Broker to see which option suits your financial situation. A Mortgage Broker will look at your current bank or lender, and if that doesn't suit, look at different banks and lenders they deal with, so they can explore many different options, and find one that suits you best.
All banks and lenders have different rules about what you can consolidate into your mortgage. It is important to get some information from your Mortgage Broker first, so you can learn what you can do, and then make an informed decision on what is the best option for you. Some of the types of debt you can consolidate are -
Some advantages and disadvantages of consolidating your current debts with your mortgage may include -
It is important to talk to a Mortgage Broker , and determine what may be best for your financial situation before you make any decisions. This way you can learn the pro's and con's of consolidating other debts into your current mortgage, and make an informed decision.
If you would like some more information on consolidating debt with your mortgage, please contact Perth Mortgage Broker Group, or contact Troy on 0411 229 602, 7 days a week.