DEBT CONSOLIDATION

Reduce your monthly repayments, fast!

DEBT CONSOLIDATION

Reduce your monthly repayments, fast!
Debt consolidation means taking out a new loan to pay off all the existing ones. Essentially many debts are all wrapped into a single larger debt. The goal is to secure a lower rate across all the debts and hence reduce the monthly repayments.
The most common way of doing this is where you already have a mortgage on a property, and perhaps some other personal debts, like credit card, car, or personal loans; and may even require some amount of cash to fund an additional need. By combining all the loans together, you secure all the debt against the property, and you get a mortgage rate and hence reduce your monthly outgoings.

ADVANTAGES

DISADVANTAGES

Debt Consolidation for a doctor

CLIENT STORY

INCREASED CASH FLOW AND COMPLETELY DEBT FREE IN 8 YEARS

Dr. Anderton is a consultant doctor in VIC. He had a mortgage for approximately $420,000 on a $1.2m valued property. Despite very good income, he was consistently late with repayments on a number of different loans he had.

Aside from the mortgage repayments ($3,300 pm), he had a Credit Card ($1,140 pm), a business loan ($3,200 pm), a car loan ($620 pm), a personal loan ($560 pm) and a Business Line of Credit ($1,005 pm) to cover Business Activity Statement (BAS) and staff Superannuation.

In total, he was paying $9,415 per month and regularly having to make late payments. Quite often the problem is not the actual debt, but the sheer number of different loans. It’s difficult trying to keep track of so many distinct repayments on different dates.

We refinanced the entire debt into a new mortgage loan of $600,000 plus an additional Line of credit for his business for $30,000 to enable him to keep on top of ad hoc expenses and BAS debt every quarter.

His monthly repayments have gone down from $11,714 per month to $3,686, given him $30,000 extra funding for his business, and has immediately reduced his mortgage term by 3 years.

What Dr. Anderton was able to do was reduce his monthly outgoings by $8,028 per month AND reduce his mortgage term by 3 years.

He is keen to pay off his mortgage so with the $8,000 savings, by dedicating only half of this ($4,000 extra per month) he will have his entire mortgage paid off in less than 8 years!!

Debt Consolidation for a doctor

CLIENT STORY

INCREASED CASH FLOW AND COMPLETELY DEBT FREE IN 8 YEARS

Dr. Anderton is a consultant doctor in VIC. He had a mortgage for approximately $420,000 on a $1.2m valued property. Despite very good income, he was consistently late with repayments on a number of different loans he had.

Aside from the mortgage repayments ($3,300 pm), he had a Credit Card ($1,140 pm), a business loan ($3,200 pm), a car loan ($620 pm), a personal loan ($560 pm) and a Business Line of Credit ($1,005 pm) to cover Business Activity Statement (BAS) and staff Superannuation.

In total, he was paying $9,415 per month and regularly having to make late payments. Quite often the problem is not the actual debt, but the sheer number of different loans. It’s difficult trying to keep track of so many distinct repayments on different dates.

We refinanced the entire debt into a new mortgage loan of $600,000 plus an additional Line of credit for his business for $30,000 to enable him to keep on top of ad hoc expenses and BAS debt every quarter.

His monthly repayments have gone down from $11,714 per month to $3,686, given him $30,000 extra funding for his business, and has immediately reduced his mortgage term by 3 years.

What Dr. Anderton was able to do was reduce his monthly outgoings by $8,028 per month AND reduce his mortgage term by 3 years.

He is keen to pay off his mortgage so with the $8,000 savings, by dedicating only half of this ($4,000 extra per month) he will have his entire mortgage paid off in less than 8 years!!

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