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MOST home loan providers have flexible redraw facilities which allow owners to borrow money at lower housing loan rates.

Those with large personal debts such as credit cards and personal loans with higher interest rates should consider consolidating debts into their loan.

Interest savings from consolidating debts can be used to pay off the debt quicker, finance another investment or improve living standards by increasing cash flow.

There are significant advantages to this.

Only one loan reduces fees and overall costs and with one monthly payment rather than several, it’s easier to manage.

The interest payable on that loan will be lower than the total interest previously payable on the client’s combined loans.

Cash flow will free up.

When rolling over smaller debts into one single debt the client is increasing the level of borrowings on the home.

If they cannot pay the loan back or curb spending and borrowing habits the client may be putting the pledged property at risk.

By consolidating a credit card debt of $10,000 at a rate of 15 per cent into the housing loan of five per cent $1000 would be saved annually.


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