Debt consolidation home loans – The Happy Finance Company

Debt consolidation home loans

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What are debt consolidation home loans?

We understand that managing multiple debts can be overwhelming. That's why we offer debt consolidation home loans, a nifty solution that simplifies your financial commitments. A debt consolidation home loan allows you to combine various personal debts, such as credit card balances, car loans, and personal loans, into a single, lower-interest loan. This type of loan is bundled with your home loan, enabling you to make one manageable monthly repayment.

Why consider this? Home loans typically come with significantly lower interest rates compared to unsecured debts. By consolidating, you could reduce the amount of interest you pay, spreading the debt over a longer repayment term at a more favorable rate. Imagine swapping out the high-interest rates of your car loan for the more manageable rate of your home loan. This could mean substantial savings and a simplified repayment process.

Which debts can you consolidate?

With The Happy Finance Company, you can breathe easier by consolidating various types of debt, including:

Credit or store cards: Known for their high-interest rates, these can be a burden. Consolidating these into your home loan can help you escape the cycle of never-ending repayments.

Personal loans: Typically featuring high interest, consolidating these can reduce your financial strain.

Car loans: Often required to be repaid within 1-5 years, these can also be bundled into your home loan for a more manageable repayment plan.

Other credit accounts: Certain lenders, like us, may allow you to include other private credit accounts in your consolidation plan.

How does debt consolidation work?

1 . Evaluate your position: Begin by assessing if debt consolidation is financially beneficial for you. Speak with one of our Home Loan Specialists to check your eligibility and understand your current loan's suitability for consolidation.

2 . Check your equity: We'll assist you in evaluating the equity in your property, typically through a bank valuation, ensuring you can cover the new consolidated debt.

3 . Calculate your savings: Understand if your monthly repayments post-consolidation will be lower than your current ones. Utilize our calculators or let our specialists handle the math for you.

Prepare documentation: Ready your documents, including home loan statements, recent payslips, loan statements for other debts, recent council rates notice, and ID verification for the assessment.

Why choose debt consolidation?

Save money & improve cash flow: If financial hurdles have appeared, debt consolidation can provide some much-needed financial breathing space.

Benefit from lower interest rates: Swap out the high-interest rates of personal debts for the more favorable rates of a home loan, potentially saving you a significant amount.

Simplify debt management: Manage your finances more effectively with one monthly payment, avoiding the stress of multiple debt schedules.

Flexible repayment terms: Match the repayment term to your comfort, keeping in mind the duration of your home loan.

Getting approved for a debt consolidation home loan

Choosing the right home loan is like picking the perfect playlist for your road trip – it should help you along your journey. Your decision will depend on your unique financial goals and situation.

We understand that choosing the right home loan is a significant decision. That's why we're here to help. We can provide you with expert advice to ensure you make the best choice for your financial journey.

Navigating bad credit

Choosing the right home loan is like picking the perfect playlist for your road trip – it should help you along your journey. Your decision will depend on your unique financial goals and situation.