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Compare different methods of Debt Consolidation

Method of debt consolidation

Advantages

Possible downsides

Home loan
  • Low interest rates available
  • Potential to make extra repayments
  • Redraw facility if funds needed in an emergency
  • Longer term could mean that you could pay more in overall interest if you stick with lender’s minimum repayment amount
  • Requires sufficient home equity to secure your loan
  • State government charges may apply to financing/refinancing process
Personal loan
  • Set repayments are easy to budget for
  • Fixed term gives you a clear pay out date
  • Rate is higher than for a home loan
  • Possible upfront and ongoing loan charges
Credit card balance transfer
  • Very low rates for introductory period
  • Fixed term gives you a clear pay out date
  • Revert rate may be high
  • Requires discipline to pay off card in introductory period

Your Aussie Broker can help you decide which method of debt consolidation would be best suited to your needs.

Continue to Debt Consolidation tips.

## Rates valid as of 08/10/13 and are subject to change or we may introduce new ones in the future. Approved customers only. All applications are subject to lending and approval criteria. Terms, conditions, fees and charges apply. Interest rate offered will depend on our assessment criteria.

** The comparison rate is based on an unsecured personal loan of $30,000 over 5 yrs. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Any information is general and not based on any consideration of your objectives, financial situation or needs.


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