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Consolidating Debt

There are a number of ways that you can consolidate your multiple existing debts. An option for you to consider is consolidating your debt by refinancing your home loan.

Why refinance?

Consolidating debt by refinancing your home loan has multiple benefits, depending on your circumstances. Some reasons that you may look to do this include:

  • It could help you manage a range of other short-term debt solutions that usually attract a higher interest rate. This could include existing Credit Card, Store Card or Personal Loan debts.
  • The ease of managing a single loan gives you a regular repayment amount
  • Unlocking equity at a lower rate could be a smarter way to fund renovations on your existing property

What's it going to cost me?

Before you decide that refinancing your home loan is the best way for you to consolidate your debts, you need to consider a number of costs that could arise during this process.

Depending on your situation, refinancing can attract a range of fees and other charges, including:

  • Lender fees – This includes exit fees for your existing loan, establishment fees for your new loan, and any other applicable lender fees and charges
  • Duties, taxes and other government levies that may be incurred. For example, in NSW, the amount of mortgage duty payable when refinancing a home loan may differ, depending on your circumstances.

You should factor in all of these costs when calculating whether refinancing works for you.

An Aussie Mortgage Broker can meet you to discuss your personal circumstances and help you identify the costs of refinancing your home loan. There's no obligation when meeting with an Aussie Mortgage Broker and it's free.

What are the steps to refinancing?

So how do you get started with refinancing? Aussie's expert Mortgage Brokers will help you evaluate your personal situation.

There is a range of information available, both within Aussie's website and offline, which can help you if you're looking to refinance. This includes tables that compare rates and products from different lenders and a range of calculators to help determine your borrowing power and repayment amounts, including Aussie's own 1-Minute Mortgage Calculator.

When you are ready to apply, or even if you have more questions before taking the next step, you should speak to an accredited Mortgage Broker.

Aussie's expert Mortgage Brokers will help you evaluate your personal situation, compare the features of hundreds of loans from 16 different lenders, and even help with all of the paperwork and other parts of the refinancing process.

¹Aussie awarded Mortgage Broker of the Year in 2008, 2009, 2010, 2011, 2012, 2013 & 2014 by AB+F Magazine.

## 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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*E.g. Aussie Select Basic Variable Rate has an interest rate of 4.69% p.a. with a comparison rate of 4.70% p.a., which is available with a loan to valuation ratio of less than or equal to 80% and borrowings from $1,000,000. Based on a loan size of $300,000, the interest rate is 4.84% p.a. with a comparison rate of 4.85% p.a., which is available with a loan to valuation ratio of less than or equal to 80% and borrowings less than $500,000. Applications are subject to approval. Conditions, fees and charges apply. Rates are correct as at 01/07/14 but subject to change. Please check the applicable rates are still correct with your Aussie Mortgage Broker. Comparison rates above are based on a home loan of $150,000 for 25 years. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. If you have any questions call 1300 44 55 66 and talk to an expert Aussie Mortgage Broker. For Aussie Select Products credit services are provided by AHL Investments Pty Ltd ACN 105 265 861, (Aussie) Australian Credit Licence 246786 and its appointed credit representatives. Credit is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133.

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