Use Home Equity to Consolidate Debts
Refinancing is another debt consolidation strategy worth considering. At NSW Mortgage Corp we offer you the unique opportunity to have one of our debt consolidation team members provide you with a complimentary, no-obligation ‘home loan health check’ and a debt analysis to help you discover if there’s a better home loan out there for you. If you have equity in your home you may find it quicker to take this approach and lock in a competitive interest rate on the market with a refinance product that better suits your lifestyle. This could help you save a significant amount of money in the long run and make life a little easier.
Variable Interest Rate vs. Fixed Interest Rate Loans
There are some key differences between variable interest rate and fixed interest rate debt consolidation loans. A variable rate loan gives you the added flexibility of making additional repayments towards your debt consolidation loan at any time (often at no extra cost). With a fixed rate loan, your repayments and the amount of interest to pay is fixed for a specific period of time, often for one to seven years. We also offer split loans that give you a little of each and control over the percentage of the loan which is fixed and that which is variable. Tell us what you’re looking for and we’ll help you to achieve it.