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Mortgage Advice Blog

Get the latest news and tips about mortgage finance and the property market. Scott Miller, mortgage broker from Advanced Mortgage Solutions comments on housing and lending.

June's Property Gazette - Debt Consolidation

Published by Scott Miller on Sunday, May 31, 2015 in

If you find yourself on the wrong side of consumer debt and are paying off credit cards, personal and car loans, store cards. Debt Consolidation may be the right product for you.

At Advanced Mortgage Solutions we have helped countless individuals manage their debt into more achievable payments, saving them thousands in the process.

Debt consolidation enables you to put all of your consumer lending onto your mortgage, pay off the high interest debts and only pay interest at a mortgage rate level, not 19 plus percent. 

A word from the wise, do not consolidate your debt only to keep on spending above your means. This should be used to help you clear the debt, not pave the way for more spending.

Below is a typical example of debt consolidation and the saving in payments that can be made.

Liabilities

Limit

Balance

Weekly Repayment

Mortgage 1

306,000.00

482.66

Mortgage 2

116,000.00

185.74

Total per week on 2 mortgages

 

 

      $668.40

 

 

 

 

Consumer Debt

Personal Loan

24,575.82

163.42

Finance

12,430.39

145.86

Visa

11,500.00

11,390.77

132.69

Q Card

10,000.00

6,457.92

115.38

Mastercard

7,500.00

7,733.54

86.54

GE Money

10,191.06

64.36

Smiths City HP

2,219.13

51.21

Mastercard

3,000.00

2,725.89

34.62

Smiths City HP

2,176.97

50.24

Smiths City HP

2,532.87

58.45

Smiths City HP

833.10

19.23

BNZ Visa

500.00

500.00

5.77

IRD - Income Tax

7,815.25

180.35

Warehouse card

500.00

499.70

5.77

Parents loan

35,000.00

Total per week on consumer debt

 

 

      1113.89

By clearing the consumer debt and adding it to the mortgage, the weekly payment was reduced from $1113.89 to $186.83 per week.  This allowed a saving of just under $1000 per week on original weekly repayment amounts.

If you are struggling with consumer debt and would like to find out how debt consolidation can help, please contact us.


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