- 1300 338 228
- finance@educated.com.au
- Suite 11/354 High St, Penrith NSW 2750
- 1300 338 228
- finance@educated.com.au
- Suite 11/354 High St, Penrith NSW 2750
Scenario:
Ben is 32, he earns $4300.00 per month in the hand. He has a home loan balance of $350,000 repayment $2300 per month and his Property is worth $700,000. Ben currently has a car loan with a monthly repayment is $600 and a credit card, which he owes $7000 with a $250 repayment per month respectively. With home loan repayment ($2300 per month), food ($600 per month), bills ($400 per month) and Ben’s repayments on his car loan, credit card ($850 per month), Ben has realised that he is struggling to afford all of his expenses each month and is being left with very little savings at the end of each month.
Solution:
A simple way to overcome this is by consolidating these debts into one easy repayment using the equity in his home loan, this has been done and he has a home loan balance of $380,000 with a monthly repayment of $2400 which has free up Ben’s cash flow leaving him with an extra $850 per month. Ben plans to use that extra cash flow to pay extra on his increased loan to help reduce his interest and pay his home loan off quicker.
Some of the types of debt you might be able to consolidate include:
Remember, debt consolidation doesn’t mean that you are in debt trouble or that you are in financial hardship – it simply means organising your debt in such a way that it is affordable, and costs you less.
"Great service from the staff. Serena was so resilient & we got everything we needed for our situation at the time, she was patient, understanding & very professional. Thanks again."
Stacie Richardson
"We were so well looked after by Educated Finance from beginning to end of the whole process and maintained communication afterwards too. A fabulous group of staff."
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