Consolidating credit card debt into home loan

However, when your debt gets out of hand and you find yourself juggling multiple cards and loans, it can be exhausting. Debt consolidation could help you to combine your outstanding debts into one convenient loan potentially at a lower rate than you currently pay.

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That’s why it is often referred to as a second mortgage.

It’s also why lenders are eager to make home equity loans for debt consolidation.

This is generally the best option for consolidating credit card debt.

By transferring multiple balances from non-Westpac credit cards or store cards into one low rate credit card you can potentially: This option requires good discipline as there is no set repayment amount.

At Westpac, we offer three ways to consolidate debt: A personal loan can be a good option to consolidate a range of debts.

The main benefit of a personal loan is that it has a fixed term.

Remain focused by putting a plan in place to pay off the entire balance during the interest free period.

You should also consider cutting up your old credit cards so you don’t end up in more debt.

For instance, if your home’s appraised value is 0,000 and you owe 0,000 on the mortgage, you have ,000 in equity.

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