Debt Consolidation — Melbourne

How Debt Consolidation May Help

• Lower interest rate: Home loan rates are typically significantly lower than credit card or personal loan rates
• Simplified repayments: One monthly payment instead of juggling multiple accounts and due dates
• Improved cash flow: Lower overall repayments may free up cash for savings or other goals
• Clearer picture: See all your debt in one place with a clear repayment timeline

Important Considerations

We believe in giving you the full picture before you make any decisions:

• Total interest paid: While your monthly repayments may decrease, extending short-term debts over a longer mortgage term could mean you pay more total interest over time. We'll model the numbers for you.
• Underlying habits: Consolidation works best when paired with a plan to avoid re-accumulating debt on cleared credit cards.
• Equity required: You'll need sufficient equity in your property to cover the additional borrowing.
• Lender policies: Not all lenders treat debt consolidation the same way. Some have specific requirements around purpose and documentation.

Our Approach

We don't just consolidate and move on. We'll:

1. Review all your current debts, rates, and repayment terms
2. Compare options across 40+ lenders
3. Model the scenarios — showing you both the monthly savings and the total cost over the life of the loan
4. Give you an honest recommendation on whether consolidation makes sense for your specific situation

Michael Gross is a Credit Representative (546597) of LMG Broker Services Pty Ltd (ACN 632 405 504, Australian Credit Licence 517192).