Sometimes buying a home and repaying the loan becomes such a set and forget arrangement that years can go by without you reviewing your loan. Over that period, your life changes, you buy a car with a personal loan, your kids start school and you return to work, you go away overseas on school holidays and use a credit card to pay for it. Before you know it, you have paid off a large portion of your home but have accumulated a fair degree of debt at much higher rates than your home loan.
Your home loan may also have become less competitive over this time, or your needs change. This is generally a great time to review all of your finances. You may want to keep some debt separate, this can be achieved by establishing loan splits. If you are a business owner with tax debts, we have been able to use lenders that are happy to roll these into a more manageable loan.
Remember, there is nothing embarrassing about coming to us with debts that have become out of control. Generally, these debts are surmountable once they have been consolidated into a lower interest or lower repayment loan.
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