The biggest misconception when it comes to consolidating debts is that if you consolidate the loans you will end up paying more which is not true at all. If you are disciplined, you can end up saving thousands of dollars.
Monthly financial debts:
Home Loan amount of 300,000 dollars at 4.6 percent = 1540 dollars.
Car loan $30,000 is equal to 700 dollars monthly payment.
Credit cards Limit a total of $20,000 is equal to $600
That makes the total debt 350, 000 dollars.
Total monthly outgoings – $2840
New home loan of $360,000 (includes an extra $10,000 in an offset facility)
At 3.7% is equal to $1657 per month which makes it a saving of the outgoings 2840- 1657 giving you 1183 dollars. Use half of the saving to pay back the loan and the remaining 592 dollars remaining will save you up to 100, 000 dollars in 12 years on a 30-year term!