Why Consolidate? Won’t this mean I pay more in the long run?
This is probably the biggest misconception about consolidating debt and if you are disciplined enough you can save tens of thousands over the life of the loan.
example:
Monthly financial debts:
Home Loan amount $300,000 @4.6% = $1540
Car loan  $30,000 Monthly payment = $700
Credit cards Limit total $20,000 = $600
Total debt – $350,000
Total monthly outgoings – $2840
New home loan of $360,000 (includes an extra $10,000 in an offset facility)
@ 3.7% = $1657 per month.
This is a saving of: $2840-$1657 = $1183
Throw half of it back on the loan = $592 per month extra
This saves you almost 12 years on a 30 year term and $100,000.
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