Your number one choice for debt consolidation in Newcastle
Paying more than 3% on your home loan? Get a better rate
Your number one choice for consolidating debt in Newcastle
Are you struggling with debt? Do you have multiple loans, and the repayments are getting out of control? Debt consolidation may be an option for you. Debt consolidation is a type of refinancing. When looking to consolidate debt it is important to review all your current debts – car loans, home loans, personal loans, credit cards and store cards. These debts should be reviewed for their balances, interest rates and any terms and fees. We then work with you to find a lender to consolidate your multiple loans into one payment with a more competitive interest rate.
Debt consolidation can potentially reduce your interest rate from as high as 20% or more on some credit cards to a more competitive home loan rate of about 3% therefore helping you save. That’s where we come in. At Watson Mortgages, we help find you a competitive rate in Newcastle, the Central Coast, or the Hunter Region to consolidate your debts.
We help those struggling with debt increase cashflow by reducing their monthly repayments. Our mortgage brokers can find a competitive interest rate for your debt consolidation — with more than 20 lenders to choose from and close partnerships with local financial planners, lawyers, and bankers, we will find a loan to suit your needs.
Contact us for more information or book an appointment with our Newcastle mortgage brokers today. We’ll help you refinance to consolidate debt.
Refinance your home to consolidate debt
If you have owned your home for a while, chances are you have built up some equity in your home either through being ahead on repayment or from property value increases. You could potentially be sitting on a sizeable sum of money which you could use as collateral to consolidate your debt.
Benefits of debt consolidation are:
- Reduced your debts into one affordable payment
- Clear debts with excessive interest rates
- Stop creditor and collection agency calls
- Improve you cashflow with a more competitive interest rate.
Our home loan process
- Data Collection
Once you have booked your initial meeting, we will send you a list of things to email through to us prior to your meeting or alternatively bring with you.
- Initial Interview
We get together to discuss your needs and answer any questions you may have.
- Loan Comparison
We review and negotiate competitive finance from our panel of 20 lenders and present you with options.
After you select your lender, we may require further documentation to prepare your application.
- Full Approval
Your lender will prepare you loan agreement and send to us for review.
- Signing Documents
We meet with you to explain the loan offer and sign.
We arrange a settlement date, liaising with your lender.
- Post Settlement
We remain at your service should you have any additional needs in the future – top-ups, fixing, refinancing, additional purchases.
Contact Watson Mortgages for an obligation-free consultation
Here are just a few benefits of choosing Watson Mortgages to consolidate debt in Newcastle:
- We have more than 20 lenders to choose from, meaning we’ll find a flexible loan to suit your needs.
- We’ll manage the whole process from start to finish. We’ll help find the right loan, communicate with lenders on your behalf, submit documents and secure a loan, then provide ongoing services and support to make the repayment process clear.
- Our services are complimentary and convenient. Our brokers can meet at your location, or we can have a more formal meeting in our office.
- We’ll help you refinance with a competitive interest rate to achieve your goals whether they be to access equity, consolidate debt, or potentially pay your loan off sooner.
- We have the experience and knowledge to provide mortgage and debt consolidation advice, so you will feel supported and on top of things from day one.
Contact the team from Watson Mortgages for an obligation-free consultation today. We’re committed to achieving your debt consolidation goals.
Frequently asked questions
How much debt can I consolidate?
The amount of debt you can consolidate depends on your circumstance. It depends on the equity in your home, your income, and other commitments. Lenders will generally let you borrow up to 80% of your property’s value, so if your LVR is more than 80% you may not be eligible for debt consolidation.
What loan is right for me?
We work with over 30 lenders with hundreds of products, so we are confident we can find a lender to help you consolidate your debt. We will discuss with you if you would like features such as re-draw, offset, fixed, interest only, principal and interest, or combination of the above. Depending on your answers we will match you with a lender and product that helps you achieve your goals of debt consolidation.
What information will I need to provide?
In preparation for your meeting with our mortgage broker we ask that you have ready the following information.
Identification – You will need to provide 100 points of ID. The most common forms of ID are:
Drivers Licence, Photo Card (NSW), Passport, Medicare, Birth Certificated, Proof of Citizenship (if applicable)
NB – if you have been married and changed your name or have been through a divorce that has led to a name change, we will require documents that show the trail of name changes.
Proof of Income – To determine your affordability, lenders request you provide all that apply to your circumstances:
- PAYG income earner- Your most recent 3 payslips showing 3 months earnings
- Self Employed – ATO Notice of Assessment (within the last 18mths)
- Government Income (Centrelink) – Statement from Centrelink showing FTB, Disability Pension etc.
- Child Support Income -Statement form Child Support or if a private arrangement statements showing income paid into your account
Assets – A list of the assets that you hold and may require conformation of this at a later stage (managed funds, shares, investment property).
Bank Statements – please provide:
- Existing home/investment loans – 6 months of statements
- Credit cards/ interest Free debts – 3 months of statements
- Savings accounts – 6 months of statements
- Personal or car loans – 3 months of statements
To help streamline this process we will send you an invite to use CashDeck. CashDeck is an online platform which links to your bank allowing you to electronically send us copies of your bank statements.
Superannuation – copy of your most recent superannuation fund. If you have multiple funds, please provide statements for all funds.
If you cannot find a statement, please obtain approximate account balance, membership number, fund provider or risk profile.
Insurance – Some lenders require evidence of insurance. If you have any of the following, please provide policy statements.
- Home and contents insurance
- Investment property insurance
- Income protection
- Life insurance
- Total and permanent disablement cover
- Trauma cover
Liabilities – Any other expenses you may have such as child support.
Anything else you feel may be relevant.
Can I access equity in my home?
When you refinance you can access the equity in our home. This could be used to consolidate debt, repair, or renovate your home, or potentially purchase another property. Refinancing to consolidate debt gives you the ability to access the equity that has built up in your home since purchase.
What is home equity?
Equity is the portion of your property’s value that you own outright. You can calculate your home equity by misusing your mortgage from the value of your home. For example, you house is worth $800,000 – $300,000 (mortgage) = $500,000 equity. The equity in your home increases as the value of you home increases assuming the loan value doesn’t increase.
What will the interest rate be?
Again, it depends on the lender and the type of home loan you go with depending on whether it is fixed, interest only, or principal and interest. With Watson Mortgages, our brokers will find loan options to help you achieve your home ownership goals. We will provide recommendations and advice, highlight the pros and cons of each loan, and guide you towards the option for which suits your circumstances.