Menu
Property

Shop around to save money this Christmas

CONSUMERS are taking advantage of lower interest rates and competitive home loan packages offered by lenders to consolidate their debts, says leading mortgage broker Loan Market.

Loan Market Sunshine Coast broker Lindy Kelly said the brokerage had noted a five per cent rise in transactions involving debt consolidation over the past year.

"We are finding that consumers are getting savvier in this lower interest rate environment and taking advantage of packages offered by lenders to tackle their overall debt situation," Ms Kelly said.

"Consolidating your debts into one manageable loan can be a smart way to not only get your finances in order, potentially at a cheaper rate, but to also reduce the amount of personal finance paperwork you deal with on a monthly basis.

"Many home loan packages will now allow you to pay in your salary direct and generally manipulate your debt to minimise the interest you pay. Before signing up for your mortgage, take a look at your entire financial position and take advantage of any opportunity to consolidate debt and minimise interest."

Ms Kelly said debt consolidation does take a degree of discipline and financial management.

"It can be easy to get into further debt if you don't stay on top of your financial situation," she said. "The biggest mistake can be acquiring more credit cards. Also, by consolidating your debts into one secured home loan, it can take longer to pay off the loan if you don't make extra repayments."

 

For more on property, pick up your copy of Domain free in Saturday's Sunshine Coast Daily.

Domain: find what you are looking for here

Topics:  finance home loans market rates



Police reveal details of dramatic pursuit across Ipswich

NSW police generic arrest, gun ,shooting. 28 July 2017

Head rests, bricks, spare tyre hurled at police car

BACK TO SCHOOL: Don't get caught out by police radars

READY: Inspector Michael Ede warns drivers of 40km/h school zone coming back into play.

Traffic units will be out in force from Monday onwards

Local Partners

premium_icon Versace hotel’s Chinese owners taken to court

The Palazzo Versace’s Aurora day spa  has launched legal action after the hotel’s Chinese owners

A spat over the Palazzo Versace hotel is headed to court

Millionaires' rim is Buderim luxury

LUXURIOUS: This multi-level home with stunning views is up for auction.

What will a couple of million dollars buy you on the Sunshine Coast?

How to fast-track a home deposit

Harry Aznavoorian, 27, is buying his first home with help from his parents.

Housing conditions improve but deposits are still a stretch