Debt consolidation makes up around 70% of all the refinancing done by Asset Angels.

If you already own a property you have probably enjoyed a surge in it's value over the last few years. The difference between the value of your property today and what you owe a lender is called 'Equity'.

An example of how debt consolidation can assist:
Your current monthly debt repayments are -

Home Loan	$140,000	$950 per month
Car Loan (over 5 years)	$20,000	$570 per month
Personal Loan	$10,000	$210 per month
Credit Cards (various)	$3,500	$350 per month
Total Current Monthly Payments		$2080 per month

Total debt to be consolidated is $173,500
Therefore, to consolidate $173,500 @ 6.50% (*indicative variable interest rate) over 30 years

Total Monthly Payments Now

$1097 per month

One simple payment almost $1000 less than current outgoings.

With credit impairment, the interest rate is 'risk weighted' and may be higher at, say, 8.60%*. Even at this rate, your monthly loan repayments after consolidation would amount to $1346 which is $734 less than current monthly outgoings.

The above examples do not take into account any ongoing loan fees, however, this reduced stress on household income may be just the 'breather' that some people need to get themselves back on top. Please remember, adding existing debt to your mortgage will increase both the repayment term and the overall cost unless you still plan to make additional repayments over the term.

Most banks will allow you to refinance your existing home loan and consolidate small loans such as personal loans, car loans, business overdrafts and credit cards against the available 'equity' you have in your property.

The maximum loan amount is generally limited to 90% of the property value Most banks will only consolidate 4-5 items of debt Unpaid credit impairment automatically disqualifies the applicant almost always.

Maximum loan amount up to 100% of the property value in some cases. No limit on the number of debt items to be consolidated Unpaid and paid credit impairment (mild to severe) can be accommodated Debt payment arrears can be accommodated