DEBT CONSOLIDATION IN NZ MADE SIMPLE

Obtaining a second mortgage is a common way to quickly consolidate debt or pay urgent unexpected expenses. With the increased cost of living, many individuals accumulate multiple debts through avenues such as personal loans, hire purchases, multiple credit card debts, store cards, car loans and quick cash online lending. This can often seem affordable initially and regular repayments are achievable with a stable income, but as more debts are added, or as jobs or circumstances change, significant personal lending debts can become too much to handle. 

Covid has also contributed to a lot of financial hardship with lockdowns, repayment holidays and significant wage reductions and/or redundancies. 

We can assist you to restructure or refinance your mortgage to assist with debt consolidation in many of these circumstances. We will work with you to review your home loan and the terms across your current short term debts. It is important to check if any early repayment fees apply or discounts are possible for an early settlement.   Debt consolidation into a second mortgage or your home loan may provide relief by combining repayments into just one amount but, an option may be to split part of your loan into a shorter term to help you to be debt free quicker. Making weekly or fortnightly repayments may also assist you with budgeting and matching up with your payday. 

A second mortgage or debt consolidation loan through a Non Bank solution can be a short-term fix. Once you have established a good repayment history and improved your credit score, we can then look to consolidate the second mortgage back with a long term lender, like a Bank, subject to meeting their lending criteria. 

Talk to our team today on how to get your debts into one easy to manage loan! We will give you advice on your current position and how to consolidate debts into your home loan, so you sleep better at night.