It may be cheaper for you to consolidate all you debts with your home loan, enabling you to pay off your debts quicker as well as reducing your overall financial commitments. A careful analysis of your finances can determine whether refinancing is recommended in your case.

There are many reasons why you should switch or consolidate debt into one easy-to-manage home loan. These include:

  • Simplicity of one easy to manage repayment at a home loan rate

  • Reduce monthly repayments and lower the overall interest that you are paying

  • Close other loan facilities such as credit cards, store cards or personal loans which may be at high interest rates

See example below to view the benefits of Debt Consolidation: 

You can choose to separate the short-term debt portion of your consolidated loan and set it over a shorter loan term (for example - 10 years). This will ensure that the short-term debt portion of the loan is paid prior to your original home loan. This will allow you to pay less interest over the term of the loan.