DEBT CONSOLIDATION COMPARISON CALCULATOR
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WHAT OUR CUSTOMERS SAY
Don't just take out word for it
ANGUS
Panorama
My wife and I had an incredible experience working with Elliot as our mortgage broker. From start to finish he was responsive and extremely helpful. He provided a number of lenders with pros and cons, assisting us with what would work best for us. He took the time to explain the whole finance process to us, notifying us of any additional costs from the chosen lender. This was greatly appreciated as he assisted us with re structuring our accounts.
He helped with moving from start to finish from our current bank through to our new lender including all steps along the way (insurance etc). He was contactable at any time, this made the process stress free and easy, keeping us informed as the loan moved through. With Elliot we felt supported the whole way through and we were extremely happy with the service.
We highly recommend Loan Theory to anyone seeking expert loan advice and support. Loan Theory provides an approachable, professional and friendly service.
POSSIBLE DEBT CONSOLIDATION STRATEGIES
Not all strategies are equal... which one is best for you?
Your financial needs change at every stage of life. What you need in your twenties looks different to what you need in your forties. Maybe you're after a bit of breathing room each month, some extra cash flow to stay on top of bills and manage new expenses. Or maybe your budget's already comfortable, and what you're really chasing is momentum: paying down debt faster, cutting the interest you pay over the life of the loan, and keeping more money in your pocket long term.
BASIC INTEREST SAVER
This strategy rolls everything, your existing home loan and all your other debts, into one home loan split, set to match your current remaining home loan term. It's built to minimise the total lifetime interest paid on your biggest debt: your home. If you're consolidating personal loans or car loans, you'll likely stretch their term out a bit further, but at a lower interest rate. Credit cards work the other way: both the term and the rate come down. Depending on exactly what you're consolidating, this usually delivers a mix of cash flow relief and long term interest savings.
CASH FLOW SAVER
Built for people who need more breathing room right now. We consolidate your home loan and other debts into one split, then extend the whole lot back out over a full 30 year loan term. That does mean your home loan runs longer, and over its life it may cost more in interest than your current setup. But the trade-off is real: pulling your car loan or personal loan off a 5 year term and onto a lower home loan rate over 30 years frees up meaningful cash each month, money you can put toward groceries, school costs and everyday living.
MAXIMUM INTEREST SAVER
For anyone focused on paying down debt hard and keeping interest costs as low as possible. This structure splits your new lending into two: one loan matched to your current remaining home loan term, and a second split covering your consolidated personal loans, car loans and credit cards, set over a 5 year term similar to what you'd already have on that kind of debt. Some people see a small monthly cash flow saving here too, though repayments can occasionally be slightly higher. What you get in return is the biggest lifetime interest saving of the three strategies.
CUSTOM
These three are just starting points. Every financial situation is different, and we're not limited to any one structure. Your ideal outcome might sit somewhere between the Basic Interest Saver and the Cash Flow Saver: one loan account, a term that's shorter than 30 years but longer than your current home loan term. The right structure depends entirely on your situation, and the best way to find it is to talk it through with us.​
The best next step is to reach out to us and start the conversation
DEBT CONSOLIDATION QUESTIONS
Here to answer all of the tricky questions
How much can I borrow?
This is determined based on your free cashflow. A calculation of your net income against your expenses. Talk to us to discuss your borrowing capacity
How long does it take to get approved?
This can depend on lender to lender and their current processing times. Processing times can vary based on the lender demand, their internal process and your application. Before submitting to a lender we can give you an estimate time of approval based on the lender selected.
Why use a broker?
As a broker we have access to over 40 different lenders and over 200 different products. This gives us the ability to place you with a lender and product that suits. Unlike a bank that can only sell their products and may only have up to 5 different loan products.
How much will I need for a deposit?
This will depending on your purchase price goals, what government incentives and what lenders you might qualify for. We have lenders that can lend up to 97% of the property value. Talk to us today to discuss your deposit requirements.
