A Case Study on how if you Consolidate Debt can get you ahead
A client of ours was pretty keen to start investing in property, however they found it difficult to save. Upon reviewing their financial position we found that the first step would be to consolidate all their current debt to reduce total monthly repayments and allow for extra repayments into the loan. Their monthly repayment position can be described in the table below.
| Monthly Repayment | |
| Home Loan | $ 2,000.00 |
| Car Loan | $ 400.00 |
| Car Loan 2 | $ 1,000.00 |
| Line of Credit | $ 300.00 |
| Total Monthly Repayments | $ 3,700.00 |
It was decided to consolidate the debt into one loan reducing their repayments from:
$3,700.00 per month to just under $2,040.00 per month. A Saving over nearly $1,700.00 per month
The client has chosen to pay well over and above their new monthly repayments in order to reduce their debt and build equity in their home, allowing them to invest far sooner than their previous situation allowed.
So if you’re struggling to ‘get ahead’ perhaps refinancing or re-financing to consolidate debt would be a great option for you to Improve Household Cashflow
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