Monday, April 11, 2005

Debt Consolidation Quote Australia

How to obtain a Debt Consolidation Quote

The high interest rates charged on Australian credit cards make it hard for some card users to pay off the balance. A debt consolidation loan can result in much lower interest rates making it easier to get the balance down.

The Internet has made it very easy to obtain a debt consolidation quote online. A good practice with any major financial decision is to get several quotes.

Whenever you obtain a quote from a mortgage broker, ask what the interest rate and term of the loan will be and whether there will be any ongoing fees. You need to be sure that you are comparing apples with apples. The cheapest monthly repayment may not be the cheapest option.

Your mortgage broker should be well informed on debt consolidation and will be able to help you by recommending the best solution and then assist you in filling out the application form. They will advise whether it is better to refinance your mortgage or take out a debt consolidation loan once you have provided them with information about your personal situation.

If you are a homeowner then you may be able to borrow against the equity and pay off the expensive debt or turn it into cheaper debt. Fortunately for most Australian homeowners their properties have increased substantially in value over the past three years, meaning that equity is not a problem.

If you're not a homeowner then you need a stable job to qualify for a personal loan that achieves a similar result.

Debt Consolidation Quote continued...